Pick Yourself Up

Today's info comes from Region II's very own Jill Thomas-Jorgenson. She brings us information that can be applicable to any small business regardless of industry or location. Jill is writing on the concept of "bootstrapping". 

"Bootstrapping" references the phrase "Pick yourself up by your bootstraps" dated to at least the early 20th century referring to the practice or ability of an individual to advance their situation on their own. Essentially in the business world it means doing everything in your power to see your business succeed by limiting required resources and maximizing those that are mandatory. 

Jorgenson explains it this way: "Bootstrapping at a more complex level is the process of analyzing the operation to discover ways to save money and to put cost saving measures into place. This practice can also produce added benefits for the business which include improved operational efficiencies, and the opportunity to learn more about the company from the inside out. An added benefit can also be that by becoming more efficient and cost conscious, the entrepreneur can actually put the organization into a stronger position which may help it qualify for additional financing." 

As one might imagine there are a myriad of ways to do this. Jorgenson's list includes the following: Low or no rent, used equipment, sell wholesale, outsourcing, cooperative purchases, and customers' or suppliers' help. The bottom line is be creative and don't be afraid to think outside of the box when looking for ways to finance your dream.

For the full article, click here.