Rules of the Road for Bootstrapping a Business

Column by Steve Strauss

If the new home–based businessperson with enough money is an entrepreneur, then the home–based businessperson without enough money must be the uber–entrepreneur. It takes more guts to do it this way, but the rewards are corresponding. If you are going to bootstrap a business, then there are some tips you should keep in mind:

Realize that you don't need a fortune to get started. If you have a great idea and a viable business plan, you can use OPM (other people's money) to start your business.
Accept the fact that you may have to incur debt to get going. Most millionaires start out deeply in debt to finance their dream.
Be extremely frugal with supplies, long–distance calls, copies, etc. Remember that you're paying for everything now.
Invest in only your best ideas because with limited money, you cannot afford to make mistakes.
Do what it takes to succeed by working harder and smarter than your competitors.
Look big, even when you aren't by presenting yourself professionally. You may be starting a business out of your garage, but no one but you needs to know that.
Be creative and constantly mindful of new ideas and new ways to bring in money.
Have the right attitude. Believe in yourself and that you will succeed.
Have a passion for your business and become consumed by it. You'll work harder to succeed because of your enthusiasm.
If you take care of your customers, your customers will take care of you.