Indie Founder #295 - Can I Build a Successful Company Only by Bootstrapping?
Have you ever started a company and had to pay taxes? In this episode, I, Tiago, the host of "Wannabe Entrepreneur", share my personal experiences of setting up a company in Portugal. I talk about the challenges I faced with the complicated tax system and how I found ways to reduce the taxes my business had to pay. I also reflect on the decision of whether to raise money through venture capital or continue bootstrapping my company. Plus, I share the benefits of hiring a cleaning service and discuss my company's affiliate program and the creation of a special case called "business partners".
Links
Timestamps
Living in Germany [00:01:30]
Tiago talks about his experience living in Germany for seven years and how it changed his perspective on rules and cultural differences.
Tax System in Portugal [00:06:30]
Tiago discusses the complicated tax system in Portugal and his decision to hire an accountant to properly set up his company and navigate the high taxes.
50% Taxes in Portugal [00:08:57]
Tiago expresses his frustration with the high taxes in Portugal, which he calculates to be more than 50% of his revenue, and his belief that it is too much even though he supports contributing to the country.
Overview [00:09:56]
Tiago talks about his experience living in Portugal and Germany, and his decision to hire an accountant to properly set up his company and navigate the complicated tax system in Portugal.
Types of Taxes [00:10:43]
Tiago explains the different types of taxes in Portugal, including VAT and taxes on profits, and how to reduce them by declaring expenses.
Gray Area of Expenses [00:11:47]
Tiago discusses the gray area of what can be considered an expense in Portugal, and how it can be difficult to prove that certain expenses are related to the job.
Bootstrapping vs VC [00:18:55]
Tiago discusses the pros and cons of raising money through venture capital versus bootstrapping, and how it aligns with his company's values and lifestyle.
Making Decisions as a Bootstrapped Company [00:21:00]
Tiago talks about how every decision they make as a bootstrapped company needs to align with their lifestyle and values, and gives an example of how they turned down a lifetime deal with AppSumo.
Savings and Life-Changing Money [00:25:14]
Tiago shares how they were able to save enough money to cover a minimal wage in Portugal just by changing providers, and reflects on how this amount of money can be life-changing for many people.
Hiring a cleaning service [00:27:09]
Tiago talks about his experience hiring a cleaning service and how it changed his perspective on the value of time and money.
Applying logic to hiring [00:31:01]
Tiago discusses his approach to hiring someone for a task and how he calculates the value of his time and money.
Making a difference [00:34:50]
Tiago expresses his desire to contribute to society and help people by raising money to hire more people and pay them better.
Pod Squeeze's business partners [00:36:01]
Tiago explains how Pod Squeeze's business partners work and how they can represent the company in their markets.
Upcoming interview release and community invitation [00:37:59]
Tiago announces the upcoming release of an interview with Simon and Yosi and invites listeners to join the community to support the podcast.