We tell stories about entrepreneurs who take big risks because risk is sexy. People who take risks, the implication goes, are fearless. It makes for a great story. A hero overcoming odds.
But if you’re anything like me, big risks sound scary. Today I run Site Builder Report, a one-person niche business that makes ~$40,000 / month. But five years ago, I was working my first job and saddled with student loans. I wanted to quit the job and start a business— but that just felt too risky.
So here’s what I did instead.
1.Cutting Back on My Full-Time Job
My first job was Digital Media Co-ordinator for Union Gospel Mission. And though it was great, I constantly daydreamed about starting a business.
Unfortunately I had a monstrous student loan— and quitting was just too risky. I needed to get creative.
So I came up with a solution: I asked my manager if I could work three days a week instead of five. I promised to keep the same responsibilities— I'd just complete those responsibilities in 3 days rather than 5.
To sweeten the deal, I also said I’d take 3/5's of my pay. My job paid ~$44,000 CAD and I believed I could scrape by with less.
My manager deserves a lot of credit. Though he may have been skeptical, he was supportive. He promised to talk to HR and see what he could do.
It wasn't far-fetched to imagine getting my work done in 3 days. My job had plateaued after I completed some ambitious projects in my first year and I was confident that I could stay on top of everything if I stayed focussed.
A few days later my manager got back to me and said we could give it a try. Boom.
2. Starting My First Business
So I found a co-working space and started my business.
The business I started was bad. It was called Bright Contractor. It was a website builder for contractors. (The year before I had built a successful website for my brother's concrete business and thought I could scale that service up.)
Though Bright Contractor was a bad idea, the days spent building it were great. I would wake up early, extremely excited, bike to my co-working space and happily hack away all day.
Occasionally, a cranky person at my job would be upset that they couldn't get a hold of me on my days away (“What!? He doesn’t work Tuesdays?!”). But in those cases I would— using discretion— let them call me. The arrangement went smoothly otherwise.
3. Pivoting Into a Profitable Business
After a few months I launched Bright Contractor. Unfortunately no one signed up for it.
I tried everything to make sales: I designed free mockups. I read sales books. I would randomly asked contractors what they thought of my idea (most suggested it was a tough market— they were right).
Nothing worked. So I decided to shut down Bright Contractor.
I was frustrated because I thought Bright Contractor was a good idea— it was just overshadowed by corporate website builders like GoDaddy and 1&1 who could out-market and out-promote me.
I concluded that in the world of website builders, it wasn’t the best product that won, it was the most well-known product. That conclusion proved valuable: it lead me to my next business idea: Site Builder Report.
Instead of building yet another website builder, I would help people choose the right website builder by doing reviews of every website builder I could find. I realized the market didn't need another website builder— it needed an air-traffic controller.
In time Site Builder Report became a nice, profitable niche— and most importantly, a ticket to quitting my job permanently.
4. Don’t make starting your business an all-or-nothing gamble.
Would I have started Site Builder Report if I had quit my job fully?
I’m not so sure. I would have been desperate for Bright Contractor to succeed— it would have been my only source of income. I would have been walking without a wire. It’s hard to make a decision to pivot when you don’t have money for rent.
I was able to pivot into Site Builder Report because I had a secure, consistent income from my job. My life didn’t depend on Bright Contractor succeeding. Sure, I didn’t have a lot of money, but I wasn’t without options. I didn’t need to bet the farm.
We tell stories about entrepreneurs who take big risks because risk is sexy. People who take risks, the implication goes, are fearless. It makes for a great story. Mark Zuckerberg got up and moved to Palo Alto to build Facebook for a summer— but we forget that he also had enough money to put $85,000 into Facebook that summer between him and his parents.
If you read Indie Hackers you're probably sharp enough to be skeptical of sexy cover stories about death-defying entrepreneurs. I’m guessing you're bright enough to see through the myth-making.
So here’s an alternative: play the slow-game. Life is a longer than we think. Take a small step today and let it grow exponentially over time.
Don’t make starting your business an all-or-nothing gamble.
Starting your own business doesn't have to be a high-stakes gamble where you risk everything. In fact, a successful entrepreneurial journey often involves calculated risks, strategic planning, and gradual growth. By adopting a thoughtful approach, entrepreneurs can minimize unnecessary risks, make informed decisions, and build a sustainable business over time. Remember, it's about navigating challenges wisely, learning from experiences, and achieving long-term success without putting everything on the line from the start.
Great article, thanks for sharing, it was a great story and very applicable to many of us.
I was wondering how do you monetize your new business (https://www.sitebuilderreport.com/) ?
Thanks
Hi maxmo, if I am not wrong Steve mentioned that he earns an affiliate fee. money every time someone read a review from his website and sign up to a site builder (SquareSpace, Weebly, etc...). Read this interview for more https://www.indiehackers.com/businesses/site-builder-report
Exactly this!
would be interested in an answer to that. Particularly, what sales/marketing strategies working for him. Given that its an aggregation site.
it would also be great if we can have a number of how profitable he is...
Apart from that looks like a great venture, good luck man...
Yes, less risk is good. This post reminds me of a Malcolm Gladwell article that says "The truly successful businessman is anything but a risk-taker". Here: https://www.newyorker.com/magazine/2010/01/18/the-sure-thing
Thanks for sharing. Just sent that to my Kindle. Looks like a great read.
Yes, it is a good read... And it's not long. BTW, love your website: it's valuable and simple... Congratulations! 👏
Great article!! I totally agree, I'm writing up my own article about how I accidentally started my own side project
Submit it to IndieHackers, I'm sure it would be a great addition.
I will, I have to recall everything from memory because it goes back to before I took notes on everything I did but I should have it done by the end of the month!!
I can't emphasize how less stressful things are if you have both a lower paid easy job with money coming in combined with enough time to work on your project.
Great idea for a business and great article. Thanks.
I'm a bit surprised not to see Joomla, Drupal or even Shopify on your list of builders.
Any reason you haven't listed such well known builders?
Shopify is in the store builders section (https://www.sitebuilderreport.com/store-builders) but Joomla and Drupal I would call a CMS!
Thank you for sharing
Interesting to hear this. Lately I am reading a lot of things about creating 'desire' and how that is fueled by taking risks. (if you quit your job, you will have a desire to build a business to produce income). But at the same time it felt incomplete. Nice to hear this side of the story.
Btw, I am referring to books like "Think and Grow Rich" or Dan Pena.
Great write up. I feel like there is a publication bias that favours the extreme cases. Reading about people that slowly chip away at a business isn't as glamorous as articles where the person drops everything, quits, lives off Mr Noodles for 3 months and hits the jackpot with a startup. I think IndieHackers, with articles like your Steve are helping to fill that gap.
Also - I think you missed a word here "I realized the market needed another website builder— it needed an air-traffic controller." Did you intend to say "...market didn't need..."
Thanks for pointing that out— just fixed the error.
I think you put it nicely: there's a bias that favours extreme cases of success but places like IndieHackers can help broaden the definition :)
Great sharing! but I'm curious about how Site Builder Report make money?
it seems that Site Builder Report is totally free and without ADs.
Here's an in-depth explanation! https://www.indiehackers.com/businesses/site-builder-report