How to launch a side project after a startup failure?

Question

Greetings! A few years ago I resigned from my full-time job to start my own business. About a year later, I lost my business and much more I lost my marriage. The years that followed were hard...no job, no money, homeless, few friends and family members. Last 3 months I got a job (less $150/month). I still have a passion to run a business after learning lessons the hard way and have been thinking of launching a side project while working. Honestly, I just work to put food on the table and just to see if I can raise a $1000 capital to start a small business but at the same time the other side of me is still afraid to venture on a business based on my previous startup failure. Any advise based on past experience on how I can run a side project on a tight budget and still make it successful?

mindhash · Accepted Answer

Hey, I have been in similar situation. I took a full-time consulting job but couldn't let go of my ambitions. The first thing I did is started writing about my experience and why certain things did not happen the way I expected. On the side, I also started studying what made other products succeed .
I would suggest making a list of questions or template to ask yourself for any problem you decide to solve. Find out what you can do (given your constraints) and what you can't. For example, I prefer apps that don't require full-time support. Being in Non-US timezone, it will be hard to provide support.
I documented my questions here: https://amols.blog/product-led-growth/17-questions-to-ask-be...
These apply to side project as well. Do add your own or create a similar doc to guide you further.
Good luck!

DataCrayon · Answer

Although I haven't used it myself, I've read this approach a few times on HN:
If you can come up with a good solution to an existing problem, perhaps an app of some sort, create a landing page for it using some mock-ups (e.g. using Sketch, another thing I haven't used!) along with a mailing list subscription to indicate their interest... if it picks up, you know it's worth dedicating resources to the problem. Then when you're ready to release the software you know you have some potential users/customers - they could even have a trial of early versions and give valuable feedback.
There are downsides, of course, e.g. giving away your idea to people who may be able to implement it quicker than you do - but they won't have your mailing list!

jbirer · Answer

Don't expect much of it, it sounds paradoxical but, if you do it as a hobby project using the stack you want and it's something you are excited / care about, it will make it much easier to have motivation, along with reducing your fear of failure. Assume nothing will come out of it and be surprised when it takes off.

byoung2 · Answer

I'm assuming you are not based in the US...where are you living now?

dczm · Answer

Thank you for all your feedback. I really appreciate.