I'm finally doing it: bootstrapping my start up.
51 comments
Congratulations and happy trails!
I do have some cautionary advice, though... I say everything here without knowing you, your wife or your idea.
First off, make sure that you read this article and follow it unless you have a good reason not to:
http://startuplawyer.com/startup-issues/if-i-launched-a-star...
Specifically, both you and your wife should have vesting shares. After all, there's a reason that most people do not start up with their loved ones - they say that the best family business is a sole proprietorship. This isn't a corner store and you and your wife might find your marriage taxed by this radical twist on your relationship.
Would you start up with your wife if you weren't married? If not, then my polite suggestion is that you hire your wife and give her lots of equity for her contributions. Taking on a business partner is an incredibly important decision, and if you wouldn't hire her otherwise then it's a potentially questionable decision now. I wouldn't belabour this point but you didn't explain her background.
The other thing is that it pays to startup with a good idea. I'm a big believer in MVPs and pivoting and trying things until it works... but the fact remains that most ideas are terrible and it's hard to tell when one of your ideas is terrible. Most people around you are inclined to tell you how great an idea it is, because they can see in your eyes that you want them to love it. This is an extremely dangerous confirmation bias because you can and will waste your valuable energy and enthusiasm.
In short: seek people that you can trust to give you honest feedback on your ideas. Steve Blank's 4 Steps to the Epiphany is worth the kudos it receives. And most important of all: make sure all founders have vesting shares.
I do have some cautionary advice, though... I say everything here without knowing you, your wife or your idea.
First off, make sure that you read this article and follow it unless you have a good reason not to:
http://startuplawyer.com/startup-issues/if-i-launched-a-star...
Specifically, both you and your wife should have vesting shares. After all, there's a reason that most people do not start up with their loved ones - they say that the best family business is a sole proprietorship. This isn't a corner store and you and your wife might find your marriage taxed by this radical twist on your relationship.
Would you start up with your wife if you weren't married? If not, then my polite suggestion is that you hire your wife and give her lots of equity for her contributions. Taking on a business partner is an incredibly important decision, and if you wouldn't hire her otherwise then it's a potentially questionable decision now. I wouldn't belabour this point but you didn't explain her background.
The other thing is that it pays to startup with a good idea. I'm a big believer in MVPs and pivoting and trying things until it works... but the fact remains that most ideas are terrible and it's hard to tell when one of your ideas is terrible. Most people around you are inclined to tell you how great an idea it is, because they can see in your eyes that you want them to love it. This is an extremely dangerous confirmation bias because you can and will waste your valuable energy and enthusiasm.
In short: seek people that you can trust to give you honest feedback on your ideas. Steve Blank's 4 Steps to the Epiphany is worth the kudos it receives. And most important of all: make sure all founders have vesting shares.
But at least if he ends up in bed with his cofounder, it won't destroy his marriage.
Edit: I'm actually not kidding, though the downvote doesn't surprise me. There was a post here (that got killed) about that exact situation occurring.
Edit: I'm actually not kidding, though the downvote doesn't surprise me. There was a post here (that got killed) about that exact situation occurring.
On that last point, I always found that an undiplomatic stranger are best sounding boards. Sycophants are as valuable as an overdue bill.
Hehe, smart move on your part. Steady wins the race. Ping me when you're ready to launch (email in the profile) and I'll send you a bunch of traffic. No guarantees of it will convert or not, that depends on a lot of factors but if it won't help it certainly won't hurt.
Being in a 'bad' area is also an advantage, if you can make it there you will be virtually without competition.
Happy coding!
Being in a 'bad' area is also an advantage, if you can make it there you will be virtually without competition.
Happy coding!
Hey, thanks. I will definitely hit you up then!
When you have something to show, submit it to http://alphalist.co. No, I have no relationship with them. I just signed up as a user.
Congratulations. Don't worry -- location is overrated. I met a few folks with successful software businesses in the DFW area when I was there for a shareware conference.
