According to a study led by Business.org, 89 percent of small businesses have used their personal debt to fund their business.
The biggest mistake startup businesses make is by focussing on activities that are not revenue generating. You need to create sales from the beginning to get money in the door, so focus on sales and getting paying customers right from the start.Serving several paying clients and having clients happy with your offer is a way of proving or validating your offer.
You're ready to invest in websites and other things that will support your business when you have a proven offer and paying clients. You use the profit you are earning each month to reinvest into the company to expand on marketing, advertising, and other services that will increase the business's visibility and get more paying clients in the door.Don't rush to hire a team on payroll. You can work with many consultants until you are ready to have a team on payroll.
The bottom line is that there are advantages and disadvantages to financing your business, whether through outside sources or bootstrapping. Regardless of your choice, it would help if you were comfortable with your chosen method. However, bootstrapping a business and not taking external funding allows you to be in financial control of your business and not give up any operational control.
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