Fund your ideas the bootstrapped way!
Many aspiring entrepreneurs feel they need more access to funding to help build a runway to focus on developing their idea.
Start Saving For Your Ideas NOW
Best thing to do before considering the array of funding options you have before embarking on your journey is to simply start saving. Commit on a weekly or monthly basis to save and store away some money as you would when saving for a car or a house. You should do your utmost best to bootstrap the start of the journey.
If I left my job today to start a business I would personally minimise the capital requirements needed by doing the following steps:
- Save as much as possible from my current job whilst figuring out what idea I am willing to spend the next 5 years on (or rest of my life).
- Figure out how I can live as cheaply as possible e.g. cut out unnecessary expenses, move back into my parent’s home temporarily, cancel subscription to my cable provider, etc.
- Calculate my minimum monthly income, the bear minimum to maintain a decent standard of living and cover my bills.
- Survive on savings or get a flexible job that allows me to dedicate the majority of my time on a winning idea, e.g., graveyard shift at Sainsbury’s or Tesco from 10pm to 4am.
This exert was taken from an extended article posted on Medium.
Download Andy Ayim’s free e-book: The-First-Time Entrepreneurs Handbook