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While not everyone is going to have the funds to cover everything they need to begin a startup, bootstrapping means that you retain 100% control over your company. If you can bootstrap your company to an exit or IPO, then 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 grow your startup, youll want to assemble a pitch deck and reach out to investors that may want to offer you the money you need in return for a stake in your company.Join a startup accelerator: Another fantastic option is to apply to a startup accelerator like Y Combinator, 500 startups, or TechStars, in which a group of investors can benefit coach you, connect you with potential partners, and supply startup cash in return for a small stake in your company.
Luckily, there is now more support, education, and access to funding for budding startups than ever before. And a great place to start is on this list of 101 best free and cheap online business courses for entrepreneurs I set together.3. Construct and market SoftwareRight now theres an insatiable need for helpful software.Whether its an important consumer application, an expert app to solve a particular niche problem, or even a time-wasting game you can play on your phone, you can produce a hugely profitable business if you construct software that helps people.
Most of the software and apps you use on a regular basis are created by enormous companies or established development studios. Well, yes. But many successful apps, especially those in the Apple and Google shops, are made and marketed by individuals and small businesses. In reality, independent developers made $20 billion in the App Store in 2016 alone.There are two basic ways which you can earn money online by building applications products.The first follows the startup path we outlined above: You have a tumultuous idea for an app or part of software, you validate the idea with real customers, and then raise money to employ programmers or a development studio to construct, launch, and scale your software.
Naturally, itll take more time to get your product off the ground, however being able to bootstrap the development of your applications lets you retain more ownership in your business and be in control of your own path.If youre willing to spend the opportunity to learn the development skills necessary to construct high-quality applications products (or even MVPs that will assist you get funding), theres a growing roster of reputable online learning platforms such as Treehouse, CodeAcademy, and Skillcrush to get you the skills you need.4.
Websites like Shopify have made it even easier than ever to build a customizable, successful eCommerce website in a weekend and get started selling products now.This is probably one of the earliest and handiest methods of making money online. Plenty of digital entrepreneurs have created sustainable businesses by either:Creating physical goods they know men and women in their niche will lovePurchasing low cost goods manufactured in foreign countries, repackaging or combining them with different goods, and selling them to get higher costs on domestic 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 good product thats already being manufactured at a reasonable price from a marketplace like AliExpress, LightInTheBox, or even DinoDirect and promote it to your audience, youll have the start of a money-making eCommerce machine.
Remember, even in the event that 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 decades (and is my personal favourite way to run a product business), called 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 with drop shippable goods, and drive in clients, with practically everything else done for you.Of course, theres a higher cost per product and your margins are reduced, but youre able to begin your online store with little more than the usual Shopify theme and a few hosted images of your products.
