Bootstrapping is for Beginners (The True Cost of Bootstrapping)
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Bootstrap (verb) – relying entirely on oneself without the aid or resources of others i.e. strap on boots, slog through the mud, which results in a huge opportunity cost to oneself
We are brought up to believe that bootstrapping in a business is a noble thing to do, and we should take great pride in “doing things ourselves.”
This is a myth.
Also, not asking for help and “doing it alone” is a very masculine way to be.
I know all the common reasons why solo entrepreneurs tell me they must bootstrap:
“I don’t have the money…”
“I’ll save a lot of money doing it myself…”
“I want to learn how to do it myself, first…”
“I just need a little bit more time to figure this out…”
“My [insert relatives’ or friends’ names here] is going to help me…”
Truth be told, I do see some value in bootstrapping when you’re a beginner, just starting out in business. The start-up phase is chock-full of blundering around, course-correction, and is naturally part of the deal. There is value in getting some things figured out before investing a lot of money in areas that may end up not being helpful to you, or your business.
But, the time arrives very quickly (within 3 months) when not getting help will cost you BIG in lost time and income.
There is nothing noble about spending hours, months, and even years trying to do something yourself and achieve a level of success, when a mentor could have told you how to do something in 5 minutes.
All that time easily adds up to thousands, tens-of-thousands, and even hundreds-of-thousands of dollars in lost opportunity and income over time.
So, when is the RIGHT time to get help and a mentor? Here are a few questions to consider:
Have I been working hard, and has my business been performing at the same level for 6 months or more? Have I been making the progress I want?
Would I hire a mentor in an instant “if I only had the money”?
You can also easily calculate the cost of not getting a mentor i.e. bootstrapping:
1. Write down the hours you spend each week trying to figure out how to do something you’ve never done before in your business, or had success doing, such as creating a marketing plan, Internet marketing, getting new clients, selling, branding, creating a successful business and systems, launching a new product, etc.
2. Multiply this number by your desired income hourly rate. (Desired Annual Income divided by Annual Hours to Work).
3. Multiply this result by 52 weeks. The result is the annual cost of NOT getting help from a mentor.
Plain and simple, the cost of bootstrapping is much higher than money saved by “doing everything oneself.”
Bootstrapping is for beginners.
Savvy solo entrepreneurs quickly realize that growing a successful business takes more than one person’s efforts. A mentor can provide the priceless advice and support needed to grow a successful business.
Are you ready to get an experienced mentor’s help to grow your business? My “6 Steps to Create a 6-Figure Business 1-Day VIP Intensive” is now available! It’s complete with all the training tools, scripts, templates, and examples you need to create a 6-Figure business in 12 months (or less). Only 2 1 opening is available. Email me at Bonita@BonitaRichter.com to get more information.