#11 Bootstrapping Isn’t Just for Tech Bros: Creative Cashflow Strategies.
👑 Are your a coupon King or Queen? Let's lean into resilience, creativity and lean operations to make our cashflow work harder for us.
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Whats in this edition:
💸 Idea’s Fest pitch opportunities
💸 Bootstrapping isn’t just for tech bros
💸 DBACE & Small Business, Big Break winners announced
💸 Summer School is in session
This Weeks Top Opportunities
Skys the Limit Friends and Family Pitching - Apply to pitch this month as part of their rolling pitch prize competition to win £2.5k for your business.
Ideas Fest Airwallax Going Global Grant - As part of this years Ideas Fest, you could pitch live on stage to win £10,000 to take your business global. DEADLINE 15th Aug.
Westfield East Bank Creative Futures Fund: Offers the opportunity for four teams to receive support and £50k funding to develop collaborative ideas around the theme of ‘Safer Spaces’. DEADLINE 18th Aug.
Social Investment Business Flexible Finance Fund: £4m of funding and support to 15-25 Black and Racially Minoritised charities and social enterprises in England. The finance is a flexible grant and support alongside a loan from the Community Builders Fund with the grant being up to 100% of the loan value.
Alibaba CoCreate Startup Competition: Pitch for a up to $200,000 on a global stage in front of investors and global manufacturers.
These Top Opportunities were lifted from the Funding Opportunities Database, a unique listing of over 60 grants, awards, accelerators and other funding opportunities for your small business (with a focus on creatives and social & environmental impact). For full access to the database, upgrade for just £4 a month. Plus get Friday Funding Chats Live, and interviews with founders who have funded.
Exciting Announcement: Friday Funding Chats LIVE is coming on 15th August!
Loom Founder, Daisy Harvey will be joining me Live on Substack to discuss her funding journey, culminating in recently closing her pre-seed round. We’ll discuss how she got here and how to be a female founded, values driven tech business in the current climate.
This event is available to paying subscribers, with free replays available. Upgrade for just £4 a month to get regular founder interviews, plus full access to the Funding Opportunities Database and in depth articles each month.
Bootstrapping Isn’t Just for Tech Bros: Creative Cash Flow Strategies
A lot of business bootstrap. You’re probably doing it and you don’t even realise it. I hate the origins of the word though. It means ‘to pull oneself up by one’s bootstraps’, ie to defy privilege, economics and social restrictions to make something out of nothing. It assumes we all come from the same place, which we don’t. However thats not to say that you cannot be self made, if you are cashflow savvy.
Bootstrapping encompasses a lot of types of funding, including; investing your own money (Directors Loans), crowdfunding, grants and awards, healthy cashflow and friends and family investment (where no shares are distributed). Please note that debt and equity investment or crowdfunding are not bootstrapping methods.
Bootstrapping isn’t just a way to find money, it’s a state of mind. It relies on resourcefulness, lean operations and reinvestment of profits back into the company to work. Like I said, you may already be doing this, and it will help your business to become more resilient as a result. This is because you don’t owe money and you hold all the power.
Successful bootstrapping often has to rely on creative cash flow strategies to make those savings work harder. Here are a few fun, interesting ways to stretch your runway and keep your cashflow in tip top condition.
Pre-Selling & Crowdfunding
Generate revenue before you deliver via platforms like Kickstarter, Crowdfunder UK etc. It’s especially great for product businesses as you can get real time feedback on products before you sell them, meaning you only order what you need and ideally sell through is 100%.
Micro-Consulting or Skill-Bartering
Trade time or skills to cover startup costs. For example, does a web designer friend need your photography skills? Or can you offer some marketing ideas in exchange for some warm sales leads?
Tiered Product Offerings
Offer entry-level products to build volume and brand reach (prints, templates), then offer high-value via commissions and bespoke services.
Use “Hidden Capital”
Leveraging community, unused space, existing tools, or overlooked assets. Search for materials in weird places like house clearances, or via manufacturers offcuts. Keep a look out for larger businesses getting rid of e-waste or furniture that you can pick up cheaply or for free.
Leverage Offers
Snoop around for credits or discounts. Leverage free trials and join networking groups to get the 411 on great software deals.
Bootstrapping isn’t scrappy, it’s strategic. A lot of successful businesses have reached large valuations simply by getting creative with their cashflow and having a deep understanding of their customer and the market they are in. I encourage you to see challenges as exciting new ways to leverage cashflow.
Funding News & Resources
How a £200k order from ASOS bankrupted Colette Laxton. Listen to Virgin Startups Change Makers podcast and learn from her mistakes.
Lauren O’Donnell (founder of Oatsu) was one of 3 female founded businesses to win a marketing package worth £300k with Channel 4’s Small Business, Big Break campaign.
Ideas fest is coming - and they could help support your raise! They have strong investor networks and encourage any prospective Ltd’s looking to raise a round of equity funding to tell them about the raise, in case they can connect you with an interested investor.
Congratulations to the winners of the DBACE Creative Entrepreneurs prize. Winners include; Imriel Morgan, founder of Content is Queen, Caroline Mcluckie, founder of Bealies Adaptive wear, Black Girl Knit Club and Absolute Beginners CIC.
Events
Hotbed: Investor/Founder Speed Networking - Apply to the exciting investor/founder speed networking event to grow your contacts book. Apply Here
27th August, Location pending approval.
Skys The Limit: Growth Lab, Collaborative Mentoring Experience - members get access to real time advice from fellow entrepreneurs and mentors, plus more events and opportunities to pitch for money.
27th August, Online
Pitch at Ideas Fest! Apply now to pitch at Ideas Fest on 10th & 11th Sept. They want a 10 minute, TED style talk - no slide, no selling, just big ideas. Get noticed by incredible innovators and investors.
10th-11th September, Herts.
Founder Institute Startup Pitch Practise: Online pitch practice for SME’s around the world. Get real time feedback to get your investor ready.
25th August, Online
Female Founder rise: Summer School for Funders - From today, access insightful online events to get you funding ready this Summer.
Begins 8th August, Online
Before You Go
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