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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 most likely never have to work another day in your life.Pitch to VCs/Angels/other investors: In case you need some serious money to cultivate your startup, youll want to put together a pitch deck and reach out to investors who might 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 use to some startup accelerator like Y Combinator, 500 startups, or TechStars, in which a bunch of investors can help coach you, connect you with potential partners, and provide startup money in return for a little bet in your company.
Luckily, there is now more assistance, education, and access to funding for budding startups than ever before. And also a great place to start is on this list of 101 best free and inexpensive 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, an expert app to fix a specific niche issue, or even a time-wasting game you can play on your phone, you can create a hugely profitable business if you build software which helps people.
The majority of the software and programs you use on a regular basis are made by massive companies or established development studios. Well, yes. But many successful programs, particularly those in the Apple and Google stores, are created and promoted by individuals and small businesses. In reality, 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 tumultuous idea for an app or part of software, you affirm the idea with real customers, and then raise money to employ developers or even a development studio to build, launch, and scale your applications.
Naturally, itll take longer time to receive your product off the ground, but being able to bootstrap the development of your applications lets you retain more ownership in your business and be more in control of your own path.If youre willing to take the time to learn the development abilities necessary to construct high quality software products (or even MVPs to assist you obtain funding), theres a growing roster of reputable online learning platforms like Treehouse, CodeAcademy, and Skillcrush to get you the skills you need.4.
Websites like Shopify have made it even easier than ever to create a customizable, successful eCommerce website in a weekend and start selling products now.This is probably one of the oldest and most time-tested ways of making money online. Plenty of electronic entrepreneurs have created sustainable businesses by either:Creating physical products that they know men use this link 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 to get higher costs on domestic online marketplacesWhile youll certainly have higher 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 very 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 marketplace like AliExpress, LightInTheBox, or even DinoDirect and promote it to your audience, youll have the start of a money-making eCommerce machine.
Bear in mind, 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 last few decades (and is my own personal favorite way to operate a merchandise business), called drop shipping.With fall shipping, youre effectively partnering with a manufacturer or wholesaler to sell their products.
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You simply create your site, fill it using drop shippable products, and drive in clients, with practically everything else done for you.Of course, theres a greater price per product and your margins are reduced, but youre able to begin your online store with little more than the usual Shopify motif and some hosted pictures of your products.
