Growing Your Business

Bootstrapping Your Startup: The Best Tips to Start Using Today

10/11/2017

Any seasoned entrepreneurial veteran can tell you that the bootstrapping phase in the life of a startup is one filled with challenges. It's also, however, one filled with incredible opportunities if you know what to look for. Yes, it's true that you're about to enter into a period where you're trying to build a company with little to no initial capital. You'll probably even be using your own personal finances to make ends meet. Operating revenues will be thin. Expenses will be high. Days will be long and hard.

But there is also perhaps no time in the life of a startup that is more exciting than this one. The lessons you'll learn throughout this period will hone your skills and develop your instincts in a powerful and meaningful way. It will be difficult, sure – but as the old saying goes, "Whatever doesn't kill you makes you stronger."

Luckily, bootstrapping a startup also happens to be a lot more straightforward than most people initially think it will be. It just requires you to keep a few things in mind regarding how you're spending money, in particular, as the following financial professionals can all confirm.

Bootstrapping Your Startup: What You Need to Know

Nearly every expert who was asked to provide tips for bootstrapping a startup began with some variation of the same advice: Track everything as accurately as humanly possible. Katherine Bennett, CPA put it best when she said "track every dollar you spend! All registration fees and startup expenses are deductions!"

Kelli Cox of CGC Accountants & Advisors agreed when she said, "Make sure to track EVERY dollar that you've put into the company! If you are charging expenses to your personal credit cards, scan every receipt." Getting into this habit now can save you significant amounts of money moving forward. Cox continued, saying that "not only is it important to know exactly what it took to get your company running, but you also don't want to miss out on that deduction for startup costs that will benefit you once you're profitable!"

Robert Hodge, AFSP was another champion of this mentality, saying that "the best tip I have is to keep track of your startup costs. Startup costs are incurred BEFORE the start of operations. Typical expenses include the costs of organization, professional consulting, capital equipment acquisition, leasing a space and more."

It's Not About Cutting Corners. It's About Making Smarter Decisions

The bootstrapping phase of any startup is filled with opportunities to stretch the value of every dollar as far as it will go – so long as you look at it as an actual opportunity and not as a disadvantage the way many unfortunately do. Ray Flatland of Lodestar Tax and Accounting is just one example of a professional who agrees with this perspective, saying that "a business starting out can spend a lot of money on just the necessities, especially equipment. If they are on a tight budget, I always recommend looking for used equipment and furnishings."

Instead of going out of your way to obtain the "absolute best" (and paying the huge amount of money this often requires), you can instead get everything you need today and save money as well. Flatland continued: "Some slightly used computers, monitors, telephones and printers are out there. Look for used filing cabinets and such. Once you get the supplies you need to become operational and have a positive cash flow, you can easily upgrade in a couple of years."

Luba Milgram of StarLite Tax Solutions absolutely agrees, saying that a bootstrapped startup should never "invest in an expensive office. Instead, start small. Buy used furniture. Do whatever you can yourself – don't hire employees if you can't afford it. Find inexpensive marketing solutions, do a lot of networking."

Joshua Standley of DKK Accounting, LLC simplified this idea even further when he said, "My advice is to only spend money on the things that you must have in order to generate revenue." He said that many new business owners make the mistake of thinking more about the tax deduction than they do the long-term implications of a purchase, which is a dangerous situation to be in. "If they did not spend the money, they would have more cash flow in the long run."

Essentially, let that entrepreneurial spirit that motivated you to start your own business in the first place carry you through the bootstrapping phase and beyond. You've already proven that you can do it, or you wouldn't be at this point in your life in the first place. Just let the momentum drive you for a little bit longer, and you'll get to enjoy all of the rewards waiting on the other side.

Bootstrapping Is a Benefit if You Know How to Use It

In the end, it's important to realize that bootstrapping a startup brings with it a number of distinct advances that you won't have at any other time in your business's lifecycle. Although it may seem like you're trying to cut corners and make ends meet, it's actually a situation (and a perspective) that will serve you well in the future.

To that point, Jim Herbert of Pro Tax and Accounting said, "Although it may not seem like it, you are LUCKY. When you are bootstrapped, it forces you to get good at being lean really fast. It forces you to get creative and find the best solutions quickly so enjoy the bootstrap period for as long as possible."

Herbert finished with perhaps the most important point of all, saying that "having the bootstrapped mentality will help you create a business that is lean, efficient and ready to weather the economic business cycles for years to come.”

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Lee Reams II

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I am a tax and business news junkie who has spent the last 20 years developing and executing "best in class" word-of-mouth marketing campaigns for tax and accounting professionals. With TaxBuzz and CountingWorks we have taken that same commitment to quality content directly to the consumer. Keeping you up-to-date with the latest tax law changes, business growth tips and planning strategies to help you reach your best financial outcome.

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TaxBuzz AI is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz AI should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz AI, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz AI. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the AI-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz AI is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz AI provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz AI, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz AI is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz AI does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz AI, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz AI constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz AI.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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