Do you have a backup plan if your idea/project/startup fails?

My side-projects are my backup plans.

I have given myself a one year time in which I am going to build multiple products and see what works. So far my first product has decent growth I'll see how it goes. But if I at the end of 2023 I am unable to make it work I'll go back to work and keep working on my ideas on weekdays.
Hopefully I will succeed because I don't wanna work in a job.

It’s odd you assume we left our 9-5 jobs. I plan to keep mine until my indie salary is more than 2x my job salary for a full year. Programming is a fun job and I’m in no hurry to quit.

For money: stocks...

For fun: keep doing new projects.

note: I had fairly decent career already

I think there are risks in doing business, and always have a plan B when there are risks.

I've done so many projects over the years, most of them are shut down by now and for the biggest ones it was quite a hit to take. I've been in and out from 9-5 jobs, and have been doing other things at the same time.

Personally it's something I'm always attracted to, I don't care about having big FAANG salaries, but more about creating something and have full freedom and responsabilities about it. I might go back to a 9-5, but I'll always find a way to go back to my own projects.

We are working on ERA, our note-taking tool with focus on privacy.
ERA already has a stable userbase, and we believe in success, otherwise we would not have invested 2 years of our time.

In the worst case we have already planned some other tools, which we would develop anyway afterwards. Plan B-Z is ready any time.

Personally, I wouldn't take counsel from those who have enough money in their bank accounts to quit their jobs. They hold prejudiced opinions and are in their comfort zone.
If your idea failed and you need money to calm your nerves, go work for a while while simultaneously beginning to develop a new idea. Even better is freelance work, which allows you to work 20 hours a week while continuing to work on a side project.
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Of course every startup won't land in success but back out is not the option, instead staying there and checking where we went wrong, analyzing it and make sure we don't repeat it again.

For SaaS product most of the founders go for beta version to know about product fit, customer feedback, usage and the scale up by expanding and adding new features.

I guess the worst is going back to 9-5 or freelancing. I currently have a random adsense site that can provide ramen haha

It is what keeps me waking up in the middle at night. I just got married, so soon finances will be very important for me. Sometimes I thought maybe I am not good enough to run a business.

But I definitely won't go back to a 9-5 job anymore. I will do some freelancing to finance my business.

Just put that on my resume and search for a better company. Meanwhile building another startup with points learned from the previous one. Legends say "Don't stop until you are proud"!

My back up plan is moving freelance. With freelance work as a back up, I'll still be in circulation.

I have never had a day job for an employer and always managed to keep my head above water. I've had to reinvent myself since COVID as lost my first start up in this. I've just sold another in the leisure sector (not a high value, just needed to get out). I have always looked to set up other side ventures as insurance but not had any success - specifically within e-commerce. I've 2 e-commerce websites I had set up which are at start up point but now looking to sell as have decided to focus on micro-saas projects.
I've never had so much self insecurities than at the moment with the recent failures - I look to learn. Tried e-commerce and not for me. Next micro-saas - as a marketer I can see the potential in products before they are built

I'm naturally risk-averse, so my day job is my backup plan. I'm in awe of anyone who quits their job to pursue an idea, I can't even imagine doing that myself!

I've never held a 9-5 in my life, so if it comes to that I'm not against the idea.

I'm always open to new opportunities, that's why I'd consider any job proposal contract or full time until my side project generate enough money to pay my hourly hour

Don't give up, either move onto a new project but never just accept defeat in chasing your dreams.

If my SAAS fails, I will keep creating new ones until one succeeds. However, to support those SAAS projects, I will be returning to my affiliate and SEO games.

For me, it was always freelance work, but the "fear" of working for someone else was driving me a lot. Now I'm building a dividend portfolio (takes a lot of time, but it's worth it) to hedge against catastrophic failure.

I honestly don't have any backup plan for the idea itself, but little plans on what to change if it doesn't work, the product will stay the same because all products exist and they work, so I'll just have to find what will work for me.

I do - I still work a 9-5 :) Although the flip side is that it's holding me back - less time and motivation to work on my thing

I have high confidence in my idea, but I too of course sometimes think about the what-if's. Thinking through all the possible ways to fail actually helped me a lot for planning. It took a while, but once I understood that I don't have to worry about most scenarios, only a few very likely ones, my strategy got a lot easier to execute.

No, I really didn't, and I cringe now to think about it. Even though my business worked out, It was because of a lot of luck and a lot of support from family and friends. If someone came to me for business advice and said they didn't have a backup plan I'd shake my head and send them away because it's such a rookie mistake. You have to be prepared to fail, that's how you succeed. Most people won't get lucky like I did.

This is a really good point. I don't think most people do, and if they do then they don't talk about it openly. We all want to believe our idea is going to work because we can't imagine a scenario where it doesn't - be it blind optimism, unconscious bias, or naivety. I didn't have a backup plan with my first startup and learned a lot of lessons the hard way. I had a solid backup plan the second time around and didn't need it. Best to have a backup plan and not need it than to not have one and need it.

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