How to Start a Freelance Business When You’re Broke

Are you a broke mom, frantically searching for legitimate ways to earn money online? Learn how to start a freelance writing business (and grow it) without any money to spare.

If you’re struggling financially today, I want you to know that I understand! I know how it feels to be so broke you can’t just “give up your daily latte” to save money to make a purchase you want.

And I know it can get better. You are not stuck in broke mode forever. You can pull yourself out. I’ve done it and so can you.

Freelance writing changed my life! Four years after starting, we became completely debt free and I officially replaced my teacher salary – without having to spend anything on daycare, or putting in 8 hours a day.

Being broke isn’t fun! When I left the classroom a few years ago, our income took a massive cut.

Well below the poverty line, we struggled to make ends meet. We slashed our expenses and watched ever penny. It was hard!

We knew something had to change, but I didn’t want to go back to teaching because day care for our large family would eat up my entire pay check. Literally.

Since working outside the home wasn’t a viable option, so I started looking into ways to earn money from home, praying that the Lord would help me avoid scams and find something legit.

And not long after, He answered!

Freelance Writing

I stumbled upon a post written by Gina Horkey, and learned that people were getting paid to write content for the web.

I’d been blogging for fun over on my Maggie’s Milk blog, so the wheels in my brain started turning. Could I really earn money writing online?

I started reading all the free material on freelancing that I could. After scouring the job boards, I sent my first pitch within a couple of days.

I got the gig!

It didn’t pay well (only $20), but that money made me realize that I could do this. I could help our household financially, without having to give up on homeschooling or put the kids in daycare.

That first gig back in 2015 was my first baby step into the world of freelance writing. And the money has been coming in ever since. And not just in $20 increments…

If you’re ready to work hard to improve your family’s situation, keep reading.

I dish out all the steps I took to launch my freelance business, without spending any of our household budget.

Are you ready? Let’s get started!

1. Decide to Act

Until you decide that it’s time to actually start your freelance business, no amount of reading, learning, or thinking will count.

You can take course after course and never actually earn any money if you don’t implement anything. You have to do something!

Make a proclamation that you are going to do this. Commit to spend time each day growing your business.

Because if you don’t decide to act, you’ll probably still be broke a few months down the road.

Action truly is key to getting this done. Stop planning. Don’t wait until you “know everything.” Actually do something.

2. Start Small

Do you know what I had for my business when I launched?

A cheap laptop computer, really slow satellite internet, and a freebie blog over on Blogger.

I didn’t have a dedicated freelance website, or money to start one.

Freelance writing courses were on my “someday” list, but I couldn’t afford to purchase any at the time. There was literally no money for that.

And it could have been the excuse I used to never get started. But I decided not to. I just started with what I had.

There is nothing wrong with starting small. 

You don’t need a lot to make it as a freelance writer. Too often, I hear excuses like these:

  • “I don’t have a website.”
  • “No one knows who I am.”
  • “I don’t know where to go to look for gigs.”

You know what? I didn’t either! My online presence (other than my freebie blog) was extremely limited. I didn’t even have a personal Facebook profile or other social media presence prior to launching!

And while perhaps my progress has been slower compared to others who started with more, I didn’t take time to stop and make comparisons.

I started small, with what I had, leveraging my skills.

So once you’ve decided to start a business, take stock of what you have. That’s all you need to get started.

No internet? Go someplace with Wi-Fi.

No computer? Our library has several, and I live in the middle of nowhere, so I’m pretty sure yours will too.

Stop making excuses and find a way to make it happen. It will be hard. But, it will get easier if you keep taking these steps.

3. Start Pitching & Build Your Portfolio

Remember how I said my first paid gig was for $20. That was for a 1200 word post.

Today, I charge at least $120 for the same length. Big difference.

But, when I was first starting I didn’t have the luxury of being picky. I needed money and samples.

So if you’re broke and just starting out, take what you can. Remember you won’t be at that rate forever!

Start getting your name out there, and pitch away!

No matter what you are being paid, always do your best work! Seriously, I don’t care if you’re getting less than a penny a word. If you agreed to write a post for a rate, do it to the very best of your ability.

