Also remember to (re)read my Bootstrapping AntiPatterns for advice on what Not todo as a bootstrapper. They complement Guy’s list nicely.
So I ended up quitting my nine to five job. In Denmark you have to give 30 days notice to the end of a calendar month, so I actually did it a couple of weeks ago, but I couldn’t write about until today for various reasons.
It became more and more difficult to do what I wanted to do next to a steady job, so it was time to go.
I will be starting freelancing again around Nov. 1. This suits my temprament more. I think it is more honest and transparent. This was my first perm job in more than 10 years and I wont be doing another one unless it is something I really believe in. You know a job with a mission at a company with a mission.
I do have a few things lined up mostly Java (unfortunately), I also aim to put a lot more time into my own projects. If you need an experienced rails freelancer please let me know and I’ll send you my CV/Resume.
Feel free to email me at [email protected] or skype me at berserkertooth.
Thanks to everyone for your kind words and encouragements.
The problem with trying to think in terms of “how do we get to $10 billion in revenue in 2050” is that you lose sight of the fact that your resources are very limited today. Staying focused on earning the first $50K of revenue allows you to concentrate your resources on a very well-defined short-term goal.
This is a brilliant little trick Wil came up with. Following the same logic I was also thinking that a better or maybe earlier goal of $2k pm in regular revenues might be better for a small bootstrapped web startup. For a frugal bootstrapper this may be sufficient to break even. Once you have proven to your self and others that you can make regular monthly cashflow and not just a burst of big sales. This could be an easy metric to yourself. Lets say your $2k revenue comes from 100 sales at $20. That is something you can understand and focus on. Our goal is to reach 100 monthly sales.
Updated, Thanks to Peter for noticing a slight math error.
In a nutshell as far as I understand it you need to expect a certain learning curve between you and your customers with regards to your product/service before it becomes sellable. In other words until you have let customers show you how they want to use your product and you have adapted to this reality, don’t bother traditional sales routes or funding.
In many ways this fits in with the whole agile approach of releasing early and changing even earlier.
Thus it is something to remember when bootstrapping. We bootstrappers are uniquely able to handle the Sales Learning Curve, but we need to be aware of it and not re-mortgage the house for 6 months living expenses to only find we haven’t got the sales we need at month 6 to keep in the game.
Join my Blockchain newsletter
Receive all my latest articles on Bitcoin, Ethereum and building businesses using Blockchain technologies.
More about me:
- What I'm doing now
- Bio and contact info
- Selected clients
- Open Source projects
- My GitHub Account
- My Linked In profile
Other under Funding
- Shawn on Business Plans
- Great use of VC funds
- More from Ryan Carson about Bootstrapping costs
- Lots of great bootstrapping info from Ryan Carson
- VC's and Web 2.0
- VC use with Caution
- Guy and the Art of Bootstrapping
- I've quit my 9 to 5
- BAP #8 - Focusing on an imaginary 3 year revenue goal
- Bootstrapping and the Sales Learning Curve
- 16 more...
- Rights and Obligations in and out of blockchains
- Previously unreleased interview with me from Kenya about Kipochi
- OpenTransact vs PaySwarm part 2 - yes it's still mostly out of scope
- OpenTransact the payment standard where everything is out of scope
- The Geeks Guide to Currencies: Trust and Promises
- Anti-patterns (16)
- Bitcoin (6)
- Black Swan (3)
- Blockchain (8)
- Business Ideas (1)
- Business Models (6)
- Data Portability (14)
- Ethereum (10)
- Financial Innovation (23)
- Funding (26)
- Global (20)
- Legal (34)
- Marketing (15)
- Money (13)
- Morale (31)
- Partnering (6)
- Payment systems (18)
- Programming (40)
- Think outside the rounded box (4)
- Third World Problems (3)