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6 Ways to Bootstrap a Startup in a Post-COVID-19 World

Are you considering starting up your own business? The reality is that the world as we know it has changed. And, no one really knows what the future holds. Consequently, it is understandable that people, especially those who have either had to take a pay cut or have been furloughed. Therefore, the biggest challenge, apart from not contracting the virus, is how to generate enough money to meet your monthly budget during these tough times.

Crisis versus opportunity: Setting the Scene

It is generally accepted that the novel coronavirus, COVID-19, was first seen in Wuhan, China, during the last days of 2019. This virus is a zoonotic virus. In other words, it was first seen in an animal like a bat, and it consequently jumped from an animal host to a human host. Once in its human host, COVID-19 mutated so that it could spread via person-to-person transmission.

One of the many challenges facing the world’s governments is the fact that no one really knows how this virus behaves.

There has never been a viral outbreak of such magnitude before. Thus, the world’s scientists, medical experts, and governments are in new territory, determining what works and what doesn’t work as each country moves through the peaks and troughs of this pandemic.

What this means is that the global economy has been paused while we wait for the virus to burn itself out.

Secondly, this virus is highly contagious and causes a respiratory illness similar to pneumonia, resulting in the death of people who fall in the high-risk category.

Finding the opportunity amidst the crisis

Therefore, the questions that must be asked and answered are what is the new normal and how do you utilize the “new normal” to earn an income? In summary, the biggest part of this answer is to find the opportunity in the crisis.

Following the government’s stay-at-home orders to the letter — practicing extreme social-distancing measures.

When you have to venture out to the shops, seek medical care, or to exercise once or twice daily — follow the guidelines. The guidelines are the way to survive this bizarre crisis. Together with these measures, it is vital to apply for any unemployment benefits that the government is offering.

What is a startup?

Before we look at ways to bootstrap a startup, let’s consider a comprehensive definition of what a startup is.

Ways to bootstrap a startup

Most importantly, the phrase “ bootstrapping a startup “ translates into “growing your business with little or no venture capital or outside investment. It means relying on your own savings and revenue to operate and expand.”

Let’s assume, for this article, that you are a part-time social media expert.

Consequently, you’ve decided to utilize this passion and expertise to collect and aggregate social media data from some of the popular social media platforms like Facebook, Twitter, Instagram, Pinterest, CrunchBase, and LinkedIn.

Partner with a professional business services company

A solopreneur is essentially an entrepreneur who does not hire any staff. All essential business services that are not part of the startup’s core function are usually subcontracted out. Thus, in our case study, the first step is to consult with a professional business services organization that specializes in company formation in Hungary to help you register a legal company.

Seek help from a mentor or advisor

The good news is that you are not the first solopreneur, nor will you be the last person to bootstrap a startup. Many experts in this field have developed tried and trusted methods and mechanisms to succeed at an entrepreneurial venture. And, they are often very willing to mentor or advise new entrepreneurs to ensure that they do not make the same mistakes and to ensure that their ventures are successful the first time around.

Draw up a budget

As highlighted above, the financial side of bootstrapping a business can be challenging. Thus, you must manage your available finances wisely. And, drawing up a budget that contains all of your fixed expenses, will help you keep a handle on your finances and assist in stripping out any non-essential costs.

Implement the “lean startup” philosophy

Eric Ries, the founder of, states that the lean startup philosophy”provides a scientific approach to creating and managing startups and get the desired product to customers’ hands faster.”

Invest in your brand

Brand development is one of the most significant aspects of running a successful business. Your brand is what attracts your target audience and helps convert them into returning customers. One of the most challenging things for any company, irrespective of whether it is an established business or a startup, is to convert consumers into loyal, returning customers. Consequently, it is essential not to skimp on brand development, for your brand is your startup’s voice.

Attract customers through content marketing

The Content Marketing Institute defines content marketing as the” strategic marketing approach focused on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly-defined audience — and, ultimately, to drive profitable customer action.”

  • 60% of all marketers create or contract a content writer to create at least one article per day.
  • Year-on-year growth metrics in unique site traffic is 7.8 times higher for content market leaders than it is for followers. Therefore, it is vital to becoming a content marketing leader, not a follower.

Final thoughts

One of the most challenging aspects of the post-COVID-19 world is that no one really knows what it will look like. There are several givens regarding the way forward. The global economy has simultaneously come to a halt. And no one is quite sure how and when the global corporate world will reopen for business.

Debraj Chatterjee



ReadWrite is the leading media platform dedicated to IoT and the Connected World. We work with the industry's top technologies, thinkers, and companies to tell the stories that drive this world forward.

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