Wondering where to pitch? Check out these ideas:

Craigslist – the “Gigs” section. Check the big cities (New York, LA, etc.)

ProBlogger Job Board (free, and where I found my first gig!)

You can also create an account on a site like Hubstaff Talent and look for clients who may be a good fit.

Also, here’s a more in-depth post on how to find freelance writing gigs.

Worried about being scammed?

There are scams out there, hiding as legitimate freelance writing gigs. Most are very obvious. Others are more carefully constructed.

The good news? There are almost always red flags. I wrote a post warning you what to look for:

Read this: Red Flags for Freelance Writing Gigs

How to Write a Freelance Writing Pitch

The goal of a freelance writing pitch is to briefly explain why you’re the best person to create the content the company is looking for. You need to show that you’re knowledgeable about the content area, and able to write well.

Here is a sample pitch template you can use. You’ll notice it’s short. Hiring managers get tons of responses. Be kind to them by succinctly sharing the info they need and don’t bog them down with details.

Hi [insert the name of the editor – AN ACTUAL NAME (you may need to research],

Your ad/posting on [site where you learned about it] caught my eye. I’m a freelance writer who knows a lot about [topic/niche.]  I’m also [share two quick reasons you’d be a great fit, using the language/word choice from the ad].

To help you make your hiring decision, here’s a bit more information about myself:

  • [two bullet points sharing quick connections between your education/background/experience and the role]
  • [one connection to the company – i.e. a shared value or mission]
  • [Link to your portfolio]

Please let me know if you need any additional information. I’m looking forward to working with you.

Sincerely,

[Your Name]

How to Build Your Freelance Writing Portfolio

When you’re just start your freelance writing business, you probably don’t have a lot of samples created that you can use to build a portfolio. That means sample writing must be high on your prioritized to-do list.

Here are three quick ideas for how to get published samples:

  • Write a guest post for a blogger in the niche you’re hoping to write for
  • Start a free blog (better than nothing and you can move later)
  • Write on Medium (or a similar platform)

Once you have live samples, you need to collect the links in a sharable format. If you don’t have a website of your own yet, you can:

  • Make a shareable Google Doc
  • Create a Pinterest board and save all of your posts to it (this means you’ll need to create a pinnable image for each post, but you can do that for free on Canva or something similar)
  • Build a portfolio on a platform like Contently

Right now, don’t worry about making your portfolio “perfect.” You want it sharable and you want each link to lead to a great piece of writing. That’s it.

You can (and should) update it later.

4. Reinvest in Your Business

Look, I know how tempting it is to go spend that money you just earned. You’re broke, and really could use the money on X,Y, or Z.

But you can’t.

At least, not right now.

First, you have to invest in your business. Otherwise you’ll be stuck writing $20 posts forever. And no one wants to be there.

So save all of your money (at first!)

When you’ve saved enough, take an entry-level course to learn even more. My first freelancing investment was 30 Days or Less to Freelance Writing Success (aff. link).

The course helped me learn:

  • How to improve my pitch
  • Ways to leverage my past experience and education as a freelancer
  • Confidence in my ability
  • And loads more

I’ve never regretted investing in this course, and have easily made back WAY more than I spent.

But until you’re there, don’t give up on improving yourself.

Keep reading all the free material you can. Subscribe to helpful blogs and read about areas you’re struggling with.

Remember to implement what you’re learning too! Keep saving, and then you’ll be able to take a course.

The course I took gave me the confidence I needed to pitch more. I landed a higher paying job on Craigslist in the education niche, which was perfect with my teaching background.

I took that money, and bought my domain and hosting. This website was born in September of 2015, just a few months after starting my business.

It really does take some money to grow your business, but you don’t have to have that money all at once. So keep working on your savings and you will get there!

5. Slowly Scale Back on What You Save

Once I had more knowledge and a functioning website (it doesn’t have to be perfect!), it was time to start taking some of my business income and applying it to the household budget.

Being able to actually do something with this money was motivating.

When you’re saving everything to get your site up, or purchase a course, it’s really hard. The tangible benefit isn’t there to the same extent.

