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I've never been able to grasp why huge loss-making businesses are celebrated & made heroes.
So for those who want to build a profitable business, here are 8 lessons from bootstrapping my startup to $1mn revenue in 4 years
I've never been able to grasp why huge loss-making businesses are celebrated & made heroes.
So for those who want to build a profitable business, here are 8 lessons from bootstrapping my startup to $1mn revenue in 4 years
1/ Don't quit your full-time job yet.
Not sure when & whether to start up?
Do this:
• Start a blog or newsletter
• Build a following on social media or a niche community
• Create an MVP on the side
The 'all or nothing' strategy is needlessly high risk.
Not sure when & whether to start up?
Do this:
• Start a blog or newsletter
• Build a following on social media or a niche community
• Create an MVP on the side
The 'all or nothing' strategy is needlessly high risk.
2/ Earning the first $ is the toughest, it only gets better
My journey of bootstrapping Flexiple (Revenue):
Year 1 - $0
Year 2 - $50,000
Year 3 - $400,000
Year 4 - $1 million
My journey of bootstrapping Flexiple (Revenue):
Year 1 - $0
Year 2 - $50,000
Year 3 - $400,000
Year 4 - $1 million
3/ Work hard to make your first $, worry about scale later.
Here's a few things we did to land & close our 1st client:
• Cold calling & messaging on LinkedIn
• Asking everyone in our extended network for referral
• Contract discussions with client's legal team
Here's a few things we did to land & close our 1st client:
• Cold calling & messaging on LinkedIn
• Asking everyone in our extended network for referral
• Contract discussions with client's legal team
4/ Marketing isn't cheap, find smart ways to do it
Things you can do with a $0 budget:
• Guest posts
• Newsletter
• SEO focused blogs
• Building backlinks to your website
• Launching on free platforms
• Submitting to startup directories
• Building audience on social media
Things you can do with a $0 budget:
• Guest posts
• Newsletter
• SEO focused blogs
• Building backlinks to your website
• Launching on free platforms
• Submitting to startup directories
• Building audience on social media
5/ Build an audience before you build a product.
• Talk about the problem
• Share your personal experience
• Debate existing solutions
• Share how you would solve it
Channels:
• Social media
• Blog
• Newsletter
• Community websites
• Slack channels
• LI & FB groups
• Talk about the problem
• Share your personal experience
• Debate existing solutions
• Share how you would solve it
Channels:
• Social media
• Blog
• Newsletter
• Community websites
• Slack channels
• LI & FB groups
6/ You can't do everything by yourself, hire great people & let them do their thing.
You need people in your team who are dependable & good at problem-solving.
Once you hire, trust that they will do good work. You will never have time to micro-manage, neither is it efficient.
You need people in your team who are dependable & good at problem-solving.
Once you hire, trust that they will do good work. You will never have time to micro-manage, neither is it efficient.
7/ You're always short of talent & you're always hiring.
Every startup, funded or non-funded, wants great people in their team, so there's literally a war for talent.
Play smart:
• Hire remotely & globally
• Hire contractors
• Hire part-timers (experts)
Every startup, funded or non-funded, wants great people in their team, so there's literally a war for talent.
Play smart:
• Hire remotely & globally
• Hire contractors
• Hire part-timers (experts)
8/ Building your startup is a marathon, not a sprint.
Rushing to reach high revenue or burning out in the first few months will do much more harm than good.
Rushing to reach high revenue or burning out in the first few months will do much more harm than good.
