Thread by @barrettjoneill

10 ways to grow 10x.

THREAD: tactics for growing your bootstrapped startup.

Without raising capital, my first startup went from dorm room idea to millions in sales.

Bootstrapping is a rewarding experience, with lucrative prizes.

However, its difficult & can take years.

With these blueprints, growth would've been faster.

1. Clear Responsibilities:

If tasks aren't assigned, they won't get done.

Wear multiple hats, but two can never wear the same hat.

Find the intersection of your skills & desires and own it.

Accountability = speed.

2. Weekly Meeting:

Standing meeting with focused objectives:

- Project updates
- Sales updates
- Wins/ Losses
- Task Assignments

15-30 minutes & mandatory attendance.

When moving in lockstep, teams find efficiencies and preserve precious resources.

3. Learn Skills:

Bootstrapped founders need to be hands-on.

Learn skills that save money & add value.

Learning SEO & WP Dev saved me thousands per month & brought new customers.

Extra cash went to key employees that kept the business running.

Keep learning & contribute!

4. Talk to Customers:

Funded founders have the luxury of shipping features nobody asked for.

With limited time & money new features or services need to add value immediately.

Ask customers for honest feedback & what could make their experience better.

Then do it.

5. Ruthless About Reviews:

Lacking endless marketing budgets, social proof is critical.

Lower CAC by asking customers for Google Reviews & testimonials.

Reviews make the next sale easier & help with SEO.

Incentivize team members to get them - its worth it.

6. Strategic Team:

- Lawyer
- Insurance Agent
- Accountant

They should be proficient AND business friendly.

Be covered legally & financially, but don't put yourself out of business with costs.

Reassess coverages & strategies regularly.

*Not legal or financial advice*

7. Brand Asset File:

Keep handy:

- Color palette
- Typography
- Branded photos
- Terminology
- Logo vectors

Empower quick turnaround of new collateral to A/B test & iterate.

Consistent branding promotes trust leading to referrals & sales.

8. 90 Day Sprints

Without an extended runaway, living in the moment is preferable.

Clear 90-day goals prevent shiny object syndrome.

Wasting precious resources (time & money) on non-core projects can quickly become catastrophic.

Clear focus = execution.

9. Founder Mentoring/Advising:

Founders should have 2 mentors:

2-4 years ahead:

help avoid day-to-day mistakes & accelerate short term growth.

10+ years ahead:

profound understanding of transitioning through different phases of growth.

Both are equally important.

10. Save Cash:

Sounds counterintuitive as cash is needed for growth...but

Constant stress regarding operating capital stifles creativity & flexibility - the best assets bootstrappers have.

The ROI on peace of mind is tough to beat.

Cash in the bank = margin of safety.

11. BONUS: Everyone Sells

Bootstrappers are *funded* by customers.

Create culture that promotes & rewards those excelling in sales.

Without sales, nothing else matters.

I've learned these tactics from personal experience & the advice of successful entrepreneurs. Over time, execution can lead to 10X growth.

What would you add?

Comment below!

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