The past decade has seen a significant rise in startup ecosystems on a global level. From the U.S. to Israel to France, Brazil and India, the number of startups worldwide has exponentially increased. But the number of VCs? Not so much. Nowadays, fewer and fewer startups are obtaining venture capital funding, and bootstrapping is becoming far more common.
Interestingly enough, founders tend to have mixed feelings about bootstrapping their startup because of concerns about growth. With the costs of maintenance, subscriptions and other basic expenses, is it even possible to bootstrap a startup to millions of users?
Absolutely. There’s a method to working strategically with what you have, and it requires patience, resourcefulness and accountability.
The greatest advantage to bootstrapping your startup is maintaining control. When you bootstrap, you only answer to yourself. Your team can freely do as internally agreed upon in terms of creative direction. There will be no more jumping through hoops. You’ll be free from having to approve ideas through VCs, who sometimes place parameters on how you run your business based on their own interests.
Related: 4 Strategies for Skipping the VC Dog-and-Pony Show So You Really Own Your Company
If you manage a team that syncs well with one another, bootstrapping your company, though not without its challenges, will be relatively seamless. Creative ideas, product updates, and marketing and advertising campaigns can all be executed quickly and without interference. You pick the direction of your startup — and it’s up to you to decide which direction will be most effective in making your company known to the masses.
Here are some ideas for steering your startup in the right direction when it comes to greater visibility and brand awareness.
Tap into the power of community.
Let your community know what both you and your company have to offer. Think about ways you can collaborate with key players relevant to your industry. For example, if your service provides mentorship or counseling, you might want to consider collaborating with a local or online school, training center or shelter. If your app revolves around messaging and team communication, consider hosting a seminar for project managers, or apply for speaking engagements in one of the many events held in shared workspaces. If your website caters to the gaming community, see what creative plans your business can work out with the local video game store, or host a webinar featuring a known gaming personality.
Leverage social platforms and engagement strategies.
Just as it’s important to harness the power of community, it’s also important to tap into free social media platforms and content strategies when it comes to bootstrapping your startup. Social media and content go hand-in-hand, and require time, dedication and consistency.
While bootstrapping is never easy, there are plenty of bootstrapped startups that have successfully driven impressions because of a strategic social media and content strategy. One example is DIY community Hometalk, which used live and viral branded videos to organically amass more than 900 followers on Pinterest in less than five years.
The platform’s blog and podcast have also…
