Has anyone ever tried to take some small investment for the accountability aspect, even if you don’t need the money to build?
I have a full time job and it’s hard to stay motivated while building side projects.
I’m thinking that by taking like 10-20k of investment it would keep me accountable/motivated/focused.
Any thoughts on this? Are there companies that give small investment for early stage “indie hackers” kinda of products?
Thanks!
My advice - reduce the number of side projects you're working on and focus only on one. I'm working on making the final decision to extract us from one of two businesses (one has potential, the other really does not). Not for motivational purposes, because I don't lack that but because there's only so much time in the day and to make one business successful requires dedication, focus, and a ton of effort.
I did two accelerator programs last year and that was some of the advice fellow founders gave me - don't try to do to much (scope creep, feature overload, multiple distribution channels, etc) or you won't accomplish your goal of building a successful business.
Ye that makes sense. Focus and consistency are definitely the hardest aspects of working on side projects when your income doesn’t fully depend on it
And if you pick only one that sparks your personal interest and passion then the motivation issue goes away.
If you're looking for that amount of money, angel investment is the way to go. Very few firms will be interested in a check size that small.
That being said, I would recommend not taking any money if you don't need it. You'd be giving away equity and not getting much in return. The idea of preorders like @radiomorillo mentioned is a good one. Another way to say this is to just talk to customers, see what you would need to build for them to pay for it, and use that as motivation. Happy building!
Ye makes sense. I’m just curious if anyone has taken a small investment for the accountability aspect.
I feel like it should help but I’m not sure.
I released my first eBook as a pre-order last year and gave myself six weeks to finish it and publish it. :) The pre-orders absolutely kept me accountable because now I had a product to build. Although, my goal was to make money for it, not to ask people for money that I didn't need or want.
If your goal is to actually turn a project into a product, I'd recommend the pre-order route or creating a Kickstarter campaign!
Great point about pre orders.
Definitely worth thinking about.
Thanks