“Boot strapping” a business without external funding
Written by Peter Dickenson
You can’t always choose your own starting point when you start a business. Sometimes it is good luck or misfortune that finds you making that life changing decision to start a business.
Even in more favourable times, finding somebody to back your venture was difficult and these days it is even harder.
Thus one route to starting a business with minimal investment is to find a niche in the local market place, which will allow you to generate a revenue stream. The market needs to be one that you want to grow into, based on your expertise or knowledge and growth possibilities if you had the investment. This is known as “boot strapping” a business. In effect pulling itself up by its boot straps. Your goal then is to build contacts, market and industry knowledge and a business system that generates cash.