Bootstrapping your business means relying on your savings and revenue to launch operate and grow your startup, with no help from external investors. It can be financially challenging, but also incredibly empowering, and for many bootstrappers, it's a startup funding option of choice.
Make sure the business you're launching is either solving a problem or providing something unique.
“We very purposefully bootstrapped it as it was a side project and we all had full-time jobs,” says Waldoch. “We continued to work on it part-time for the rest of 2017 as a free product. In early 2018, we turned on pricing for the first time and made our first sale.” In March 2020 Waldoch left his full-time job to commit to Water Cooler Trivia full-time for at least one year. The company’s annual recurring revenue currently exceeds $300,000.Work on something exciting, something you'd rather spend two hours working on at 10pm than going to bed.
Walr aims to make market researchers’ lives easier by giving them a single, digital platform on which to create their research using surveys, display the findings and share with others. Armed with just an old laptop and a mobile phone, Michie launched his agency with a post on Facebook and landed his first client on day one. The biggest challenge of bootstrapping alone, he says, was the time, and in his case, the huge pressure of needing it to work, but the biggest benefit is having no constraints other than your time and guile.
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