Don’t Let Empty Pockets Hold You Back!

“Empty pockets never held anyone back. Only empty heads and empty hearts can do that.” Norman Vincent Peale, progenitor of the theory of ‘positive thinking’.

The process of bootstrapping can make it possible for even those with empty pockets to fulfill their ambitions if they have the head and the heart for it.

Many small businesses struggle to find finance, especially with the financial climate being as decidedly frosty as it is at present. But this doesn’t mean that those who dream of starting a small business should forget about their ambition and turn their back on their entrepreneurial streak.

Bootstrapping is to start a business without external help or capital; I believe this is the best possible way to start a small business. If a start-up funds the development of their company through internal cash flow and are cautious with expenses, the company can grow with low-risk to all those involved.

Simple ideas on how to bootstrap your small business start up are:

- Work from home. As many of my readers will know I am passionate about working from home for many reasons; it benefits society, the family and the environment. But as a start up the main reason you should be working from home where possible, is to save money. Does your business really need an office? If the answer is no you could save thousands of pounds a year by working from home.

- Where possible avoid hiring people and outsource work instead. Hiring people comes with fixed costs. If you can outsource work to freelancers, then do. There are many professional virtual assistants out there who can work when you need them to, and if finances become tight, or work becomes scarce, you are under no obligation to keep paying them when there is no work for them to do.

- Don’t pay huge amounts for marketing or PR- Do as much of your marketing and PR as possible youself, online. The Internet makes marketing your company easy; write a Blog, join Twitter and LinkedIn, and create a facebook group. All of these actions will increase awareness of your product. And don’t forget to network, network, network!

These tips will have you well on the way to being able to bootstrap your business, but the most important advice for business start-ups is this: don’t lose your enthusiasm. Your drive and passion for your business are what will carry it forward; remaining driven is the best way to move your business forward.

12 Responses to “ Don’t Let Empty Pockets Hold You Back! ”

1. Christina
   
   Said on March 5th, 2010 at 7:25 pm

   Love your point, as much as possible I try to avoid hiring people, instead I outsource a particular service that eats up much of my time and concentrate on what I’m good at. That way, I save some and prevent paying a fixed cost for hiring someone. I still work from home, and it’s huge savings already. Not because you don’t have enough money to start your own business doesn’t mean you have to stop trying. Totally agree with everything you wrote down. That’s what I am applying right now, and it works well with me.

2. Alfred
   
   Said on March 5th, 2010 at 8:50 pm

   It’s really an easier said than done kind of thing. Even though the Internet makes marketing easier, you still usually need to start with pay-per-click campaigns, which can add up. You really can’t ditch them until later on.

3. Jp14
   
   Said on March 5th, 2010 at 10:36 pm

   Another common thing is to keep learning. So many people give up too quickly by saying “I don’t know how.”

   With the plethora of information out there, ignorance is only a reason to fail. Not an excuse not to succeed.

4. Bradley A Giddens
   
   Said on March 5th, 2010 at 11:27 pm

   fabulous ideas in this article. as a small business owner, I really think getting back to basics, especially now, is critical to my success. The ideas you have here are exactly what I employ. The one caveat is not to do what you aren’t good at. Know how to do it so you can double check the work you outsource.

   cheers,

   Bradley A Giddens

5. Christian Hammer
   
   Said on March 6th, 2010 at 12:52 am

   All of these are great tips for boot strapping your business. Though I’d rather have the capital to drive the business forward with urgency rather than starving through the otherwise slow acceptance phase.

6. Calvin Bacon
   
   Said on March 8th, 2010 at 3:31 pm

   Thanks for the tips. The problem is that low cost marketing is not always effective. Even if the cost is low, if there is not enough revenue, then there is still no profit.

   Please keep posting these tips. They are certainly worth trying.

7. Barry Plaskow
   
   Said on March 9th, 2010 at 11:56 am

   Great advice here.

   I would add another point though and that is, small businesses need a marketing plan that allows them to sustain themselves as they grow.

   In turn, that requires first and foremost a real USP that makes them stand out.

   We have discovered at SuccessBug that a lack of funds is usually a symptom for a more underlying problem.

   Barry Plaskow

8. Ken
   
   Said on March 9th, 2010 at 10:19 pm

   Hi Stefan!
   Thank you for sharing what I believe are very significant concepts for any small business, at any stage of development.
   Marketing and PR can start with a free Facebook page, and a free Twitter account, and then use free online Press Releases to help publicize big events.
   Like Jp14 said earlier, the Internet provides a wealth of information. Sometimes the challenge is discovering the question to ask to get the information you need.
   But from what I have read, your articles are one good source of helpful information. Thank you.

9. Arthur
   
   Said on March 12th, 2010 at 11:19 am

   For a second there I thought you’re going to advise us not to do marketing and PR which is just bad advice. But good thing you clarified it. What you said is great advice. There are a lot of ways where you can market for free. Of course, there are more effective ways to market and you have to pay for it. But with “empty pockets”, those are great alternatives.

   Also, maybe it’s about time that people with empty pockets check on the investments that they’ve made? Maybe they made some bad ones that contributed to what’s happening now.

10. Kevin Wilson
    
    Said on March 16th, 2010 at 7:33 pm

    Great post. As someone who is in the process of getting a business off the ground, I can relate to a and have personally used a lot of the suggestions you mention.

11. Chris B.
    
    Said on March 17th, 2010 at 4:18 pm

    “Don’t pay huge amounts for marketing or PR.” There are so many businesses that I interact with on a daily basis who are spending BOATLOADS of money on radio commercials, print ads, and TV timeslots. However, it is really a guessing game for them because it is so difficult to gauge the actual effectiveness of those ads, and their return on investment.

    However, many small businesses are now smartening up to the whole idea of social media and online marketing.

12. Akshay Soochit
    
    Said on March 25th, 2010 at 2:10 am

    hey stefan, thanks for sharing your views with us.
    From what i have read, you and i are on the same page about business operation and promotion.

    Another tip for your advertising activities could relate to public relations. Use your family memeber and close friends to help you promote yourself and your company. Absolutely we do not want to waste money if there is a cheaper or free way to do it.

    You will for sure benefit from it, because most of the time people dont pay too much attention to online advertising or blogs. they would rather have someone come to them in person and explain the product.

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