Bootstrapping Your Start-up: The Do’s and Don’ts

You have a business idea and you have some amount of money. Now, you want to utilize these two, to start up a functional and profitable business. Working on small budgets to launch your business is called bootstrapping, and is often a dangerous path to tread upon. But as is the case with most business ventures, if certain things are kept in mind, it can be highly rewarding as well.

Do's

• One of the most important rules is the KISS rule. Keep it simple, stupid. If someone simple, say your mother can use the product then it is good enough.
• No debts. You will have enough on your hands with your new venture, so it's better you get rid of the previous burden.
• Networking is a very important part. Talk to anyone and everyone you can. It might just be a friend of your distant friend who makes you a handsome profit.
• Look for a market. Make sure that there are customers interested in your product/service. If not, then no point going forward.

Don'ts

• Never get blinded by your own idea. If it is not feasible and sustainable, then it's not a good idea.
• Never hire a friend out of sympathy unless, he/she is as passionate about the project as you, if not more.
• Don't try to be a one man army. Learn the art of allocation and outsourcing.
• Venture capitalists should not be your first source for capital. Bootstrapping means starting it small. Use your own money and loans before turning to others. 

Bootstrapping is fraught with dangers, but can pay off big time as well. As was the case with Facebook. Don't aim to achieve the success of Facebook, rather just aim at being a success.