Let’s just be brutally honest for a second. You have been hit by the entrepreneurial bug and now you want to build your company. However, your bank account looks really messy right now. The situation is frightening especially when you’ve been earning your bread from that sweet executive paycheck for years. The lack of funds does not mean, however, that your idea is doomed. All you need is just to become a little scrappy and forget about that old you.
So it’s time to get scrappy. Firstly, you need to build an MVP using only duct tape and relying on the free tiers of such platforms as Notion and Airtable. There’s no need to hire an expensive developer agency for now, just use no-code platforms like Bubble and Webflow. The product you create looks awful right now but it is totally fine. The investors invest in traction, not that fancy pitch deck.
The next step is to raise money from your friends and family. It is really embarrassing to ask people you know for some funds, especially your dear parents or that successful uncle who lives like a movie character. However, this will be the easiest money you ever got since you are the one who gets investments, not your idea. Remember to create a proper convertible note or SAFE to legitimize that transaction.
If there is nobody left you can approach, consider the revenue-based financing alternative. There are some companies like Pipe or Clearco that would give you certain amounts of money based on your revenue. This is obviously the debt but you retain your ownership percentage. It is really helpful when you start your business because you sell your future invoices for cash. It is really risky but potentially profitable.
Moreover, you can try to find a technical co-founder willing to work for equity. It is the dream of any entrepreneur but it is not an easy task since finding developers willing to work for free is pretty hard. You need to show them how valuable you are and how much you can contribute to the project. Any sales skills, connections or go-to-market strategy except just being an idea guy.
Finally, do not resign your job just yet. The regular paycheck you receive from it is currently your seed funding. You eat rice and beans, spend all of your money on the project and invest yourself in the company. It is really exhausting but who needs sleep anyway? Keep working on it until your revenue replaces your salary and only then move further.