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.
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.
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 ride... I decided that it's not for me.
I was planning to let the book stand on its own. But the more time passes, the more requests I see for an updated edition. The book is approaching 11,000 copies sold to date, so it's obviously filled a need.
I'm booked through May with MicroConf and the launch of GetDrip.com...but I've added "Consider v2.0 of Start Small, Stay Small" to my task list. To be considered for the latter half of 2013!
Not only is his book awesome, not only is his podcast awesome, not only are his conference presentations awesome... He's also a apparently a really great guy. Thanks for being a good sport and showing up Rob! :)
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!
You are not alone, if you go and check the real world (excluding the software dev. freelancers), you'll find that a lot of people are indeed facing the same issue. I stumbled on some doctors forum, and there is stories of how hard it is to get a medical business running (apart from the financial cost for it).
It's not easy (It's not supposed to be), but if someone else did it, you can do it too. Maybe you won't get popular, but you'll be able to have a nice revenue and lifestyle from it.
9-5 job is not my cup of tea. I like the idea of a product, and selling it to customers (if there is lots of support, you can outsource it). Passive income is cool; and if it is stable, it'll give you peace of mind. I'm in the process of achieving financial freedom through products, maybe in a couple of years I'll be doing just high-level consulting.
Hey there, sounds like what you're lacking in your current situation is a network. It becomes easier when you have other people looking out for your interests.
Towards the end of last year, we (a company of 3 in new york) were running low on investor cash and started looking for consulting gigs to cover our burn. We didn't end up going that route, but every gig we had lined up was through a word of mouth referral.
I'm not totally comfortable networking and meeting lots of people (sounds like you aren't either?). I'd encourage you to get out there and do what you can locally, but also hang out in the right places online where iOS work tends to appear. Some iOS people who do contract work can probably point you in that direction.
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 materialize through all these connections. Given that this advice keeps popping up all the time, there must be something I'm doing wrong. I have to find what that is.
Not knowing anymore about you than you wrote, my gut is that your problem is one of 2 things:
1) You lack a compelling value proposition for your clients. Something like, I'm really good at X, better than anyone, hire me.
2) You don't follow through with clients, finish the job etc. so you don't get referred business.
I seem to notice that the HN crowd, and even finance crowd completely ignore marketing. This is a huge oversight that is likely to cost you a ton of money.
I'd read this: How to Close Every Sale (Joe Girard)
The guy is a used car salesman that looks ridiculous, but the book is actually good and there are several big lessons to learn in a very small paperback for less than $10.
I applied the concepts to selling $10m+ apartment buildings with 3 to 6 month sales cycles. The big lesson is that you must always assume you will get the sale. If you are doing things like writing emails in a timid way, no one respects it. You must assume your interactions with others will result in results.
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 the problem space, share things we've learned and try to help them before we even had a product to sell.
I've found that helping others is the best way to build a group of people looking out for you -- whether it's personally or in your business.
Next time you're at a networking event, give it a shot. Make it your goal to help 3 people you meet there.
Hi, thanks for sharing your story and I'm sure many people have been in the same situation sometime on their journey setting up a startup, I know I have.
It's hard to get up when you get knocked down and at the same time trying to balance finances. A way to make some cash on the side is to build small compact iOS apps and sell them on Codecanyon.net no selling experience required. It might not make you 1000's initially but they do sell and it will help your finances. Look at setting a goal in producing 1-2 apps a week so keep them simple but well featured.
You might even end up working on a new idea by doing this and before you know it end up with a successful business.
BTW email me you skills / work on iOS as I might well have some work for you.
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.
A bootstrapped business takes time to generate anything approaching a minimum livable income. I'd suggest doing a couple of freelance projects first to keep the wolf from the door, and then return to your business ideas.
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.
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!
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.
You had the guts of making a hard decision, and you are paying the consequences of the uncertainity it brings.
Over the last years I have been thinking of taking the same route (like many people with a reasonable stable/steady job, but wanting more from life I guess), but I always had the fear finding myself in your current situation, and never took the plunge.
I don't think that you would have any trouble in finding a job with a steady income if things go pear-shaped, but I hope you succeed in finding your own independence.
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 own show.
But again, I'm no entrepreneur.
My first objective is indeed to find some clients.
You don't tell us who are, what you do, what you have done. Start with those things on your HN profile or blog, and finding clients will become much easier. As a freelancer, building your personal brand is your number one job. I'd love to help, but until I know more about you and what you are capable of, it's extremely difficult.
As I wrote in another comment[1] I simply don't want my name connected through Google to that blog (not yet).
I have all the information you mention and it comes out if you Google my real name. I'll send you that info by email.
Still, on HN I never managed to generate any lead. I've participated in many posts about freelancers looking for jobs, for example, but never worked. Now I logged out of my account to create this one and I can't even log back into it.
This blog is now attracting some attention, but only because I'm not in an easy position at the moment and not on the merits of my skills. I didn't even expect it, I just thought to throw the link here to get a couple of readers to start with.
Good luck! Look forward to hearing your story! I understand the lure of temptations of making "the next big thing" and have been at critical crossroads many times before. I feel if things happened a little different I would have found myself in a situation similar to yours so I wish you all the best in your adventure.
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.
Hey Matteo - I'm late to this party but as I recently launched our app bootstrapped from the profits from my consulting business I've learnt a bunch of lessons that might help you as you move forward. You're always welcome to drop me a line - simon (at symbol) staffsquared.com
I'm not sure if English is your first language or not, but you seem to take a negative tone that may burn some bridges for you. You don't want to burn those people still working at the startup you left or your friend who tried to give you some freelance work but his pipeline dried up.
Is the point of staying anonymous to not have your blog help your business in any way? I found you here, I may have some iOS work in the near future that I could see if you'd be interested in but I can't use a nameless entity.
The reason is that I simply don't want people that Google my name to find that blog, which my reflect negatively on my professional image.
I can be contacted at info@bootstrappingmybusiness.com and I can provide plenty of real life information (personal info, company website, blog, LinkedIn profile, references, etc.).
I see you have an email address in your HN profile. I'll write you there.
Looking forward to updates on this. Your position sounds pretty close to mine (iOS developer, expat, northern europe) except I require sponsorship to work so haven't been able to try my hand at full time freelance work.
Looking forward to seeing what comes of this. Somewhat refreshing to see you opting for an alternative approach to trying to take over the world with the "next big thing". I wish you luck; onwards and upwards.
"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?
Who in their right mind would make a site focused on bingo cards (bingocardcreator.com - patio11), or a service to send direct mail from a website (mailfinch.com Paul Singh)?
While I tend to agree with you, building something small can be done while employed, and also lead to non-obvious large opportunities.
good luck and i wish you from the deepest of my heart that you make it.
I see myself in your story - with few corrections it can actually be my own: expat, recovering from a breakup, left permanent jobs to pursue freelancing while waiting to find my purpuse ...
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!