
Ways to bootstrap a startup: “working in waves” - joelg87
http://joel.is/post/2106915988/bootstrapping-waves
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TimLangley
Good post Joel ;-) I'm generally in agreement with working in "waves" (it's an
approach I've used for past 10 years)

A couple of other thoughts that might be worth considering: 1\. Once you
decide that the "start-up career" is your full-time career path - then you
need to start thinking about "serious stuff like pensions and investing". I
generally put 50% of the money that I make between "start-up waves" into
investments (for me it's properties) that generate cash flow

2\. Find a business partner with complimentary skills to you (understand that
they can - and probably will change as your business develops)

3\. Before your embark on a start-up wave try to make sure that the market is
already there (ie spend the evenings and weekends of your "paying job time"
doing Customer Development research (you don't need to cut very much code to
do this)

;-)

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joelg87
Thanks Tim :)

Great to hear someone who's been maintaining the "working in waves" method for
longer than me. Not sure I could do it for long though!

You raise some really good points - especially glad you mentioned investments,
since I'm starting to think about that now as I am amidst a "work wave" and
earning enough to put a portion into investments. Any advice on where to start
with this?

#3 is one to remember before the next wave, thanks.

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TimLangley
wow - #1 is a whole topic in itself Simple answers * I only invest in things I
understand * I only invest in things which produce positive cashflow * I only
take additional debt when someone else ;-) is paying it off

For me personally this means buying rental properties - I purchase 2by2
properties in North Manchester / the North West. Typically (at moment)
properties at about £60k (where I'm putting down about £15k deposit). Get a
good agent to manage them (around 10% of rentals). Ping me a message if you
want to know more about this

(but pls not - this isn't the only option - there are plenty of other
investment opportunities - but see point 1 above - understand them first)

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tommoor
I cant think of a single hacker I know that would be happy in doing a 'work
wave'. There's that itching inside, you know you should be building something
and its impossible not to work on it..

So I can't really see how 'wave' working would ever really work without
hacking drifting into the little free time you have.

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joelg87
I understand exactly what you mean, and perhaps it was bad to make it seem
like it's a binary paid work or startup distinction between the waves. I guess
the reality is that it is more about which is the focus.

I agree that there is likely to be that itching inside to work to build your
startup, but by the same token do you not think that whilst working a 9-5 job
and doing a startup on the side, you will always be itching to know what it
would be like to work full-time on your startup?

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osuburger
I feel like the biggest danger with a system like this is that you might lose
focus or passion while you're in between waves. Even if you're passionate
about something while you're working on it, it seems like it would be very
easy to become complacent working at your "in-between" job and difficult to
get back working on your idea.

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OoTheNigerian
Working in Waves is quite an interesting approach. Although it is best suited
for young founders with little responsibilities who can do contract jobs.

Another option is the "Nights and Weekends" option best suited for those who
have full time jobs.

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joelg87
You're absolutely right, and another point is that once you start the "work to
make money" wave it is often difficult to get out of it in order to do the
"startup" wave. "Nights and Weekends" / "on the side" is another way to
bootstrap, I'll likely blog about that sometime :)

~~~
katox
Yeah, a post like that would be really great. I do that for my side projects
and the slow down caused by having normal working hours and not all weekends
"free" for work is just terrible.

A project which would normally be released in two months can take a year or so
- I can't really imagine doing business this way.

