For you who don’t know the meaning of bootstrapping, it means running your business using your own resources without the help of any external funds. As a company who has been bootstrapping
up to this point, we would like to share the benefits of it. Don’t get us wrong, we have nothing against those startups that got their funds from the 3F, friends, family, and fools; as borrowed from someone we heard in an event before. So here they are:
You spend responsibly.
Having a bulk of money from others might be tempting. Tempting to spend it all on just one thing you ‘believed’ in with no guarantee that it’ll give you a return. Bootstrapping forces you to do things according to the money you have. Simple.
You feel motivated
Yes, absolutely! You feel so much motivated to grow your money to realize that dream of yours! No, not find, but grow! All the motivation is surely helpful to us and even though there are just 11 of us here
, we are all on our high note.
Company’s growth is sustainable
When you’re on track of your spending, you tend to plan your cash flow more carefully. When you put your money on something, you try to maximise as much as you can. Minimal spending, maximum return.
You are ‘forced’ to be creative
You’d be surprised as to how much we rely on ourselves, finding shortcuts, cutting corners, yet still able to deliver what we need to deliver. When you don’t have enough money for example, you are forced to find another way of doing something, or even better, you’ll be forced to find other steady source of income for your sustenance.
No Liability, No Worry
You don’t have to report to anybody, you are free to make your own decision, to make mistakes, to fall, to fail, and to learn from them and rise once again. You are not pressured to appease somebody else, and if something goes wrong, at least you don’t have anybody to answer to, except for yourself.
So dear startups, if you have a good idea and are thinking about expanding your company, do it. But our advice is, try to do it yourself first and start with the ones close to you. You’ll thank us later. Oh, and do look into digital transformation too. As a small company, a little investment on making everything digitised and digitalised here goes a long way. In case you want to know how it has helped us, it's here.