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While not everyone will have the funds to pay for everything they need to start a startup, bootstrapping means that you retain 100% control over your company. If you can bootstrap your company to an exit or IPO, youll probably never need to work another day in your life.Pitch into VCs/Angels/other investors: In case you need some serious money to grow your startup, youll want to assemble a pitch deck and reach out to investors that may want to give you the money you need in return for a stake in your company.Join a startup accelerator: Another great option is to apply to some startup accelerator such as Y Combinator, 500 startups, or TechStars, where a bunch of investors can help coach you, connect you with potential partners, and supply startup cash in return for a small bet in your company.
Fortunately, there is now more support, education, and access to funding for budding startups than ever before. And also a wonderful place to start is on this list of 101 best free and cheap online business courses for entrepreneurs I put together.3. Construct and Sell SoftwareRight now theres an insatiable need for useful software.Whether its an important consumer application, a specialist app to fix a particular niche problem, or even a time-wasting game you can play on your phone, you can produce a hugely successful business if you construct software that aids people.
Most of the software and programs you use on a regular basis are made by enormous companies or established development studios. Well, yes. But many successful programs, particularly those in the Apple and Google shops, are created and promoted by individuals and small businesses. In reality, independent programmers made $20 billion in the App Store in 2016 alone.There are two basic ways that you can earn money online by building software products.The first follows the startup path we outlined previously: You have a tumultuous idea for an app or part of software, you validate the idea with real clients, and then raise money to hire developers or even a development studio to construct, launch, and scale your applications.
Naturally, itll take longer time to get your product off the ground, however being able to bootstrap the development of your software lets you retain additional ownership in your business and be more in control of your own path.If youre willing to take some time to learn the development skills necessary to construct high-quality software products (or even MVPs to help you obtain funding), theres a growing roster of reputable online learning platforms such as Treehouse, CodeAcademy, and Skillcrush to secure you the skills you need.4.
Sites like Shopify have made it easier than ever to build a customizable, powerful eCommerce site More about the author in a weekend and get started selling goods now.This is most likely one of the oldest and most time-tested ways of making money online. Plenty of digital entrepreneurs have created sustainable businesses by :Creating physical products that they know men and women in their niche will lovePurchasing low cost products manufactured in foreign countries, repackaging or combining them together with different goods, and selling them for higher prices on nationally online marketplacesWhile youll certainly have greater levels of success if you can nail creating and marketing your own unique solution, from my own experience (and that of many other entrepreneurs), I know the extremely high costs and risk associated with starting a product-based business.Instead, if you can find a solid product thats already being manufactured at a reasonable price in a market like AliExpress, LightInTheBox, or even DinoDirect and promote it to your audience, youll have the start of a money-making eCommerce machine.
Remember, even if you avoid paying rent on a storefront, you still need to store your inventory somewhere.Well. Not always. Theres another option thats become incredibly popular in the past couple of years (and is my personal favorite method to operate a product business), called drop shipping.With fall shipping, youre efficiently partnering with a manufacturer or wholesaler to sell their merchandise.
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You simply create your site, fill it using drop shippable goods, and push in clients, with almost everything done for you.Of course, theres a greater cost per product and your margins are lower, but youre able to start your online store with little more than the usual Shopify motif and a few hosted pictures of your products.
