Seriously, I am starting a bootstrap startup involving AI, LLM and Computer vision..everything was going great and now I am feeling the financial pain !! I have a steady passive income coming in from sources like: e-commerce, affiliate marketing, wellness services and networking marketing! Tell me your secret sauce? GO
Ok so Navigating the entrepreneurial waters is crazy! This startup stuff is wake up call to keeping your budgeting in check! So 10 yrs of trial and error, culminating in a steady 20k/month from various income streams e-commerce, affiliate marketing, network marketing, and wellness programs.
So where does it all go when you are starting a business and have a family of 5. This means anyone can do this.. Income Streams:
Generating residual income from a variety of sources, including e-commerce, affiliate marketing, network marketing, and wellness programs. We have grown lots of businesses and the most profitable so far is network/affiliate marketing with residual income. About 12k comes from it. Business Setup:
SCorp LLC with payroll so you can bring your taxable income down. Not tax advice but I don t ever owe at the end of the year. Keep everything in your business and transfer if you need it as an income (bonus) Budget Breakdown: Total: $3500/month
- Developer Salary:$1500-2K/month
- AWS:$200
- Replicate Serverless GPU: $100
- APIs: $300
- Advertising:None (still in the test phase) Personal Finance:
Pay our self first and then save for operations, taxes, emergency etc.): Remaining balance ($20k - $3500 = $16,500) We use about $10000 for salaries in our other businesses and the rest $6500 approx is for Living/operations/tax etc. Additional Finances:
- Frontend Designer: $500/month - AWS Sagemaker: Very pricey; exploring alternatives. (Almost paid 1K for a week of an instance)
- Replicate Serverless GPU: Cost-effective alternative. Approx. $100 a month
- Websites/Hosting: $20/month
- Digital Ocean (Mongo + Storage): $75/month Total Monthly Startup Expenses:
$2500 -$3500 = $1000 Remaining Budget for startup:
$1000 Tips for Staying on Budget:
1. Develop a Budget: Clearly outline your monthly expenses. Learn how to do it. 2. Friendly Relations with Developers: Build a strong, collaborative relationship with your development team. Because they can cut you breaks, find lesser expensive platforms and of course pay them regularly. 3. Treat Your Team as Family:Cultivate an atmosphere of mutual respect and understanding. My son is starting to help us with the Marketing. 4. Exploration of Free Tiers: Make the most of free trials and open-source alternatives. just create alerts for the peace of mind..Crazy to wake up to a huge bill..like Sagemaker 5. Serverless Solutions: Opt for serverless options for cost-effectiveness. This is the new frontier of paying less..only use what you need. 6. Family Schedule First: Establish a family schedule and integrate business hours. Seriously treat the business as less important than your family. You will thank me later. 7. Morning Routine without Phones:
Begin the day with a phone-free morning routine. Everything is a fire and we end up paying more money on a whim when we have these phones in our hands. 8. Self-Care Time:Dedicate time for self-care amid this crazy hustle. It is ok for you to take time and decompress from work & family. Sleep some too 9. Date Nights: For the ones with partners..this is a no brainer.Nurture personal relationships with dedicated date nights. It will help with the people that are supposed to support you. 10. Regular Monitoring: Keep a close eye on resource usage to avoid unexpected costs. Budget Alerts or even smoke signals to help you keep cost down. The startup journey is a meticulous one, filled with its unique set of challenges and triumphs. Can anyone relate? What are you doing to keep sane?
I am working on an app that deals in the reseller/thrifter/antique space using some of the new AI tools to our advantage. I haven t started since we are in just testing phases. However, I want to start marketing on a pre-launch perspective. If you are willing..Tell us -
Your Product:
Top Strategy:
Worst Strategy:
Ad Networks:
Did you have a previous audience?
Bootstrap or Funded?
The main that I am doing now that is paying off without spending any money is going to free events that cater to my audience and just start chatting it up yes you have to talk to people. Networking with people has brought in a bit of interest from the investors in the group..plus you get make friends and have a drink or two to celebrate whatever Going to try a few other tips I got from this community..we will see! What about you guys?
Let s connect and support each other. What is your app? Hola , name is Roger Mendoza and I started about 2 months ago on my app and it has been a happy and sometimes I am sweating bullets trying to keep with it all. Got some starting out bootstrapping and maybe some private funding from investor friends if all goes well. My app is a computer vision app that will allow for the reseller community to be able to find profits faster. Ok go??