What are your primary income sources while developing your business?
I'm curious about how do you guys keep paying the bill. Are you still keeping a company job? Savings? Renting a house in Airbnb? ...
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I'm curious about how do you guys keep paying the bill. Are you still keeping a company job? Savings? Renting a house in Airbnb? ...
I left my job a couple of years ago with 6 figures in my savings account ($).
It took me quite some time (about 18 months) to experiment with different projects until I built one that gained some traction. Burned through savings the whole time, while trying to keep costs low (I moved away from the city).
I now have fewer figures in the bank, but my startup is ramen profitable and I'm no longer burning through my savings 😅
Wow @yongfook I assume that it was a tough decision. Happy to know that at least ramen is now profitable! 💪
I was doing freelance half-time while getting my product off the ground
I do freelancing and a I have social media evaluator part-time job with Appen :)
@moniquesexperiments I'm also considering a part time job. Not sure about freelancing as @Gabe and you do (enough with one unique uncertain income 😅)
yeah I totally understand ! What I personally did is that I have about 6 months of expenses saved, so this helps dealing with the uncertainty :)
Ah. An Appen co-worker :-). How many hours a day do you usually work with them? If you don't mind me asking
no I don't mind ! these days, I am pretty busy so I only work 1 hour a day.
Savings and profits from investing my savings in the financial markets (not cryptocurrencies!).
I have a "trainee" job where half of my time is dedicated to personal growth and professional learning. It's kind of neat, but it's not payed very much ofcourse
I made a killing with crypto investing years ago and invested all the money into businesses.
I can comfortably live from my dividends and retired from work this year at 24.
My goal now is to build an online business, but I just don't know what yet.
You are my hero @BrentDecat
I work full time as a software engineer. My job has an internal incubator where they partner and fund employees projects though.
After I get some users and launch I’ll see about partnering in the incubator most likely.
Nice idea. Good luck!
Throughout my life, I've financed my startups through a combination of:
Basically you have to be scrappy, keep expenses really low, radically change your lifestyle, and get to ramen profitability as soon as you can.
Once your startup pays for its own (and for your living expenses), it's a game-changer.
Hope it is soon. My goal is to make it in 6 moths from now.
Mix of part time job and consulting. I think going forward, I'll stop with the consulting and only quit my job when my product can atleast start paying part of my current salary.
Where would you quit?
Your salary is X. Your expenses are Y.
Would you quit when:
So now I would say my salary is slightly higher than my expenses. So I would say when Revenue is slightly higher than expenses but lower than salary would be sufficient with me.
Have you ever considered the possibility that quitting when revenue == 70-80% of Expenses would let you focus full-time on your startup to get you to Revenue > Salary faster?
Honestly no, for two reasons, I don't have that much expenses in USD terms and I have a family so I'm a bit risk averse until I can atleast meet my expenses.
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@Michael_Andreuzza, el tema de monetizar newsletters me parece muy difícil. Que bueno que lo hayas conseguido.
Si, es dificil, por no decir casi imposible....pero es suficiente para seguir haciendolo.
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Nice offer @Sofranic!
Thanks, Miguel! Apparently not everyone thinks so :D