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Doches | 2 months ago
Have an internet fist-bump from a fellow successful bootstrapper; this is the way, and you're calling it out!
Doches | 2 months ago
Have an internet fist-bump from a fellow successful bootstrapper; this is the way, and you're calling it out!
jwr|2 months ago
steffoz|2 months ago
abc123abc123|2 months ago
As soon as you take in money, the businesses at some level, ceases to be yours. The only flaw is that with bootstrapping and one step at a time, it is more difficult to reach the unicorn-level, but as long as you are fairly successful and don't have infinite cravings and desires in terms of the life you want to live, the bootstrapping way is _the_ way.
switz|2 months ago
steffoz|2 months ago
gerdesj|2 months ago
We have three Directors and a slack handful of employees, that varies around 15 to 25 depending on customers, pandemics, Brexit and murderous Russians.
We incorporated in 2000. 25 years later, we are still trading, which is nice. We will never fiddle with unicorns or set the world on fire, we just want to get along comfortably and be able to sleep at night.
My top tip is to build up a current account balance that will cover the basics for your defined risk period. So, for us that period is six months. The basics are: Corporation tax, VAT and salaries. You'll note I don't mention director's remuneration - that's a nice to have (for me).
I have two customers at the moment that are dealing with going bankrupt, although one looks like they will be OK. I refuse to join them. Small business cash flow is hard, really hard. It's so easy to be tempted to do something daft or to ignore warning signs.
The world is a pretty hard place and not all tech companies get to spawn zillionares. You won't get to use my company as a poster child for funky ... whatever but we are still trading and I'm quite happy with that.
Napoleon disparagingly described Britain as a "nation of shop keepers" - I'll take that and wear it as a badge of honour 8)
steffoz|2 months ago
> we have paid off the mortgage on our premises and are decidedly boring
We too like to call us boring :) This kind of boring is so good.
> We incorporated in 2000. 25 years later, we are still trading, which is nice. We will never fiddle with unicorns or set the world on fire, we just want to get along comfortably and be able to sleep at night.
On one hand 25 years in business is a mind-blowing achievement. But at the same time, just "nice" is the right way to see it. Being comfortable and sleep well at night is exactly what we all want. You don't need to set the world on fire to be proud of what you do!
rexreed|2 months ago
jwr|2 months ago
In a solo-bootstrapped business you don't need a few million (USD or EUR) in revenue to run a successful business and live a really good life. In fact, depending on where you mostly live, much less than a single million might be plenty.
steffoz|2 months ago
codegeek|2 months ago
steffoz|2 months ago
EGreg|2 months ago
PS: This is not for lack of trying to raise VC, but the trying was not nearly on the level needed to actually raise it. Jeff Bezos and Reid Hoffman tried much harder to raise, with far, far less built. Part of me wishes I had done that. I'm open to advice as to how to raise properly, should it be a Seed round or Series A at this point, and how to get meetings with the VCs and herd the cats in a way that will actually be successful. For reference, I'm based in NYC.
PPS: I've had a lot more success and fun raising from angels (who make their own decisions about their own money) and remain open to it. Especially people who are aligned with what we're doing. I've found much of the VC signaling to be disingenuous (e.g. "we love funding startups who do X" actually means "we want dealflow and orbiters to get into rounds with large well-known VCs"). But maybe that's just my bias because I didn't pursue fundraising diligently enough.
i_am_a_peasant|2 months ago
debarshri|2 months ago
unknown|2 months ago
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gerdesj|2 months ago