Tips To Help Self-Fund Your Startup
In a world full of startups with big-name backers, it often surprises people when I tell them that I self-funded my skincare company. On one hand, self-funding your business usually means that your budget is a lot more limited than you’d like. But on the other hand, it keeps you accountable to make conservative and smart financial choices. Want to give it a shot yourself? Here are a few of the things I learned along the way that you can try.
Start Small
When I first launched my business, I had only four products and a very basic website. While the product formulations were best in class, the website was a little lackluster. I learned to live with it, knowing that the quality of the products was far more important than the complexity of my website. Instead of buying a huge amount of products, I placed small orders. My cost of goods was high, but I was willing to take a smaller profit margin in order to grow sustainably. As my sales grew and my orders increased, my cost of goods went down and my profits soared.
When you’re starting out, try to focus on what’s going to be … Read more