My first step back was to save 50% of my income for my business and pour 50% of it into the household budget.

After investing in a few more essentials, I reduced that percentage to 25%. But, I ended up spending the money I saved for taxes (oops!) so I’m back up to 35%.

Note: You really do need a budget for your business!

6. Watch for Amazing Deals

I’ve learned the hard way that you really do have to invest in your business to keep growing. So now I’m always watching for amazing deals that align with my freelance writing goals.

I’ve subscribed to several “waiting lists” to be notified of any flash sales for courses I particularly want to take.

Pay attention to the amazing bundle deals that become available, and sign up to be notified. Then tuck some funds away so when they appear you can make the purchase guilt-free.

Watch for Black Friday sales. Often companies will have Anniversary sales as well.

If you find something you want, have patience and try to get it at the lowest price possible.

7. Make Time to Grow Your Freelance Writing Business

Wondering how you’ll make time to grow a freelance writing business from home? You’ll have to make it a priority.

And you need to do it as a team. Your family won’t understand why you’re suddenly spending more time on the computer unless you tell them. So get your family onboard!

8. Continue Pitching to Avoid Freelance Famine

Once you’ve landed a client or two, it can be easy to forget to pitch. After all, you’ve got more client work to keep you busy.

But, eventually that gig might dry up. Then you’ll be left without that income.

So make pitching a permanent part of your game plan, at least for the foreseeable future. Otherwise, you’ll be right back to where you started with no money.

Pitch even if you are busy. Not every pitch will land a client, but it will help you gain confidence. And some of them will give you work!

Freelance famine is a roller coaster cycle you don’t want to get started with!

There are so many ways to find time, even if it means getting a bit creative.

You can do a lot with a part-time freelance business, so don’t let a lack of 40 hours a week stop you8. Continue Pitching to Avoid Freelance Famine

Once you’ve landed a client or two, it can be easy to forget to pitch. After all, you’ve got more client work to keep you busy.

But, eventually that gig might dry up. Then you’ll be left without that income.

So make pitching a permanent part of your game plan, at least for the foreseeable future. Otherwise, you’ll be right back to where you started with no money.

Pitch even if you are busy. Not every pitch will land a client, but it will help you gain confidence. And some of them will give you work!

Freelance famine is a roller coaster cycle you don’t want to get started with!

9. Make Connections

Do you know where most of my leads come from now?

From other freelancers.

That’s part of the reason I love the mastermind group I was a part of for a couple of years. I’ve also gotten leads from different Facebook groups.

Take time to make connections and build genuine relationships. Give more than you take, and be willing to help others. You won’t regret it. Or at least, I haven’t!

Other freelancers are not your enemy! Learn all you can from them and help them out too. Be genuine and patient!

Here’s a post giving you ideas on how to network with others, even as a busy mom without much time.

10. Be Willing to Try Something New

I never planned on being a virtual assistant when I launched my freelance writing business.

But, the door opened and I walked through it. Now I have a couple of VA clients, and I personally love the variety!

I also didn’t plan on this website turning into a monetized blog. But, that just made sense as a logical step on my online business journey.

So as you’re working, don’t get so focused on what you’re doing that you completely miss a good opportunity. Say yes to new things when you can, because you never know where they’ll lead.

Don’t be afraid to pivot if it makes sense.

On the other hand, don’t get so focused on chasing the next “new thing” that you forget about what is currently working. There’s a balance. You’ll have to figure out what that looks like for you.

11. Don’t Give Up

Bootstrapping your freelance business is challenging. But, it’s also rewarding, and can help you move past broke.

Don’t give up when things get tough. You can do this!

Take time to think about your why. Why did you start a business in the first place? When you think about your why, it’s motivating.

Here’s more inspiration when you’re feeling like you’re ready to quit:

What to Do When You’re Ready to Quit Your Online Business

How to Start a Freelance Writing Business: Recap

Starting a freelance writing business doesn’t require a lot of capital. In fact, if you already have a computer and internet access, you can get started today.

Remember to save your money, and invest it back into yourself. Watch for deals so you can still save money while investing! 😀

Be willing to work for less at first, because you won’t be at that rate forever.

