Bootstrapping socra
We've been bootstrapping Socra for the past two years. Here's how we did it:
Our Background
We are a small team of two: my husband Mike and I, Eduarda. We both quit our jobs to pursue this venture.
We've been bootstrapping Socra for the past two years. Here's how we did it:
### Our Background
We are a small team of two: my husband Mike and I, Eduarda. We both quit our jobs to pursue this venture.
- Mike was an engineer at Apple, and I was an R&D program manager at a startup focused on building 3D printed homes.
- I am a self-taught designer with a background in mechanical engineering, while Mike is an electrical engineer and a self-taught full-stack developer as well as an applied AI engineer.
I started working on Socra in August 2022, and Mike joined me in January 2023.
### Hack #1: Financial Preparation
Before we quit our jobs, we saved and invested money, ensuring we had enough to live for a few years without needing to raise funds. We were willing to spend all we had saved to take this opportunity to bring our vision to life.
### Hack #2: Complementing Skills
I struggled to make progress in the first six months at Socra without Mike. As someone new to software, I underestimated the challenge. I tried to juggle learning Python and React while managing everything else—super overwhelming!
Having a technical co-founder who’s eager to learn is a game changer. When bootstrapping, ensure your team possesses all the necessary skills, or be willing to learn them. You can't afford to hire others unless you're profitable or have sufficient funds. Even if you have enough money to hire others, you're inherently cutting your life short by increasing your spending. If you want to bootstrap, you must be the leanest you can be.
### Hack #3: Prioritization
Your most important job, and the thing you can't get wrong, is prioritization. When you're bootstrapped with limited resources and people, knowing how to prioritize what matters most is crucial. Spend time thinking about your priorities every day.
Your advantage is that you're a small team with no bureaucracy, so you can shift gears quickly when reassessing priorities. At Socra, we reassess priorities daily. Every evening, we discuss what we're working on the next day to ensure we're aligned.
But how do you prioritize? It all comes down to your values. It's essential that everyone on the team knows and aligns with these values, making prioritization a no-brainer. One of our top values is providing a great experience for our users. That's why we place bugs at the top of our list and focus on building features that enhance their experience. We also prioritize helping our users be more productive, efficient, and get more done.
### Hack #4: Profitability
When you're bootstrapped, profitability is the main component that will help guarantee your long-term survival. If you don't become profitable, you will eventually run out of money. Don't ignore profitability; it should be at the top of your list of priorities because your survival depends on it.
### Hack #5: Close Collaboration with Your Co-founder
Being very close to your co-founder can be a significant advantage. Mike and I are married and live together, which allows us to communicate, make decisions, and reach out to each other at a much faster pace than co-founders who are distant.
### Hack #6: Live Somewhere Cheap
As much as we would love and dream of living in San Francisco, that would only cut our runway short. Living in DFW is much more affordable. If we were VC-backed, we would choose SF... but as a bootstrapped startup, the cost offsets the benefits. Overall, you should live below your means. If you're not profitable yet, you should think of each major purchase in terms of how many days it's cutting your runway short.
### Hack #7: Passion and Dedication
The biggest problem with bootstrapping is lack of resources. For the past two years, Mike and I have worked every single day, Sunday to Sunday and holidays. Not only do we try to always give our best output, but we also put double the amount of hours of a regular working schedule.
The only way we're able to do this is because we're obsessed with what we're building. For us, it's not work, it's play. We absolutely love what we do and we wouldn't want to be doing anything else. Many people and companies have reached out to us to help them build different ideas, but for us, that would never be an option. We're obsessed with bringing our vision for Socra to life. We never even considered product-market fit; we're very firm on what we're pursuing, and I think that is what motivates us to want to make progress every single day.
If you have any questions or would simply like to discuss bootstrapping, feel free to drop a message below!By Eduarda Ferreira