Bootstrap Your Business

Bootstrapping: A term used to refer to the process of using only existing resources, such as your own personal savings, personal computing equipment, or garage space, to start and grow a company.

- Terrena Rathanlall

One of the most common myths about starting a business is that you need funding. A search of some of the most famous companies in the world, like Dell Computers, Apple, Microsoft, Facebook and Coca Cola, will show that for many enterprises, very little capital is needed to get started.

An example of one such South African company is Fetola, a small business development company that has helped thousands of small businesses become sustainable. Founder and CEO, Catherine Wijnberg whose specialty is lean startup strategies - started the company from her dining room with just a laptop and an idea.

“The starting point is to identify a market, in other words, something people need and will pay for. Family, friends, or church community are great starter markets for small businesses,” advises Wijnberg.

If you see there is a demand for a transport service, you could create a solution by finding your first client, then finding someone with a vehicle and putting them together for a small fee. In essence, this is what Uber is – they are the match-maker in the middle and don’t own a single car.

Similarly, if fashion is your thing, you could help someone to choose or create a design, assist them to buy the right fabric and then outsource to a seamstress for a small fee. You could do the same with cakes, parties, cleaning services.

The opportunities for service-orientated businesses are almost endless, and once you have something that works, you can refine and improve it until you have built yourself a business of real value.