There’s an interesting article on the FT website today about “bootstrapping” – which refers to the entrepreneurs who set up in times of financial crisis and so are forced to make things work with basically no investment or cash to splash.
Of course, the processes are advisable for anyone starting up, at any time. Keeping your overheads as absolutely low as possible and being incredibly conservative and cautious with cash is what makes a good idea a great business. After all, the lower your costs, the greater your profits – and that’s always a good thing.
So, here’s the round-up of do’s and don’ts for all of you starting up, running a business, or just plain curious about how things can be done most economically. Enjoy and take note!
●Do copy ideas
●Do borrow from friends, but only ask for amounts they can afford to lose
●Do be resourceful about finding additional streams of revenue – even if that means taking another job
●Do enforce payment terms and chase debt
●Don’t buy new what you could buy second-hand, don’t buy second-hand what you could hire, don’t hire what you could borrow and don’t borrow what you could pull out of a skip
●Don’t give anything away without getting something in return
●Don’t be shy about asking for help
●Don’t remortgage your home