Find a community and get involved.

And when you’re ready to take an awesome course on freelance writing, I highly recommend Gina’s 30 Days or Less to Freelance Writing Success!

By: Lisa Turner

Lisa Tanner loves helping busy moms find time to grow their own business. As a homeschooling mom to nine, she knows a thing or two about balancing diapers and deadlines.

Source: How to Start a Freelance Business When You’re Broke – Lisa Tanner Writing

.

Related Contents:

Influx Of Online Casinos Helped This Philippine Tycoon Become The Country’s Newest Big Landlord

Edgar Sia II_2

Edgar Sia’s fortunes increased more than fivefold to $475 million since debuting on Forbes Asia’s list of the 50 richest Filipinos in 2011.

Sonny Thakur

Edgar Sia II made his fortune a decade ago feeding the Philippines’ appetite for chicken. Now he stands to make an even larger one feeding China’s appetite for gambling. Sia’s company DoubleDragon Properties spent the last few years building, among other things, office towers along Manila’s once-sleepy waterfront. Sia figured he’d lease the space out to call centers and business process outsourcers, key drivers of economic growth in recent years. He estimated that he could collect about $14 a square meter.

He didn’t count on demand from across the South China Sea. DoubleDragon got its towers up and running just as warming ties between Beijing and Manila sparked a boom in arrivals by Chinese eager to open offshore casinos offering online gaming to countrymen back home where casinos are illegal. DoubleDragon’s Meridian Park complex is a 10-minute drive from Manila’s Entertainment City casino complex. Sia found himself not only among the largest commercial property owners in the area, but the only one with new property to rent.

By the end of last year, tenants were signing leases for nearly $24 a square meter. “We were positively surprised with the outcome,” DoubleDragon’s 42-year-old chairman and chief executive says, with considerable understatement. The boost from offshore China gaming is just part of a property push that’s helping turn Sia from fast-food tycoon into one of the country’s biggest commercial landlords.

Far from Manila Bay, DoubleDragon is building shopping malls, hotels and industrial warehouses in smaller cities across the Philippines. Last year, it tripled net profits to roughly 7.4 billion pesos ($141 million) as revenue more than doubled to 14.3 billion pesos. DoubleDragon’s stock has climbed more than 50% this year. The company is now looking to cash in on its office towers and community malls, package these as a REIT and raise as much as 15 billion pesos via an IPO.

“Most of the baby steps and growing pains happened in the past five years,” says Sia, whose aim is for DoubleDragon to build about 1.2 million square meters of leasable commercial space by the end of 2020. “In just about a year more, the company will already become a strong adult.”

Sia’s own entrepreneurial upbringing began early. While studying architecture in university at the age of 19, he dropped out to lead a group of classmates build a 5-story hotel for budget business travelers, borrowing 40 million pesos from parents and a government pension fund to buy the land and pay for construction. “I was talking to the landowner who didn’t take me seriously,” he recalls. “So I grew a mustache to make me look older.” Sia shaved his mustache. He still owns the hotel.

In 2003 one of the country’s largest shopping mall chains, Robinson’s, opened a new wing in Iloilo offering discounted rents for restaurants. Sia seized the opportunity to launch Mang Inasal, a fast-food chicken restaurant that means “Mr. Barbecue” in the Iloilo dialect. “It was a Filipino comfort food that had not yet been turned into a fast-food fare,” Sia says. “So we created the concept, and then rapidly grew to fill and dominate the gap.”

By 2010, he had grown his barbecue-chicken chain into the country’s second-biggest fast food group, with more than 312 branches, making it bigger than McDonald’s. He sold 70% to rival Jollibee Foods for 3 billion pesos and earned a spot as the youngest member of Forbes Asia’s 2011 list of the Philippines’ 50 richest with a fortune of $85 million when he was just 34 (Sia sold his remaining 30% of Mang Inasal in 2016.) He was No. 24 on last year’s list with a net worth of $475 million.

Edgar Sia II

Edgar Sia II hopes to open 1,200 MerryMarts, a chain of grocery stores owned by his family, by 2030.

