Whether your million-dollar idea is selling granola or
software, you likely share a common fear with new business owners across the
world: money. It’s not easy to cover bills and expenses as you build your
startup to success. And startups are rarely profitable from the get-go.
But plenty of entrepreneurs have found creative ways to
self-fund their businesses. Try one of these methods to bootstrap your own
startup without going broke and follow in the footsteps of other successful
entrepreneurs:
1. Consult in the same field as your startup
Aside from providing cash flow to cover your expenses,
consulting is an opportunity to make connections and establish credibility in
the same industry as your startup. Use your expertise as a consultant to
network, build your client base and gain authority. All will be beneficial to
building out your startup once you’re ready to launch.
For example, look at Mike McDerment, founder of invoicing
software FreshBooks. He worked as a full-time consultant as he built his
software company on the side. Once FreshBooks became cash flow positive,
McDermett was able to leave consulting behind and focus on building the company
full-time.
2. Work a part-time gig
Perhaps consulting isn’t your thing, but you still need work
just to keep the lights on. Your side job and your startup don’t necessarily
have to be related. Prioritize working on your startup during your most
productive hours, then take a part-time job on the side to make money. Whether
it’s tutoring or doing hourly manual labor, all sorts of jobs can give you the
cushion you need to build your business during “non-working” hours.
Jason Ross, founder of JackThreads (sold to Thrillist) did
exactly that. He worked as a bartender at night while building his online
e-commerce business during the day.