(And besides, it can't possibly be worse than the Japanese hinterlands, and this town can still pack a room once a week with software businesses which are successful for a broad range of "successful".)
(And besides, it can't possibly be worse than the Japanese hinterlands, and this town can still pack a room once a week with software businesses which are successful for a broad range of "successful".)
I'm 43 (and a HN-lurker as well) and I am edging towards starting mine too. Having two kids and a house, I think I know how you feel. Must be as scary as it is exciting. Hopefully I will be able to 'join' you soon.
In the meantime: all the best to you and your start up!
And you said it well: I hope we get rich, or at least be profitable.
In the meantime: all the best to you and your start up!
And you said it well: I hope we get rich, or at least be profitable.
Congratulations, irrespective of whether you sink or swim, this will change you from here on.
I was in your shoes a bit over 2-years ago and still going at it, so, if I may, give you some pointers.
1. Before you leave your full time job, model your expenses for as long as you can (did that for six months) and make sure you have enough to see you through both good and worst case scenarios. This will also tell you where the stop-loss is for you.
2. Have a list of people who you can lean on for emotional and intellectual support. It only takes one bad day to pour cold water on all the good days. Make sure that you have people who will keep you moored on both the good and bad days.
3. The first month is the toughest one and nothing in the world prepares you for it, especially if you have been securely employed for close to a decade.
4. Make sure you are doing what you enjoy doing & aim for revenue that will take you out doing things that you don't enjoy doing at the earliest.
Good luck, again :)
I was in your shoes a bit over 2-years ago and still going at it, so, if I may, give you some pointers.
1. Before you leave your full time job, model your expenses for as long as you can (did that for six months) and make sure you have enough to see you through both good and worst case scenarios. This will also tell you where the stop-loss is for you.
2. Have a list of people who you can lean on for emotional and intellectual support. It only takes one bad day to pour cold water on all the good days. Make sure that you have people who will keep you moored on both the good and bad days.
3. The first month is the toughest one and nothing in the world prepares you for it, especially if you have been securely employed for close to a decade.
4. Make sure you are doing what you enjoy doing & aim for revenue that will take you out doing things that you don't enjoy doing at the earliest.
Good luck, again :)
I wish you the best. I"m 35 and have just started my 3rd. The first two failed. But man did I learn a lot. I have a good feeling about #3. And I hope you're successful as well. Don't look back.
DFW == Dallas/Fort Worth International Airport (DFW)
A startup in an airport? --Way Cool! ;)
A startup in an airport? --Way Cool! ;)
I know you're excited, but before you get too far on the coding, do some research. I can guarantee you that your idea/product, while possibly genius, doesn't 100% match up with what people need (will pay for), and if you code before talking to real potential customers, you will either a) waste time building features no one actually wants (will pay for), b) not build features that make people do want (will pay for). Notice a trend here. ;) So...
- Talk to 10-20 people in your target market who are not your friends to verify that there are people out there who will actually pay money for what you're building
- when people say they will pay, ask them what specifically makes it worth paying for
- when people say no, ask them specifically what is missing that would make them pay for it
- look for similar ideas that have failed/succeeded and look at why they failed/succeeded (wrong features? poor marketing? no real market? poor timing? etc.)
Few other things...
Product is important, but so are marketing and distribution.
If you ever get the urge to make an investor deck, stop yourself. Make yourself a sales deck instead. It'll work either way, and sales are much more important.
Mentorship can be more valuable as money.
Entrepreneurship is a rollercoaster ride, man. So prepare yourself for that, and reach out to others for help when you hit the dark spots. We're here for you.
Most of all, GOOD LUCK!
- Talk to 10-20 people in your target market who are not your friends to verify that there are people out there who will actually pay money for what you're building
- when people say they will pay, ask them what specifically makes it worth paying for
- when people say no, ask them specifically what is missing that would make them pay for it
- look for similar ideas that have failed/succeeded and look at why they failed/succeeded (wrong features? poor marketing? no real market? poor timing? etc.)
