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> I want to start my own company, but Im not sure how to pay my bills while looking for product-market-fit. Not sure how much this applies in 2022, but in 20
by ryanSrich 4y ago
>
I want to start my own company, but Im not sure how to pay my bills while looking for product-market-fit.
Not sure how much this applies in 2022, but in 2020 I started a company with a wife and one kid. Since then I've had another kid.
Here's how I did it.
- First, and most importantly, I didn't leave my previous job until I could draw a salary from my new company. This meant waiting until we raised a round of funding.
- Second, to raise a round of funding without a product, you need at least one of the following. 1.) some semblance of traction. For B2B this could be letters of intent from potential customers, a waitlist, etc. Anything showing that people actually want the thing. You would build this while employed elsewhere. 2.) previous success building and selling a startup.
- Third, to justify drawing a salary as a founder, you really need to be doing things that otherwise you'd hire people to do. This means working insane hours (80+ per week). I'm never really not working. Luckily I enjoy my work, and I still find time for my family. It just means I'm working randomly in 2-4 hour chunks pretty much 24 hours per day. If you're not ready to do this, or your family isn't, then don't start a startup.