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While not everyone is going to have the funds to cover everything they need to start a startup, bootstrapping means that you retain 100% control within your company. If you can bootstrap your company to an exit or IPO, youll probably never have to work another day in your life.Pitch into VCs/Angels/other investors: In case you need some serious cash to cultivate your startup, youll want to put together a pitch deck and reach out to investors that might want to give you the money you need in return for a stake in your company.Join a startup accelerator: Another fantastic option is to use to some startup accelerator such as Y Combinator, 500 startups, or TechStars, in which a bunch of investors will benefit coach you, connect you with potential partners, and supply startup cash in return for a little stake in your company.
Fortunately, there's now more support, education, and access to funding for budding startups than ever before. And a great place to begin is on this list of 101 best free and cheap online business courses for entrepreneurs I put together.3. Construct and market SoftwareRight now theres an insatiable need for helpful software.Whether its an important consumer application, a specialist app to solve a particular niche problem, or even a time-wasting game you can play on your phone, you can create a massively successful business if you construct software that helps people.
The majority of the software and apps you use on a regular basis are made by enormous companies or established development studios. Well, yes. But many successful apps, especially those in the Apple and Google stores, are made and marketed by individuals and tiny businesses. In fact, independent developers made $20 billion in the App Store in 2016 alone.There are two primary ways which you can make money online by building software products.The first follows the startup path we outlined above: You have a disruptive idea for an app or piece of software, you affirm the idea with actual clients, and then raise money to employ programmers or even a development studio to construct, launch, and scale your applications.
Naturally, itll take longer time to receive your product off the ground, however being able to bootstrap the development of your applications enables you to retain more ownership in your business and be in control of your path.If youre willing to take some time to learn the development skills necessary to construct high quality applications products (or even MVPs to help you get funding), theres a growing roster of reliable online learning platforms such as Treehouse, CodeAcademy, and Skillcrush to secure you the skills you need.4.
Websites like Shopify have made it easier than ever to build a customizable, powerful eCommerce website in a weekend and get started selling goods now.This is most likely one of the earliest and most time-tested ways of making money online. Plenty of digital entrepreneurs have created sustainable businesses by :Creating physical goods they know people in their niche will lovePurchasing low cost products manufactured in foreign countries, repackaging or combining them together with other goods, and selling them for higher prices on domestic online marketplacesWhile youll certainly have higher rates 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 very substantial 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 from a market like AliExpress, LightInTheBox, or even DinoDirect and market it to your audience, youll have the beginning 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 last few years (and is my own personal favorite way to run a product business), known as drop shipping.With drop shipping, youre effectively partnering with a manufacturer or wholesaler to sell their products.
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You just create your website, fill it using drop shippable goods, and push in clients, with almost everything done for you.Of course, theres a higher cost per product and your margins will be lower, but youre able to start your online store with little more than the usual Shopify theme and some hosted images of your products.
