My wife and I are thinking of starting the entrepreneurship journey. We have a great idea (SaaS in LegalTech), we’ve done market research, we’ve talked to potential clients, and we’re about to hire a developer to create an MVP. Currently, we both have full-time jobs. We live in a very high-cost city, have over $3k of monthly student loans, $3k in rent, I have mandatory child support payments of $2k, etc. Point being – we probably need $7k-$10k of monthly income just to live.
We have some money saved up but that would go towards the business and not living expenses. I’m sure there are other startup founders who have been in the same situation.
How do you do a startup but also cover living expenses? I understand that raising money is an option but would a VC really understand if you tell them that you need a $100-$200k salary? That sounds crazy to me.