I'm finally doing it: bootstrapping my start up.
I'm a long time lurker on HN, but this is my first thread. I've always dreamed of starting some sort of startup since I was 11 years old. Of course life happens, and before I know it I'm a month away from my 30th birthday.
So finally deciding to go for it, I sat down and came up with a very engaging idea and roped my wife into co-founding with me and handling financial duties. We haven't incorporated yet, however I'm currently in the middle of a coding tear on 1.0 and I honestly couldn't be happier. Knowing that I'm potentially building my own destiny rather than defaulting to working for someone else the rest of my life is a big motivator.
Do I want to get rich? Well yeah, but even if I don't, being profitable will be just fine. In fact, I'm building my company in one of the worst areas for technology startups: DFW.
I have a day job that I'm very happy at, so this is just a nights/weekend thing until we can achieve critical mass. Despite my great job, I still feel the pull of the entrepreneur and am looking forward to launching a beta in a month or two.
It was either get a tattoo or start a business.
Published in 2011, this chronicle by @jwwest details the mechanics of building a profitable, self-funded business without venture backing.
The community focused on B2B customer acquisition channels, cold email vs SEO distribution, and balancing full-time employment with side-project development.
Congratulations and happy trails!
I do have some cautionary advice, though... I say everything here without knowing you, your wife or your idea.
First off, make sure that you read this article and follow it unless you have a good reason not to:
http://startuplawyer.com/startup-issues/if-i-launched-a-startup ↗
Specifically, both you and your wife should have vesting shares. After all, there's a reason that most people do not start up with their loved ones - they say that the best family business is a sole proprietorship. This isn't a corner store and you and your wife might find your marriage taxed by this radical twist on your relationship.
Would you start up with your wife if you weren't married? If not, then my polite suggestion is that you hire your wife and give her lots of equity for her contributions. Taking on a business partner is an incredibly important decision, and if you wouldn't hire her otherwise then it's a potentially questionable decision now. I wouldn't belabour this point but you didn't explain her background.
The other thing is that it pays to startup with a good idea. I'm a big believer in MVPs and pivoting and trying things until it works... but the fact remains that most ideas are terrible and it's hard to tell when one of your ideas is terrible. Most people around you are inclined to tell you how great an idea it is, because they can see in your eyes that you want them to love it. This is an extremely dangerous confirmation bias because you can and will waste your valuable energy and enthusiasm.
In short: seek people that you can trust to give you honest feedback on your ideas. Steve Blank's 4 Steps to the Epiphany is worth the kudos it receives. And most important of all: make sure all founders have vesting shares.
I know you're excited, but before you get too far on the coding, do some research. I can guarantee you that your idea/product, while possibly genius, doesn't 100% match up with what people need (will pay for), and if you code before talking to real potential customers, you will either a) waste time building features no one actually wants (will pay for), b) not build features that make people do want (will pay for). Notice a trend here. ;) So...
- Talk to 10-20 people in your target market who are not your friends to verify that there are people out there who will actually pay money for what you're building
- when people say they will pay, ask them what specifically makes it worth paying for
- when people say no, ask them specifically what is missing that would make them pay for it
- look for similar ideas that have failed/succeeded and look at why they failed/succeeded (wrong features? poor marketing? no real market? poor timing? etc.)
Few other things...
Product is important, but so are marketing and distribution.
If you ever get the urge to make an investor deck, stop yourself. Make yourself a sales deck instead. It'll work either way, and sales are much more important.
Mentorship can be more valuable as money.
Entrepreneurship is a rollercoaster ride, man. So prepare yourself for that, and reach out to others for help when you hit the dark spots. We're here for you.
Most of all, GOOD LUCK!
Congratulations, irrespective of whether you sink or swim, this will change you from here on.
I was in your shoes a bit over 2-years ago and still going at it, so, if I may, give you some pointers.
1. Before you leave your full time job, model your expenses for as long as you can (did that for six months) and make sure you have enough to see you through both good and worst case scenarios. This will also tell you where the stop-loss is for you.
2. Have a list of people who you can lean on for emotional and intellectual support. It only takes one bad day to pour cold water on all the good days. Make sure that you have people who will keep you moored on both the good and bad days.
3. The first month is the toughest one and nothing in the world prepares you for it, especially if you have been securely employed for close to a decade.
4. Make sure you are doing what you enjoy doing & aim for revenue that will take you out doing things that you don't enjoy doing at the earliest.
Good luck, again :)
Beg to differ. There's a plethora of resources in the DFW area for startups. They just don't have a centralized location/leader. There's Tech Wildcatters (incubator), CoHabitat (co-working space and just a great group of people that hang out there), Startup Happy Hours in Dallas (you can meet LOTS of people - lawyers, founders, angels, VC's, other startups, etc.), launchDFW (covers startup news in DFW; disclaimer: I write articles for them), etc. Lots of resources, it's just not easy to find them all the time because it's such a spread out area.
I love your optimism. Getting on with the dream is a good feeling and it's great to get fired up. I work for a major airline and I'm curious about your product.
At the same time, you have a long road ahead. A startup is a major commitment and it's anything but easy. There will be many ups and downs and it can be emotionally draining.
The key is to press on when that enthusiasm (it really does feel great to get started) wears off and it gets tough, and it will. Make it through the peaks and valleys and you might have something.
I hope things go well for you.