Pushkar is the founder of AeroLeads, a bootstrapped startup. Before this, he has built multiple web products, some of which did well, some didn’t. He is passionate about Internet, Technology, Entrepreneurship, Philosophy and Life.
I am bootstrapping AeroLeads and InBoundio, 2 product based startups and strongly feels that before raising money, everyone should bootstrap to learn how to manage resources and money before you actually raise money to have more resources.
Here is what I can suggest from my learning, experience and what I have seen from other bootstrapped startups
1. Start from your own home – Some of India’s biggest product startups started from founders bedroom (directi, fusioncharts). Working from your own house gives you huge advantage of working distraction free and without thinking about growth, expenses and profit. Once you takes an office, have few people around you and with hundreds of thing to worry about, you will not be able to think freely and do things fast. Starting from home often gives you extreme leverage to try all what you can and want to.
2. Do as much as you can including coding, sales and marketing – Every successful product startup founder I have met, there was this pattern. They understand technology stack as well as how to get users and customers. Before building a team and raising money, they completed the full cycle of product development and sales.
They know because they did initial programming, user onboarding, marketing, selling and support, something which is very important. I strongly feels even if you are not a great developer (I am also not a really good developer and often copy/paste code) still learn and understand the technology stack as it will help you a lot to make the right decisions. Similarly, understanding sales and marketing is equally important too. If you are bootstrapping, make sure the core team of co-founders do all this by themselves. It doesn’t matter how small and trivial the task is, do it once and then you can delegate to others.
3. Find Free and Cheap Resources instead of Paying full – Before paying, I always try to find if can I get that for free. There are so many startup resources available that there are good chances you can get everything for free (at least for few months). For example, through TheMorpheus and f6s startup site, I got 12 months free rackspace hosting worth $1000 and oLark premium for 3 months.