Too Much Debt? Here is an improved method to build your dream.

 By:  Nofisat Raheems

Hello there,

I picture a knot of fear tightening in your stomach as you browse through your bank account. Even when you have a great concept and a burning desire, the finances simply don't add up. The "experts" are advising you to locate an investor, obtain a loan, and transfer a portion of your business before you've even had an opportunity to develop it. Their use of phrases like "pre-seed rounds" and "valuation" sounds like a different language.

Isn't that overwhelming? Buried beneath a mound of possible debt and the pressure to meet someone else's deadline, the dream seems to be vanishing before it really starts. You begin to question whether being an entrepreneur is exclusive for those with wealthy relatives or flawless presentation decks. You believe that everyone else has it all worked out and that you are the only one going through this difficulty.

What if I shared with you that there is an option? A strategy that doesn't need you to give up your financial peace of mind right away, that allows you to maintain control, and allows you to build at your own pace?

That's what bootstrapping is all about.

Being thrifty is not the goal of bootstrapping. It all comes down to resourcefulness. It's about building a financially sound business from the ground up using what you have: your abilities, your perseverance, and your enthusiasm. It involves starting small, concentrating on one worthwhile issue that you can resolve for your first client, and using the money you make from that client to finance your subsequent move.

Consider it this way: Instead of using a huge construction loan to build a skyscraper, you can construct a strong, elegant home one brick at a time. Every layer represents a new product feature, every brick is a customer, and the foundation is your unwavering financial independence.

What bootstrapping entails:

§  You are in charge of the decisions, the schedule, and the vision. No investor is requesting an impossibly high return, and there is no board to answer to.

§  Customer-Driven Growth: Rather than an outside funding boost, your company expands because your clients enjoy what you do. The revenue serves as a clear indicator that you are headed in the right direction.

§  Financial Independence: When you create a prosperous and long-lasting business, you are able to support yourself and go to sleep.

Bootstrapping is not usually a simple process. It calls for self-control, imagination, and a readiness to get your hands filthy. However, it is also really fulfilling. It's a path of independence and genuine responsibility. It is the distinction between creating a business that you own and creating a business that owns you.

Put the investor decks and spreadsheets away for a moment, and let's talk about that first customer. What can you do for them right now with the resources you have? How can you solve their problem so well that they would be willing to pay you for it?

Let's start building something real, together. Let's begin with the first brick.

 

Nofisat Raheems