Few other things...
Product is important, but so are marketing and distribution.
If you ever get the urge to make an investor deck, stop yourself. Make yourself a sales deck instead. It'll work either way, and sales are much more important.
Mentorship can be more valuable as money.
Entrepreneurship is a rollercoaster ride, man. So prepare yourself for that, and reach out to others for help when you hit the dark spots. We're here for you.
Most of all, GOOD LUCK!
Congrats! I run a startup too, at the age of 32, and my wife helps me out when she has time (data entry, marketing tasks, brainstorming, etc). It's exciting, but hard work with long hours. After all, you've got to manage finances, licenses, supplies, taxes, development, design, environments, IT, marketing, invoices, inventory, reporting, etc etc.
At some point you may actually need to take the plunge and work fulltime on it if you want to really make it a success, but until then have some fun!
At some point you may actually need to take the plunge and work fulltime on it if you want to really make it a success, but until then have some fun!
I'm 45 and I'm starting mine too. It's never too late.
>I'm building my company in one of the worst areas for technology startups: DFW.
Beg to differ. There's a plethora of resources in the DFW area for startups. They just don't have a centralized location/leader. There's Tech Wildcatters (incubator), CoHabitat (co-working space and just a great group of people that hang out there), Startup Happy Hours in Dallas (you can meet LOTS of people - lawyers, founders, angels, VC's, other startups, etc.), launchDFW (covers startup news in DFW; disclaimer: I write articles for them), etc. Lots of resources, it's just not easy to find them all the time because it's such a spread out area.
Beg to differ. There's a plethora of resources in the DFW area for startups. They just don't have a centralized location/leader. There's Tech Wildcatters (incubator), CoHabitat (co-working space and just a great group of people that hang out there), Startup Happy Hours in Dallas (you can meet LOTS of people - lawyers, founders, angels, VC's, other startups, etc.), launchDFW (covers startup news in DFW; disclaimer: I write articles for them), etc. Lots of resources, it's just not easy to find them all the time because it's such a spread out area.
What would the tattoo have been? :)
Do yourself a favor and bookmark this post to re-read when the demons come.
Congrats! Best of luck in your endeavor.
Well yeah, but even if I don't, being profitable will be just fine. In fact, I'm building my company in one of the worst areas for technology startups: DFW.
True, but you're only a few-hour drive from one of the best, if that helps. ;)
Well yeah, but even if I don't, being profitable will be just fine. In fact, I'm building my company in one of the worst areas for technology startups: DFW.
True, but you're only a few-hour drive from one of the best, if that helps. ;)
I love your optimism. Getting on with the dream is a good feeling and it's great to get fired up. I work for a major airline and I'm curious about your product.
At the same time, you have a long road ahead. A startup is a major commitment and it's anything but easy. There will be many ups and downs and it can be emotionally draining.
The key is to press on when that enthusiasm (it really does feel great to get started) wears off and it gets tough, and it will. Make it through the peaks and valleys and you might have something.
I hope things go well for you.
At the same time, you have a long road ahead. A startup is a major commitment and it's anything but easy. There will be many ups and downs and it can be emotionally draining.
The key is to press on when that enthusiasm (it really does feel great to get started) wears off and it gets tough, and it will. Make it through the peaks and valleys and you might have something.
I hope things go well for you.
I recently visited DFW area and it was wonderful. Although I'm sure tech may not be high on the list their, with all the growth I saw I would expect many of the other up-starts could utilize the new tech.
I'm not sure what your startup entails, but I would recommend reaching as far towards Austin as possible. The city is really having what could be compared to a small Renaissance. Art, music, and innovation are all there. Now all they need is a startup from HN.
*That is how I would approach the situation.
