When I started my industrial chemical business I had a total of $47 in my bank account. I bootstrapped that business after spending most of that money on a typewriter and a few printed letterheads that I used for typing up invoices, and one label.When you start a business you may need funding for your startup capital. This might be from venture capitalists in return for an equity stake or via a loan from a bank or wealthy individual or company. Alternatively the business can be bootstrapped which means that the founders cover all the startup costs from their own pockets.
With almost no money left I talked my way into getting an account with a major chemical raw materials company, and obtained a good size sample of a product that I knew (by studying product data sheets provided by various companies) that it would serve my purpose in an industrial process. I used that sample to demonstrate it, and it worked.
I made a big sale, and ordered a 45 gallon drum of the product, picked it up in a trailer towed behind my car, painted out the original brand, attached my typed label, and delivered the product.
For the first year I operated the business on a shoestring budget (bootstrapping) and from then on I never borrowed money, I paid cash for my cars, and I bought a used desk and chair.
That carefulness carried me through a deep recession with money to spare. After 20 years I sold the business. See my thread:
How I Made My First Million and the Next…….
Walter.P.S. It was bootstrapped, and Fastlane. I had no mortgage, owned 2 European cars, and took my family with me on overseas business trips. (Holidays )
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