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How do I know if I need funding?

I previously co-founded a startup that failed mostly due to an unfit market. We were in college with relatively low costs of living. We always assumed we’d need funding later on but were doing fine in the meantime with the few customers we had and the freelance work I was doing on the side.

Now I’ve moved on to a full-time gig and have accumulated a lot of post graduate debt. Most notably student loans, rent, car payment, and other living expenses. That hasn’t stopped me from my passion for startups. In fact, I’m more passionate about working for myself now more than ever.

I recently started working on an idea that would generate revenue from day one. But of course not enough to pay my bills or hire any employees.

My question is: if I’m looking to personally stay afloat, hire employees, and expand my marketing, do I require funding? Are those things startups typically seek funding for?

  • Forget about hiring employees, forget about a large marketing budget, and forget about taking a salary.

    If you want to make this work you will need to get a job, and work on your startup in your free time out of your apartment or house; no office space or employees until you’re generating at least six figures annually.

    There are many ways that you can reach a large audience on a tiny budget; use those ways to grow your company until you can start hiring employees.

    Once you become a force in your industry, then investors will come knocking on your door and you can get good terms from them, rather than right now where they basically view you the same way that you’d view a dog turd on the ground.

    You’re basically less than nothing to them. Don’t waste your time and theirs by approaching them. Focus on your product.

    Reply

  • Greate a minimum viable product, you can always tweak and pivot.

    While raising capital is hard to impossible make sure you are on AngelList, Gust, CrunchBase, linkedin, StartupsList, Twitter, and have a blog, you might get noticed.

    Definitly get a job.

    @kaffegeek

    Reply
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