Cost You were dreaming to establish your own business, but don’t know where to start. Based on our long-standing experience of facilitation and development of startups we shortlisted the best practices for you. Let’s begin.
First thing first: The term “bootstrapping” means starting a business with little or no capital at all and using the resources that are available to you. This means that your budget remains minimal, you do not get paid and work together with your team to further develop the project.
The process of promoting a product to the market can take more time, because you rely only on yourself and often learn from your own mistakes. However, this is a good way to maintain your concept, which is just evolving.
Successful stories: There are many startups that have achieved success without attracting outside capital. The American private company 37Signals owns information about several of them. Campaign Monitor was able to start its activities thanks to the experience of the founders, which was enough to create and develop products. They also used the proceeds from their business consulting for project financing.
When Admoda started activities, they started promoting from the very beginning, avoided the need for investment and earned a lot of money. The founders increased the initial contribution, and then reinvested the profit in order to avoid attracting foreign capital.
Efficiency: To run the business properly, you need to be as efficient as possible. You can do small and inexpensive marketing tests, until you achieve better results. When developing a website, first add the most important functions to launch the product on the market, but consider also the chance for additional extensions, to minimize your further work.
Marketing: Hiring a huge agency to promote a product can be very expensive, and there is no guarantee that your advertisement will be posted in various magazines and blogs. Alternatively, try outsourcing your press releases, but contact the journalists personally. Find the stories and publications relevant to your project and come up with your simple story.
Use the free MediaSync service to get the journalists’ emails and contact them directly. Reporters are interested in getting genuine content directly from the CEO of the company, and if you have a good idea for an article, they will certainly answer. Help a Reporter is another site, which is worth paying attention to.
Outsourcing: If you do not have the capital to hire an employee for a short-term project, use outsourcing. You can easily transfer to an independent app development company.
App development companies (like WeDigTech) provide Startup as a Services. They will guide you on, what strategies you should implement as a Startup to become an enterprise.
Social networks: Use Facebook and Twitter in order to communicate with your customers. Both are free networks that you can use to promote your business to a wider audience. Improve your knowledge to be an expert in your field and open blogs on your website or others related to your industry.
This will give customers a reason to return more often and the potential for sales will increase.
Conclusion: All in all, it’s not quite necessary to have an army of investors standing behind your back to fulfil your dream. What you actually need wise approach and adequate advertisement.
Promotion of your company can be a rewarding experience that will bring reward. This activity demonstrates how much can be achieved in conditions of limited capital. After you are established with your products on the market, perhaps you will need to attract outside capital to survive the growth period. Nevertheless, continue to manage the growing budget as if you are still spinning. This will help you reduce costs and turn your investment into success.