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Get Funding For Your Startup
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Take Your First Steps Towards Funding2 Topics
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Apply for Public Funding6 Topics
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Bootstrap Your Startup4 Topics
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Get Familiar with Bank Loans
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Crowdfund Your Business Idea or Product4 Topics
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Join A Startup Accelerator or Incubator
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Raise Venture Capital or Angel Investment4 Topics
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Start Small, Think Big!
Lesson 3,
Topic 4
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Personal Experience with Bootstrapping a Fashion Company
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Transcript
I am very happy that I still don’t regret doing bootstrapping as a method to finance my business. The way I did it, as I looked into my personal savings over the years, how much I could invest. I don’t spend much money, honestly, so over the years and I still do, so still don’t do that. So that really helped me to generate a good budget for the business. And also, at the same time, I asked my family for support for the time, so I also took a loan from them. It felt way more comfortable for me, again, because I have jumped into a cold water by entering a business, which I never worked in before. Fashion is not my field. And having another thing to worry about all the time was just not something that I wanted to, to do. I also wanted to have a full control of the business. I’ll tell you that when I was starting off and still in my initial ideation phase, so many people were giving their recommendations or criticizing or wondering, “Oh, is this really the way to go?”
“Should you really do this?” “Maybe you should like” “Oh, you have to increase your assortment, you cannot go just with one with dresses”. No, honestly, I’m very happy that way that I have full control over it. So I’m sure that having investors, that would have been a question that would, a recurring question that I would have to struggle with a lot. So, I’m currently thinking of, as well, or potentially looking for outside for taking a loan from a bank or also to, to fund it, um, for the future. So that’s something that I am also considering, but I’m considering it now after I already have a customer base. I already tested my product. Most importantly, I know it works. I know people love my dresses, so, now, I just feel so much more confident about what I’m doing. And, raising money doesn’t feel so much of a burden anymore.