Fund Your Own Business and Succeed
Here’s how to save money and keep your business in the black.
There are several ways to net funds for your business: Entrepreneurs can crowdfund their business idea, or receive capital from venture capitalists or angel investors. But many times, founders will have to bootstrap for their own business.
In a story for Entrepreneur.com, Jonathan Long, founder and CEO of Market Domination Media, outlines several ways with which business owners can cut down on expenses and keep their cash flow strong.
Before anything else, entrepreneurs have to make sure that there is a demand for their product or service. They also have determine what sets them apart from their competitors. According to Long, entrepreneurs should make sure that theirs is a business model that drives revenue quickly and bring in cash flow regularly. Otherwise, they'll be burn through their funds fast.
Media coverage will also help build momentum for businesses early on. To capitalize on this, entrepreneurs should take their media relationships on their hands. Journalists, says Long, would much prefer to hear about a business from the founders themselves. Similarly, businesses should create ways for their first customers to share news about the business, whether it be via social media or by holding contests for them.
This should go without saying, but keep track of where your money goes in business. Long suggests entrepreneurs use accounting software to manage their spending, and to keep an eye on their financial matters on a daily basis. Bootstrapping entrepreneurs need to be prepared to trim down their more lavish personal expenses. And as with any startup, they may also try to accomplish as many tasks for the business themselves, to save on having to outsource the work. Read the full story here.