While rewarding, bootstrapping comes with its own set of challenges. One common pitfall is underpricing your product or service out of fear of losing early customers. This can make it difficult to achieve profitability later on.
Another mistake is neglecting marketing and sales efforts in favor of product development. Remember, a great product needs customers. Burning out due to overwork is also a significant risk. Founders need to prioritize self-care and delegate when possible.
Finally, failing to track key metrics and understand your financial situation can lead to unforeseen problems. Stay on top of your cash flow and profitability. Avoiding these common pitfalls will significantly increase your chances of bootstrapping success.