I'm not sure what your startup entails, but I would recommend reaching as far towards Austin as possible. The city is really having what could be compared to a small Renaissance. Art, music, and innovation are all there. Now all they need is a startup from HN.
*That is how I would approach the situation.
Good luck man! I'm sure if you just keep at it it'll work out fine.
But a word of advice, be careful that you and your wife's relationship won't be jeopardized by working together. I don't know either of you but from observing my friends it could put an untold amount of pressure on your relationship.
Your wife will essentially stop being your soother and turn into a business partner(one you live with D:) and thus another source of pressure.
But a word of advice, be careful that you and your wife's relationship won't be jeopardized by working together. I don't know either of you but from observing my friends it could put an untold amount of pressure on your relationship.
Your wife will essentially stop being your soother and turn into a business partner(one you live with D:) and thus another source of pressure.
> I'm building my company in one of the worst areas for technology startups: DFW
I want to change that. Are you in FW, D or in the middle?
I want to change that. Are you in FW, D or in the middle?
I, too, would be interested in knowing this. I live near FW, but work near D, so it would be great to make other technology contacts in the area. It's interesting to hear that DFW is one of the worst areas for startups. Perhaps our notoriety for incubating restaurants is more attractive?
I'm in the middle, Arlington actually.
I'm also a DFW resident and doing the same with my wife as a co-founder as well. We should start a club or something ;)
DFW isn't bad. You just can't sit at home and expect to have other entrepreneurs walk up to your front door.
DFW?
Dallas - Fort Worth, Texas Metropolitan Statistical Area:
http://en.wikipedia.org/wiki/Dallas_Fort_Worth
http://en.wikipedia.org/wiki/Dallas_Fort_Worth
May not be well known for startups but be thankful it's a big city and there's still some activity. (DFW is 75x as big as Iowa City, my home).
Congrats, best of luck. When things get hard, take a step back and remember why you're doing this.
that's what she said
Congradulations and I hope it goes well. Sorry to hijack but I have a quick question for everyone, should you tell your employer that you are making money on the side with the startup and/or have a side buisness?
Is there any reason to volunteer it?
Good luck on your journey. If this is the first startup experience for you, I'd like to ask you about if you've done any customer development? (Talked to potential customers)
It's very inspiring to read your post. Being 12 years your senior and still sitting on the sidelines, this could just edge me over to starting on my startup idea!
Good luck to you! I'm at a similar situation, I actually started implementing my first startup a while ago (finally)!
congrats! here's a list of articles i've curated since august that may be of use to you in these early stages:
http://www.delicious.com/acconrad/startup
http://www.delicious.com/acconrad/startup
I wish you good luck! Always inspiring seeing others who take the leap...
Really awesome to hear that! Please do keep us posted on progress :)
Best of luck! It's never too late the follow your ambitions!
Do you happen to be a Horned Frog?
Brilliant, keep us posted.
Good luck with that.
Congratulations. Getting the wife in on it is a very good move.
Getting a tattoo can be painful, but not following your calling can be astonishly agonizing.
Thank you for being.
Thank you for being.
What ever you do make sure if it fails make sure it won't hurt you financly don't bet to much on it in the begining
So finally deciding to go for it, I sat down and came up with a very engaging idea and roped my wife into co-founding with me and handling financial duties. We haven't incorporated yet, however I'm currently in the middle of a coding tear on 1.0 and I honestly couldn't be happier. Knowing that I'm potentially building my own destiny rather than defaulting to working for someone else the rest of my life is a big motivator.
Do I want to get rich? Well yeah, but even if I don't, being profitable will be just fine. In fact, I'm building my company in one of the worst areas for technology startups: DFW.
I have a day job that I'm very happy at, so this is just a nights/weekend thing until we can achieve critical mass. Despite my great job, I still feel the pull of the entrepreneur and am looking forward to launching a beta in a month or two.
It was either get a tattoo or start a business.