Boottsrapping your way to success
Mumbai: When you start a new business, there’re really only two ways of going ahead. Either you beg, borrow, steal and pour in the funds, or you work with as little money as possible. We suggest the latter, and here are some things to keep in mind while you’re at it.
1. Start selling immediately
Whether you’re selling a product or a service, it’s important to get it out the door as fast as possible. If you generate revenue from the very beginning, you can use those sales to finance your startup. This way, you’ll also realize at a very early stage what works and what doesn’t.
2. Set goals early, but keep them flexible
It’s essential to set goals, and know what you want to achieve in your business. But it’s equally important for them to be flexible. If your goals don’t change as your business grows, your company may stagnate.
3. Under staff
In the beginning of a company’s life cycle, the etnrepreneur must be the chief salesperson, chief marketing officer, chief fulfillment officer, chief financial officer and even the person in charge of cleaning up every day. To boottsrap successfully, etnrepreneurs must do all of the jobs that previously had been done by a large support team.
4. Forecast backwards
When you’re boottsrapping, decide how much you want to make during the first year of your business, in advance.
Forecasting from the bottom up gives you the abiltiy to meet sales goals and cotnrol your startup costs and growth rate.
5. Traditional business plans won’t work
When you’re using your own funds, getting money in as fast as possible should be your priortiy. Hence, a detailed business plan isn’t necessary, and may in fact, waste time that would be better spent in generating sales. While it is essential to have a business plan in mind, with fixed goals, it’s not important to spend time writing it down in great detail.
6. Always keep it simple
Never make things more complicated than they absolutely have to be. If one employee is enough, don’t go for two. If your parent’s etxra room will suffice, don’t go out for a commercial space. Always
These are just some of the ways of boottsrapping successfully, but there are so many more out there, and the only way of really discovering them is through േൃശal and error. ‘When I first started Safari Getaways, we had innumerable obstacles to overcome,’ says Viren Btara, Safari Getaways’ cofounder. ‘Though it wasn’t a startup in the േൃമditional sense, having branched off our established േൃമvel brand, Nirvana Excursions, it was an immense learning experience. Firstly, our target audience was etxremely specific. With Safari Getaways, we are catering to an etxremely elite and niche audience, so this was quite a different experience as compared to Nirvana Excursions. Then, we concetnrated on exotic locales and experiences, and they came with their own set of challenges. But it’s been a fantastic journey so far, and we are looking forward to many more’.