In 2013, he partnered with Jollibee founder Tony Tan Caktiong (No. 6 on the rich list) to found DoubleDragon, which went public the following year. Sia and Tan still own 35% each; Tan still sits on the board as co-chairman. Each owner’s stake is now worth about 21 billion pesos ($402 million). While its Manila Bay investment has proved unexpectedly profitable, most of DoubleDragon’s developments aren’t in Manila at all, but in small towns and cities across the country. It’s there that the company is building 60% of the commercial space it plans to build by 2020.

Sia’s wager is that rising household incomes and improving transport are about to trigger a sea change in the way consumers shop in these second- and third-tier cities. Small, family-owned supermarkets and shopping centers, he predicts, will give way to nationwide chains whose size gives them leverage over suppliers and lower costs. “Five years ago,” he says, “the top three retail chains accounted for less than 10% of the sales of manufacturers such as Unilever or Nestle. That’s gone up to a third today. In five years, it could rise to 70% to 80%.”

In preparation, Sia is building 100 shopping centers under his CityMalls brand in cities with an average population of only 160,000, each about a tenth the size of malls in bigger cities. The aim, Sia says, is to introduce big-name retail brands such as SM Savemore groceries or Watsons drugstores into these small, but increasingly affluent communities.

By the end of last year, Sia had achieved half his goal by opening 51 CityMalls. The average occupancy rate is already 96%, according to DoubleDragon, helping it more than double rental income last year from commercial and office buildings, to 2.5 billion pesos. International property consultancy Savills projects that CityMalls will account for about 40% of the community mall stock in newly urbanizing areas by next year. Sia says he’s already locked up the best locations in many emerging towns and cities: “Maybe [a competitor] can do it in one or two cities. But can you do it 100 times?”

More on Forbes: Billionaire Tony Tan Caktiong Takes Jollibee Foods Global

Sia is also ramping up in the hotel sector where he got his start. DoubleDragon operates the Hotel 101 and Jinjiang Inns budget brands in the Philippines aimed at business travelers and tourists, particularly from China. As of the end of 2018, Sia had two Jinjiang Inns and one Hotel 101, contributing a combined 534 million pesos to DoubleDragon’s revenue. Two more are under construction and DoubleDragon plans to build four more this year and next. Sia is also looking for foreign partners to expand the Hotel 101 abroad.

Building community malls in small towns, Sia says, made him realize there’s also still room for another major grocery chain in the country. So in April, he launched the first branch of MerryMart, a chain of grocery stores owned directly by his family, on the ground floor of DoubleDragon’s Meridian Park complex. His aim is to open 1,200 MerryMarts by 2030. “If we properly prepare and execute,” he says, “MerryMart can still catch up with the large retail players in the Philippines.”

But the Manila Bay investment may be DoubleDragon’s biggest money-spinner. It broke ground on the Meridian Park complex in 2015 and, by the time four of its six towers were completed last year, the company had emerged as the area’s biggest owner of new office space, according to David Leechiu of Leechiu Property Consultants, which helped find tenants for the complex.

Its timing couldn’t have been better. Offshore gaming operators’ share of office space in Metro Manila rose sevenfold in 2018 from 2016, according to Leechiu Property, faster than any other industry. By the end of last year, they accounted for almost 30% of office rentals, tripling from two years earlier.

Most online casino operators favor Manila Bay because of its proximity to Entertainment City, which caters largely to Chinese visitors who become potential customers once they return home. Property values in the district jumped 81% between 2016 and 2018, according to Leechiu, outpacing the 58% rise in Makati, Manila’s financial district.

Sia leased 100,000 square meters in his first four office towers before they were even completed, 60% to online China gaming companies. For now at least, he can virtually name his price, says Leechiu. “The deal that we did [at 1,250 pesos a square meter] is for the last vacant space in the entire Bay area for the next 12 months. The tenants know that, so they grabbed it,” he says.

Not everyone is a believer. Before its recent rise, DoubleDragon’s stock spent three years in a tailspin. One nagging investor concern: Sia is building brick-and-mortar malls in an age of online shopping. Luis Limlingan, managing director at brokerage Regina Capital Market Development in Manila, says retail shops now take up just half of Philippine malls’ leasable space, down from 80% over the past 20 years. That has made DoubleDragon a no-go for some investors. “None of the large institutional local funds invest in it,” he says.

