If you want to build your business from scratch, and you want to know if it's worth it to use your own money, time, and self-discipline to make it happen, you'll want to pay attention!
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Episode Transcript
Welcome to the Legiside Hustles podcast. I'm your host, Miles,
and today I'm going to tell you about ten powerful
advantages of bootstrapping your business. So, if you want to
build a business from scratch and you want to know
if it's worth it to use your own money, time,
(00:21):
and self discipline to make it happen, you'll want to
pay attention. Now let's dive in. Number one is full
ownership and control, and one of my favorite things about
bootstrapping is ownership. When you control one hundred percent of
your business, you get to make the decisions. This means
(00:44):
you don't need to meet investors' expectations, listen to the
rules of a board, or get permission from anyone other
than your customers, who are the people you're serving. Number
two is every dollar counts. When you bootstrap your business,
you're using your own money. This means you'll think much
(01:06):
harder about every single dollar spent and every business decision made.
This financial pressure makes you more frugal and causes you
to run a lean profit first organization. Three is faster
decision making. And of course when you're bootstrapping, you can
(01:27):
make faster decisions because there's no corporate red tape, which
means you can quickly deliver your products and services to
the market. And speed is king in an economy where
customers want everything now. This is truly where you can
shine as a bootstrapped founder. Number four is financial discipline.
(01:50):
Like I said earlier, every dollar counts, which means your
financial discipline will be forced. This means you'll learn how
to spend wisely, invest in your business and embrace smart,
lean financial systems and tools. Remember, growth without waste is
stress free. Five is no debt. When you bootstrap, you
(02:12):
don't need to worry about debt. Many startups have to
worry about venture vultures, but not you. You get to
control your finances and do what you want with the profits.
No debt equals entrepreneurial freedom. Six is authentic growth. Customers
are king in the real world and they drive your
growth as a bootstrapper rather than investors. This means you
(02:35):
can focus on delivering value at an exceptional level and
truly deliver an idea with a great product market fit.
Seven is better customer focus because bootstrappers know their customers
and investors don't. Obsessing over your customers will give you
an extraordinary edge over your competition, which will lead you
(02:57):
to less churn, more customer referrals, and world class reviews.
Eight is less pressure and burnout. Bootstrapping can be hard,
but at least you don't have to face the outside
pressure of investors. You can grow your business on your
terms and preferred pace, and you get to define business
success for yourself. Number nine is higher profit potential because
(03:22):
your personal profit potential rises drastically when you don't have
investors taking a cut, So ask yourself, do I want
to keep more money? And ten is exit and scale
on your terms. Exiting and scaling your business is a
breeze when you're a bootstrapper because there's no committee telling
(03:44):
you to limit business growth or wait around to sell.
You control both your growth and exit strategies and that's it.
Those are ten powerful advantages of boot strapping your business.
If you want to make more money from your busines,
have complete control over your operations, and know your customers
like the back of your hand, you might like bootstrapping.
(04:08):
And if you liked this episode of the Legit Side
Hustles podcast, join the Facebook group. You can find it
on legitside Hustles dot com or on Facebook or in
the link in the podcast episode description. Thank you so
much for listening, and go ahead, and can you help
me out by leaving a rating on your preferred podcast
(04:31):
hosting platform. That's all I ask of you. Thank you
so much, and you have a fantastic day.
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