At the onset let us first understand the correct meaning of the word “Bootstrap”.
Quote from Google:
” Bootstrapping is building a company from the ground up with nothing but personal savings, and with luck, the cash coming in from the first sales. The term is also used as a noun: A bootstrap is a business an entrepreneur with little or no outside cash or other support launches.
” Unquote from Google
Why Bootstrap start ups often fail to establish their POC (Proof of Concept)?
- The Owners look for external help to bag their first critical mass of sales orders
- The Owners shy away from the function of Sales and do not take pride in being able to sell their own idea.
- The Owners squander their meagre resources in paying stipends to Interns in Sales or offering Co Founder and other senior positions in the start up with a hope that someone in the ecosystem will help them sell their idea / goods / services.
This video will help you understand this phenomenon better.
Now let us assume, that the bootstrap company is able to establish it’s Proof of Concept on priority, what next?
How does a Bootstrap Start up scale its business up beyond the POC point?
- Once the POC is established, work on your Process Maps and SOP’s. Use this link to understand this better https://youtu.be/Ud5dsEYhnPQ
- Understand your Ideal Customer Profile well. You can watch this video to understand the concept of ICP. https://youtu.be/2uhNhXV3BAY
- Prepare a robust Sales Pitch . Watch this video. https://youtu.be/9od4x0zRC7w
- Prepare Lead Magnets to reach out to the ICP. Watch this video for lead magnets https://youtu.be/9QiZ6k0W9xw
- The Lead Magnets should be able to raise good pre qualified leads from the ICP data. These leads must be suitably engaged to convert them into an order. To monitor this one has to have proper understanding of a Sales Funnel.
Use this video to study a Sales Funnel Management process
These 5 points taken together should help a Bootstrap start up scale up well.
In a nutshell
One can only say that Bootstrap start up Founders must work pro actively in selling their idea to a critical mass of ICP. Having done that they should follow the 5 step process to scale their bootstrap up.
You can contact me on firstname.lastname@example.org for any discussion on this subject matter.