Have a Stable Income Source While Building Your Business

As an indie hacker, having a stable source of income while building your business is key. Most people struggle with being patient and having enough financial security to think clearly and make good decisions. As Laura Elizabeth, the founder of Client Portal said in an interview on the Code & Conquer podcast:

I think the first, the thing I would recommend is just have some kind of income that is large enough to make you, you know, comfortable, but that doesn't take you a ton of time, you know, it doesn't take all of your time, you're not working like super super crazy hard, you know, five or more days a week to get that because I think the hardest thing when you're trying to build a business as an indie hacker is being so desperate for it to go quickly because you need it.

Having a stable source of income gives you the freedom to focus on your business and make the best decisions. As Elizabeth said:

So, you know, having something like where you could work say, I don't know, three days a week but you know, have enough income to sustain you and then have the other two days to work on your businesses is really important and that's kind of a boring one because it's not like, you know, the exciting thing is working on the product that you want to make but it's just hard to do that when you are potentially worried about money and especially, you know, if you've got, if you're like older and you've got kids and a house and and all that kind of stuff.

Focus on Your Business, Not Your Finances

With a stable income source, you can focus on building your business instead of worrying about your finances. As Elizabeth noted:

Like you just don't need that kind of stress. So I would say, you know, start one step behind and try to think about how you can fund, how you can be an investor in your own indie hacker business would be my number one piece of advice.

Having enough income to cover your basic needs means you can avoid making desperate decisions and stay focused on building a great product.

Be Patient and Make Good Decisions

With a stable income, you can afford to be patient in building your business. Rushing into things often leads to poor decisions and outcomes. As Elizabeth said:

And you end up making like irrational decisions that you maybe wouldn't have made. And I mean, I'm sure some people must do it really well, but that would make me stressed. And I feel like people can tell when you're desperate, like it just, there's something about it.

Having patience and avoiding desperation allows you to make the best decisions for your business.

Grow at Your Own Pace

A stable income source gives you the freedom to grow your business at your own pace. You can avoid rushing into things before you and your product are ready. As Elizabeth noted:

And you can see it as like, this is, this is me doing something for my indie hacker business. So I think what a lot of people don't like is that they're saying, oh, if I'm working on this, how I'm not, I'm not growin my indie hacker business, but you are like, this is just step one or step zero. Like you have to do this to get to the next step.

With financial security, you can take the time to build your business the right way.

Key Takeaway

The key takeaway is that having a stable source of income is crucial for indie hackers. It provides the financial security and patience needed to build a successful business. As Elizabeth said, the hardest part is often being patient and avoiding desperation. A stable income source gives you the freedom to grow at your own pace and make the best decisions for your business.