It's the era of startups, yet investors are jittery about placing their bets on newbies. Investors around the world are more careful of where their cash is flowing more than ever before. So, if you are running a startup and don’t know where to get funding yet, how about trying to survive without it. Here are some ways you can do it:
Bootstrap
Bootstrapping or funding your business by yourself would be the best option now. Yes, you may need to invest in risk, but that’s a good thing. At least now you have the fear to go bankrupt and you will concentrate in your business like never before. You will know which variable can be cut down to make it cost effective.
Count on your colleagues
Start ups are a good place for youngsters to earn good. Most start ups tend to pay employees handsomely to lure them away from other established companies. While these employees are investing their heart and soul to keep your business afloat, you need to be equally reciprocative. Your company’s attrition rate should be nil. Build a good culture so that people like spending time in office.
Promotions
Many start ups go too much while promoting the brand. While digital has brought a good chance of visibility and instant data on people looking for your product, you need to know your limit. Too much of promotions can get you two minutes of fame, but it wont help you in image-building. You need to plan your expenditure in a way where you get the maximum mileage.
Analyse the market
You need to analyse the market and work on your product. What you are selling needs to be unique and related to people’s demand. So, if you are selling strawberries in mango season, it wouldn’t fetch you better results.
Customer feedback
While you would be analysing the market with your own source, you need to rely on customer feedback as well. This is one point where many startup entrepreneurs fail. Your product or service should be improved frequently and should adapt to changing needs.