This is part 5 of the 5 part series 15 Steps for successful Bootstrapping
Narrow down your niche – the niche is your friend
Who earns more? The hairdresser around the corner or the type and style consultant for career-conscious women who also does the hair and make-up?
Sure, the latter. Go where there is less competition.
Implement concepts from the big city in the village or vice versa.
Then there is only car sharing in Hintertupfingen and an indoor high ropes course in Kreuzberg.
Think global, act local – become an expert on your own topic
Everyone has something to tell, but the most exciting are real-life stories. You run a regional business, but are so unique that people come from far away to use your service?
Then blog as much as you can, publish articles in specialist magazines, show the global village that you are the expert on your topic. This way you can also present yourself nationally and build up a larger customer base.
Forego loans – critically question every expense
Bootstrapping means “growing from your own resources”.
In the case of startups, there is the term “cash burn rate”, i.e. how quickly the money is burned, as an indicator of the company’s success. (sic!) Or rather “sick”
An idea doesn’t get better just by putting a lot of money into it.
Hello “Hello Fresh”? How many gift cards to you wanna spill out?
Too much money often distracts from the priorities of new customer acquisition and customer satisfaction.
You are then busy all day with orders and paying bills instead of improving your service.
You should also put every expense to the test to see whether it is of direct use to the customer.
Your customers don’t benefit if your office chair has built-in air conditioning or your coffee machine squeezes out 10 different specialties.
Next article 15 Steps for successful Bootstrapping – Part 5