The Episode in 60 Seconds
Thinking about bootstrapping? Jutta Jertrum has done it and here are some of the points to consider:
Trade-offs
- Bootstrapping usually means higher independence in exchange for fast growth.
- It may take longer until you pay yourself a salary, since any money comes directly out of the company’s cash flow.
Getting your partner on-board
- Starting a business can strain a relationship, particularly the financial aspects. Do not underestimate this and address it with your partner early on.
- In an ideal situation, a partner can provide the financial support to cover the monthly living expenses. This should however not be expected or taken for granted.
Client acquisition
- Reference clients and authentic customer testimonials are some of the most powerful tools for client acquisition.
- If your offer is declined, always ask why. Don’t be afraid to try again.
- Awards and startup competitions are a great way to get the word out there, gain credibility and free PR.
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