Here are some signs that you are in the Bootstrap Trap:
- You are using personal credit cards to pay for business expenses
- You have or have seriously considered doing work outside your business to pay your expenses (consulting gigs, freelancing, driving uber, etc.)
- You have taken out a second mortgage or home equity line of credit to pay for business expenses
You know you need support like a bookkeeper, web developer, administrative assistant, etc., but you can’t afford it so you do all of those jobs yourself
- When you do get outside help, you always go for the cheapest option even though the quality is not up to your standards
- You desperately need some new equipment or supplies to be able to run your business effectively but you can’t afford to buy it or you buy the lowest quality version of what you need
- You aren’t paying yourself a salary
- You’re using unpaid interns which can put your business at risk (this could be a violation of labor law)
- You know your business would grow if you could hire a sales team, professional marketing support, or some other kind of support, but you simply can’t afford the things you need that would help your business grow
How many of these are true for you?
Should you continue as you are and keep hoping that you will finally get enough revenues to be able to do all the things you want with your business?
If you have been trying to reach that goal for a while and you keep falling behind, it is time to acknowledge that a lack of resources is making it impossible for you to have the business you want. You are in a vicious cycle – without upfront resources, you can’t buy what you need to create a business that generates sustainable revenue.
If you need help escaping the Bootstrap Trap, take my new course, Escape the Bootstrap Trap 30-Day Challenge. You can start today!