Running a business is difficult and costly, especially if you plan on bootstrapping. Here are some ways you can prepare for the leap.
Save at least 6 months of your living expenses
As exciting as the thought of jumping right in is, it may take a while before your bootstrapped business can start to pay you a living wage. Unless you have some funds stashed away or someone who is willing to support you as you grow a business, you’ll want to have enough in the bank to support yourself for at least 6 months. Some of that money may need to go into supporting the business as well.
Build your network of peers and mentors
Mentors are invaluable when bootstrapping a business, because you can tap them for advice on how to avoid costly mistakes. You’ll gain valuable insight on your own business from a more experienced professional’s perspective, and with a vast network of peers you’ll be able to get some outside help on board when the business is ready for it.
Have the right founder mix
Sometimes single-founder startups make it big, but usually it’s better when the founding team has a good mix of necessary skills. For example, if you’re building a software-as-a-service business, you’ll want a technical founder (who understands development and how to build the software), and a marketing and operations founder. Getting a healthy mix of skills and specialties ensures your business is well-balanced, even before you start hiring.
Take the leap and start bootstrapping
Finally, once you’ve prepared, the most important thing is to take the leap. Don’t focus so much on trying to get everything set up perfectly that you forget to start your business.