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How to properly bootstrap a company

Illinois residents and others who want to be entrepreneurs may be able to fund their companies on their own. This means using whatever funds that they have in the bank as opposed to getting a loan from a bank. While this allows a business owner to have more control over the future of their company, it also means that a product needs to go to market as soon as possible.

This doesn't mean that the finished product needs to be offered to customers. Instead, it could be the core offering with the promise of more items to be added later. The initial launch can be used as a time to collect customer input and generally learn more about what works and what doesn't for a given organization. In some cases, a product that was intended for one market works better in another, and being flexible could help the company become viable in the long run.

No matter how large a company gets, it is always a good idea to listen to customer input. Asking for such input makes it easier to develop relationships as well as learn what they like and don't like about a product. Ultimately, it makes it possible to better serve their needs and increase the odds that they remain customers over the life of the business.

During the business formation process, a company must decide where it will get its funding. This will likely play a role in how the company evolves from a startup to a mature organization. An attorney may be able to help a company write a business plan or help it create other necessary documents. Legal counsel might also be helpful if founders or other key employees can't agree on their roles within the company.

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Schlueter Ecklund & Davitt
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Rockford, IL 61108

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