Sia says his malls are well-positioned to absorb the impact of e-commerce in the Philippines. Online buying and delivery of groceries has yet to take off in the Philippines, he says, and “CityMalls are already 75% food and services, and more than 80% of things sold in CityMall retail shops are basic non-discretionary items.” As e-commerce spreads to the smaller cities where CityMall dominates, Sia says, they’ll double as pickup points and fulfilment centers for online stores.

DoubleDragon’s rising rental income is proof enough to other investors. “DoubleDragon’s stock started to recover this year because the assets that were completed so far have started to generate good recurring income,” says Henry Ong, an independent personal financial advisor who follows the stock. And as Sia’s expansion converts into steady cash flow, it may give him a war chest for greater diversification, says Leechiu. “Once he has a scalable recurring income base, it’s so easy for him to use it as a springboard to go to other places. It’s so easy for him to go to other sectors.” Sia’s partner Tan agrees: “[He’s] the type of entrepreneur with unlimited potential. His ability to create new compelling ventures and execute with speed is unparalleled.”

Forbes Guest Forbes Guest Contributor

FORBES ASIA chronicles wealth creation, entrepreneurial success and economic growth throughout the Asia-Pacific region.

 

 

He Built A $1 Billion Business Where All 700 Employees Work Remotely

Sid Sijbrandij knows a thing or two about building, scaling and even walking away from companies. His current venture is doing over $100 million in revenue and is valued at over $1 billion.

Originally from the Netherlands, Sid Sijbrandiij is now the founder of one of Silicon Valley’s unicorns that is powering the web through developers worldwide. It’s not his first startup rodeo either.

Sid Sijbrandij recently appeared on the DealMakers podcast. During the exclusive interview, he shared his entrepreneurial journey, the process of finding cofounders, bootstrapping versus raising millions, his addiction to fast-growth startups, and many more topics.

Seizing Opportunities

Sid Sijbrandi seems to have always had a gift for spotting business opportunities.

During high school, he studied applied physics and management science. He chose a kind of program that blends the benefits of an M.B.A., with getting good at several engineering disciplines.

In his first year at college, he also started his first company.

The idea came from a fellow Ph.D. student that had made an infrared receiver you could use to skip to the next song on your computer (the only thing that played an MP3 song at the time). He started buying these infrared receivers from him and selling them in the U.S. You’d send him an envelope of dollar bills, and he would then send you a printed circuit board.

Ultimately, his two cofounders didn’t agree on growth plans concerning hiring more people. Sid wanted to hire faster, so he didn’t have to spend as much time on it, while his cofounders wanted to optimize for free cash flow. They ended up parting ways amicably.

The Two Most important Things for Launching with Cofounders

Sid has experienced several startups and says his two big takeaways when it comes to cofounding a company are:

1) To be smart with the shares

2) To be sure you and your cofounders are aligned in vision

For example, automatically making everyone an equal cofounder, even if they come in way later in that process, can be a mistake.

Sid says it is important that shares “are aligned with their contribution to the company. It’s very important if you start a company to have vesting of your shares as well.”

This helps avoid the free rides, because if someone leaves with all the equity, then people that need to invest like VCs are going to be like, “Why am I investing for just 50% remaining of the business.”

In the Netherlands, Sid didn’t find the goal of local companies to grow really fast. If you do want to grow a company really fast, he says it is beneficial to be somewhere like the Bay Area, where everyone just assumes that is the goal.

Not just your cofounder, but also your accounts person and your lawyer, and everybody else requires the growth mindset.

Passion for Growth

After graduation, Sid spent a few months at IBM and could have stayed there. He had an interest in strategy consulting, as well as building a recreational submarine.

He made a balanced scorecard of all the different ways to make that decision. One of the criteria being, “Is this a good story to tell in a bar?” He showed his dad who said it was a ridiculous way to decide on your career but was very supportive either way.

