Down here, the angel investors and venture capital ecosystems are almost non-existent. We don’t have seed-stage funding ventures –a la YCombinator– either, so our only options for funding are funds granted by the government and bootstrapping.
Governments funds are complicated and have political strings attached, so I don’t want that. That leaves me bootstrapping.
For what I’ve read, common options for bootstrapping are credit cards, life-savings and borrowing from friends and family. You guessed it, I don’t have those options either. I’m not pessimistic, but my family doesn’t have any money or savings and my credit card has a USD$1,00o limit. So I need another option, this is what I’ve thought so far:
I’ve been doing freelance web design work for the last four years. I think I’m pretty good but until now I’ve been awfully cheap. Truth is: being a third-world guy living with little responsibility, earning $400 or $500 a month is a small fortune.
Yeah, I was that cheap.
So my plan is this: I’m going to raise my freelance fees, while I keep living on that $400-$500 a month, so I can bootstrap my startup with the rest. Is that a bit insane? Is there a chance that the only reason I’ve been hired in the past is because I’m cheap? I think there’s a chance, but I’m confident that I’m good at what I do and some people are going to appreciate that.
So, if you or somebody you know needs UI design, CSS/HTML coding, and/or top-notch WordPress development feel free to contact me. I’m going to be less cheap than before but still very reasonable and startup friendly. Check my portfolio.
What do you think? is bootstrapping by freelancing a good idea?