Sourcing for capital is never an easy task. Thus some startups may have chosen to bootstrap during their first year.
How to Bootstrap Your Startup?
First and foremost, entrepreneurs who chose to bootstrap their startup will require discipline and fortitude!
Next, below are some tips you may consider too.
1) Shared office space
Try to look for another startup that has the extra space for you or rent a spot from a coworking space.
At the same time you can make more friends and you will never know what opportunities or great ideas that may come about networking with these new friends!
2) Tap on well-connected friends
Your friends could be your best ‘discount card’ to purchasing hardware or software that you might need!
Have friends that are good in design? Look for them and ask for small favours! Of course, remember to return the favour in future when they need help from you too or perhaps, a dinner treat might suffice.
3) Use Wordpress
Hiring an agency to set-up and design your website for you could be costly. Wordpress would suffice with its free themes and plugins. It’s user-friendly too!
4) Startup Jobs Asia (Free Posting of Job Ads)
Startup hiring is not an easy and posting ads on job platforms mostly requires you to buy credits from them.
Pop by Startup Jobs Asia, simply register an account and start posting job ads for free!
It’s well-known to be a place for Startups for their talent acquisition and moreover, the job seekers who browse the site are mostly into Startups! That is why they are there!
Look for a co-founder that has a different skill set from you. If you are good in business development, look for a partner that is more verse in the technical area.
Like a jigsaw puzzle, you and your co-founder must fit in the right places to attain a common goal!
Having difficulties in finding a co-founder? Read the article on ‘Finding a Co-founder’.
6) Offering Equity to team members
Found someone with the skills you need but no extra cash to hire him or her onboard? Generate the interest with them by offering equity! Offer them a period of trial and if they are able to produce the results they earn the equity.
7) Barter Trade
There’s a lot of ways you can Barter! Exchange of services or favours is common among startups.
Good in coding? In need of marketing? Barter!
Help promote the startups that you are well-connected with and in exchange, they promote on their platform about you too!
8) Build relationships
Lastly, never stop building relationships. Old or new.
Network and build new relationships whenever you can. It’s a chance for you to create an opportunity to something greater. You will never know what ‘treasures’ you would discover.
There are a lot more ways you can bootstrap your startup. Research in-depth and ask for opinions or advices from your well-connected friends in other startups.
Next, read about ‘How do you ask for departure if your co-founder is not competent?’
Article contributed by Startup Jobs Asia's Team, Melissa.
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