So, he called someone interested in a submarine venture. His pitch was, “Look, you should really hire me because I have a job offer from IBM. Otherwise, I’ll start working there, and we both don’t want that.” He got the job.

He built the first onboard computer for the submarine. Today, U-Boat Worx is one of the biggest builders of recreational submarines. If you go on a cruise, and they have a submarine, it’s likely from U-Boat Worx.

Still, after five years, it just wasn’t growing at a pace that kept Sid interested. He then went on to do a part-time stint on an innovation project with the government as a civil servant.

During this time, he really got to know himself, and how fast-growing companies with a continuous string of problems to be solved were what kept him interested.

Funding Your Startup

After starting and selling app store Appappeal, Sid turned open-source software GitLab into a fast-growing venture that is on its way to an IPO in 2020.

He took the proceeds from his previous venture, doubled it in bitcoin, and began bootstrapping GitLab.com.

Sid got the first few hundred signups through an article posted on Hacker News. Then together with his cofounder applied and got into Y Combinator. The race to demo day, where they would present in front of top tier investors, was on.

Compressing their three-month plan into just two weeks, the GitLab team had a highly successful demo day, landing Ashton Kutcher as an investor.

There was so much interest in their seed round, they rolled right into the Series A financing round. They’ve since followed that up with a B, C and D financing rounds, raising a total of $158 million at $1.1 billion valuation.

Today, some of their investors include Khosla Ventures, Google Ventures, August Capital, ICONIQ Capital, 500 Startups, and Sound Ventures to name a few. It doesn’t get much better than that as a hyper-growth startup.

In order to do this, Sid and his team had to master storytelling. This is being able to capture the essence of the business in 15 to 20 slides. For a winning deck, take a look at the pitch deck template created by Silicon Valley legend, Peter Thiel (see it here) that I recently covered. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash.

Embracing The Remote Work

Sid states they “don’t do in person.“ At Gitlab they encourage having meetings with webcam. They believe there’s something to see in the other person even if it is via video.

To put this into perspective, every day, employees have a company call, and it’s a thing you do with a limited set of people. In this regard, there are about 20 in each group, and they just hangout.

During the group calls there are all types of topics discussed that vary from movies to magazines. Topics are not necessarily work-related.

Sid and his team very much believe that their company is more than just, “Hey your work…”

As part of Gitlab‘s culture, the social interaction plays a key role and they have a lot of ways in which they facilitate this inside the company. Even if this happens remotely.

M&A Made Simple

Recently Sid and GitLab have been very active when it comes to acquisitions on the buy-side. That includes Gitorious in 2015, Gitter in 2017 and Gemnasium in 2018.

When it comes to acquiring companies, they’ve made the process incredibly simple, and are actively looking for more companies to buy.

In this regard, they like to acquire teams that have built a product before. Preferably a team that made a great product, but didn’t get distribution. Especially because typically they shut their existing product down.

To make things easier, they have an acquisition offer page. It even includes a calculator, so you can go online and calculate how much they’re offering.

Listen in to the full podcast episode to find out more, including:

  • When to pull the plug on your startup
  • The advantages of SAFE notes for raising money
  • How GitLab does meetings and culture around the globe
  • Why they pay based on where team members live
  • Tips for recruiting top engineers
  • Why you should read the GitLab handbook

Follow me on Twitter or LinkedIn. Check out my website or some of my other work here.

I am a serial entrepreneur and the author of the The Art of Startup Fundraising. With a foreword by ‘Shark Tank‘ star Barbara Corcoran, and published by John Wiley

Source: He Built A $1 Billion Business Where All 700 Employees Work Remotely

Tips for a Successful Freelance Business — Ashley O’Melia, Author

I’ve been doing freelance work part time for seven years, and I began doing it full time four years ago. It’s been an interesting little roller coaster, with plenty of ups (This is amazing and I can’t believe I haven’t been doing this my entire adult life!), downs (Oh crap. I’m going to have to […]

via Tips for a Successful Freelance Business — Ashley O’Melia, Author

Your kindly Donations would be so effective in order to fulfill our future research and endeavors – Thank you
https://www.paypal.me/ahamidian

%d bloggers like this: