One of the bootstrapping techniques I like folks to consider is keeping your day job while your venture to getting up to speed. This has become a more common financing strategy now that the weak economy has put a hit on the ability of friends and family to provide start-up financing.
Erin Albert, who teaches at Butler University, has released a book that offers insights on keeping one’s day job while pursuing a start up from a number of entrepreneurs who have used this approach to bootstrap financing. She calls this strategy “Plan C”.
Here is part of what she learned from researching this book:
I learned several things from this project. First off, I have nothing but the utmost respect for the people who are trying to rock both the day job and the part-time (which we all know is really a full-time) business. It’s really hard, but I am appreciative of the people who were willing to share their stories in this collection of what the future of career development looks like in this country. Secondly, through their uplifting, positive yet real stories, I know that doing both can be done, and done successfully! Lastly, I was encouraged by the fact that employers (in particular, more creative employers) actually saw the value of the Plan Cers to their own businesses.
Albert’s e-book, Plan C: The Full-Time Employee and Part-Time Entrepreneur, needs to be in every bootstrapping entrepreneur’s e-library.