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My Journey Starts Here

bootstrappingmybusiness.com

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Re: My Journey Starts Here

#41

Post by nlh »

gedrap wrote: post #32

I really doubt whether bootstrapping your own business is a good idea when you are under great financial pressure which will lead to suboptimal decisions. Getting a 9-5 job to build up a healthy financial situation first might be better idea. Good luck!

I hate to have to agree, but I (mostly) do. Trying to start a business under 2 months' of financial availability is indeed going to put a strain on things.

I don't think, however, that a 9-5 is necessarily the answer. I do think that a freelance consulting gig might be a better option - it would allow OP to get the environment he wants "booted up" ie working by himself, getting into the groove of his schedule, etc. And while it might leave fewer hours per week to work on the bootstrapped business (initially), it will give some flexibility needed and get the $$ flowing again to ease the pressure.

Either way - I love hearing about people taking their destiny into their own hands and going for it -- so good luck OP!

Re: My Journey Starts Here

#42

Post by wiradikusuma »

davidw wrote: post #23

You should check out Rob Walling's "Start Small, Stay Small" if you haven't already: http://www.amazon.com/dp/B003YH9MMI/?tag=dedasys-20 It's a guide to "startups" for the rest of us, where "startup" is something small and bootstrapped that, however, makes money pretty early on, and probably will never grow that large. For me, that book really hit a nerve: I too spent time at a Big Startup, and while I enjoyed the ri…

hi man, thanks for your reference, i just purchased it from your link. i hope it has referral, at least as a means for me to say thanks.

Re: My Journey Starts Here

#43

Post by bootmybiz »

sudonim wrote: post #37
bootmybiz wrote: post #22

Earlier quoted context omitted.

This is the advice that everybody gives me, but for some reason this is not working for me. I'm not uncomfortable in networking and meeting people. It's a skill I have learned with time and I'm pretty outgoing. I know many people and through some event I organize and conferences I've been, I've gathered a good network. I've been involved in a lot of activities locally and I'm quite known. Still, clients fail to mater…

I don't want to tell you you're doing things wrong. So I'll just share what I did. 6 years ago I was trying to get in to tech. When I would meet people, I had next to nothing to offer them. But I would find out how I could help them and bend over backwards to try to do that. When I started a business and had no product to sell, I reached out to companies who had the problem we're trying to solve and try to understand…

I'm definitely doing something wrong if given the advice I get and the connections I have I still fail to find clients.

Your advice is definitely spot on, this is something I'm reading in other business books and I have to reframe my thinking in this way.

Re: My Journey Starts Here

#44

Post by davidw »

wiradikusuma wrote: post #42
davidw wrote: post #23

You should check out Rob Walling's "Start Small, Stay Small" if you haven't already: http://www.amazon.com/dp/B003YH9MMI/?tag=dedasys-20 It's a guide to "startups" for the rest of us, where "startup" is something small and bootstrapped that, however, makes money pretty early on, and probably will never grow that large. For me, that book really hit a nerve: I too spent time at a Big Startup, and while I enjoyed the ri…

hi man, thanks for your reference, i just purchased it from your link. i hope it has referral, at least as a means for me to say thanks.

It does - thank you! I reinvest the (little) money I get from those into... you guessed it. More books. I started reviewing them here:

http://davids-book-reviews.blogspot.com/

And where appropriate, like on this thread, I mention them here - but only the good ones, which certainly aren't all of them. So I think you do get a little bit back from your click - thanks!

Re: My Journey Starts Here

#45

Post by Duhck »

I love this. When I start my next business, I will have learned how NOT to grow a 'startup' e.g. hiring to grow, instead of growing to hire, raising money to prove a business model instead of being profitable from the start, and giving your product away for free (U.R.L.)

Good luck man, excited to read about your venture.

Re: My Journey Starts Here

#46

Post by seivan »

mgkimsal wrote: post #19
seivan wrote: post #9

I know how you feel. I am in the same situation. Sorta. Good clients are hard to come by and I am running out of them. But I am not sure if I want to join someone elses startup or do my own. I'm not much of an entrepreneur as I am a hacker. But the problem with most other companies is that they are not run like the way I would want to run them. Which brings me back to the point where I might just be happy running my…

"But the problem with most other companies is that they are not run like the way I would want to run them." It might just be that companies need to run a certain way to, you know, keep running?

Or they run it that way, because "those other guys" did.

Re: My Journey Starts Here

#47

Post by gedrap »

nlh wrote: post #41
gedrap wrote: post #32

I really doubt whether bootstrapping your own business is a good idea when you are under great financial pressure which will lead to suboptimal decisions. Getting a 9-5 job to build up a healthy financial situation first might be better idea. Good luck!

I hate to have to agree, but I (mostly) do. Trying to start a business under 2 months' of financial availability is indeed going to put a strain on things. I don't think, however, that a 9-5 is necessarily the answer. I do think that a freelance consulting gig might be a better option - it would allow OP to get the environment he wants "booted up" ie working by himself, getting into the groove of his schedule, etc. A…

It depends on the level of risk you can accept. 9-5 is not romantic, not heroic and maybe dull - but it gives you stable income (we won't go into cases if employer doesn't pay you). And when there is no back up plan (OP mentioned that parents are not really able to support him financially and 2 months of savings are well...) it is a good option.

In case of freelancing, OP already mentioned that he is not good at getting clients. In addition, the delayed payments and etc are quite likely. Given the savings would last for 2 months - not an option.

And finally, even if the bootstrap business takes off... Let's say you need a month for launching. You have one months savings left. What are the chances that your first startup will generate enough revenue to make a basic living after a month, while about 90% of startups fail?

It sounds romantic and all but when you compare potential outcomes... I really don't want to say that, I am trying to find a different word for that... But it's very naive.

Re: My Journey Starts Here

#48

Post by macournoyer »

I was in a similar position about two years ago. And was determined to bootstrap a "lifestyle" business that would provide income with the specific restriction of not doing consulting ever again.

I reached my goal in the first month: http://macournoyer.com/blog/2011/05/02/working-for-me/ and now have my own biz http://codedinc.com/ that has been profitable and growing ever since while working very few hours.

Some of this I attribute to the reputation and connections I built over the years before that. But also to knowledge I gained reading about marketing and advertising (mostly old books).

I would highly recommend you drop the anonymity. If it's to feel safer, that's not going to work. To bootstrap your biz you have to put your credibility on the line EACH time. Also, any content you create must fuel your authority/credibility.

Shameless self promo: here's a course I created to teach how I launch & sell products http://copywritingforgeeks.com/. But if you have any questions I'd be happy to help, drop me an email at gmail my username.

Good luck!

Re: My Journey Starts Here

#49

Post by kranner »

zellzeek wrote: post #39
kranner wrote: post #30

Earlier quoted context omitted.

I just checked out codecanyon.net for iOS apps: apparently they're selling for as low as $12 for a whole app. I'd recommend taking a look at Apptopia.com, deals are exclusive but the prices seem much better. (I have no affiliation with them)

Hi cheers for the update I have not heard of apptopia.com looks interesting. With CC the apps remain your property so it depends if you want to start again or sell the same item many times. Some apps on CC have made over $100k p/y.

Thanks, that's good to know. I'll have to dig deeper.

Re: My Journey Starts Here

#50

Post by mozboz »

"I’m not sold anymore on the idea of starting the next big thing that will revolutionize the world."

Gah. Failed already. Get yourself connected with whatever you're actually passionate about - something that you can connect to significant meaning and value in. That _can be_ your big thing.

If you're not connected to something you're strongly passionate about, why not just go back to being employed?

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