When you are bootstrapping your company, it is easier to involve your team. Your team members will feel that every effort now counts, see the real and immediate impact of their work, and have no choice but to set out to achieve their mutual goal. If you don’t do it, no one will. You can only count on yourself.
Having limited resources means you won’t survive unless you only focus on what brings the most value. Also, you are forced to always look for innovative ways to grow your company. This approach will help your company survive once you’ve grown to a point where your competitors want to chase you. But they can’t because it’s impossible to copy a creative approach.
Be open and sincere with yourself and your employees. Be real and don’t be afraid to show your emotions. Don’t ever sacrifice your company or your team for the sake of politeness. Too many companies are stuck due to fear of giving people their honest feedback or opinions, or of upsetting someone.
The biggest mistake that a bootstrapped company can make is to start taking unnecessary actions that are not needed at a particular stage of the development. Don’t waste your time testing marketing channels that you can’t afford now or that are very competitive. It isn’t worth hiring people that can’t bring significant value in short term. There is no need to build sales if your product is not ready to be sold. It doesn’t make sense to start improving your product unless you tried selling it. The most important thing is to put all your efforts on activities that can drive your business right now.
• Will spending this money help me acquire or keep a customer? If the answer is no, don't spend it.
• Hire people that are on board with your vision, share similar values, and are prepared to work hard.
• Bootstrapping allows you to retain control of your company
• When you are bootstrapping, make sure to think about your customers, revenues, and profitability first.