Hi, again! I just wrapped up Lesson 6: How to Bootstrap Your Business. I think it’s one of my favorite lessons in Gina Horkey’s course, 30 Days or Less to Freelance Writing Success.
What is Bootstrapping?
The absolute best thing you can do for your business at this stage (the beginning) is to spend as little money as possible on the start up.
“Boot Strapping Your Business,” refers to spending as little money as possible. The business survives and exists because it depends on itself for capital. Metaphorically, it’s pulling itself up by its own bootstraps without depending on anyone for support. I won’t spend my family’s limited resources my business.
You do not have to spend money to make money!
Start-up Expenses for Gina and I:
Cruz Santana’s Start-up Expenses for October 2015
$59.00 30 Days or Less to Freelance Writing Success
$5.08 Yahoo! Style Guide via Amazon
$64.08 Total Spent
Gina Horkey’s Start-up Expenses for May and June 2014
$95 Total for URL & 1 year of hosting
$49 To take course
$7 To buy Yahoo! Style Guide
$20 Subscription for job board
$171 Total Spent
If I could afford to spend as much as Gina did, I absolutely would! And I would spend it in much the same way she did because Gina’s investments and purchases have yielded enormous returns! When I start to make money, I’ll sign up for the Paid to Blog Jobs job board membership. Then, I’ll get the URL and hosting.
Further Investments in Business
Gina’s income reports show she continues to spend her business’ money on her business. She’s always looking for ways to diversify and expand. By taking advantage of operating capital, she can save some money on year-end taxes. Every penny saved is truly a penny earned!
As for me, I’m content combing through Gina’s course carefully to make sure I understand everything for my daily blog posts.
I can wait until my business, The Freelance Dance can afford to get its website up and running!
You do not need money to make money! Your new business should take very little to none of your family’s income.
Spend only the business’ money to invest in your business’ needs. Trust the process. Be patient. Remember your way I shift your focus back to the bigger picture/long-term picture.
Create budget for start up. Post blog. Check.
I’m off to a good start, I think 😉