The Geekwire team was nice enough to publish our thoughts on the best ways to grow a business. Click here to read the article and get some insights into the best of bootstrapping!
Here’s an Excerpt
Have you ever had 7,000 people flip you off in unison for 45 minutes? Unfortunately, I have – and still call upon that unreal experience from a previous life (more about this below) for perspective.
Thing is, my business partners and I have been through some exhilarating and challenging times as we bootstrapped our business, growing from zero to a projected $10 million in revenue this year.
While most are not as intense as facing a sea of middle fingers, here are five concepts we’ve applied:
1. Say Yes
A lot has rightly been written here on GeekWire and elsewhere about setting strictly focused parameters around a new company.
However, this can quickly slide into saying “no” too often if you’re not careful.
When you’re bootstrapping a business, you need cash-flow now and this means finding ways to say yes. It is absolutely critical to stay focused on your areas of expertise, but find ways to say yes in applying what you do to prospective customers of all shapes and sizes.
Later, you’ll earn the flexibility to focus only on global 500 technology companies or whatever your designated sweet spot may be.
For us, this meant staying focused on search marketing, but saying yes in creative ways, especially as we were getting started.
A one-month deal with an immediate out? Yes.
A project-based contract? Yes.
Hourly consulting? Yes.
Taking on customers deemed too small by many? Yes.
Some of these early customers have grown to be among our biggest, most loyal partners.
2. Respect Cash, But Act Big
One of the most important things to know out-of-the-gate when bootstrapping is that you are going to take a pay cut, period…