What if you need funding to fix the problem?

We have currently been in operation for 12 months running a subscription based consumer product for students. We run a ‘free trial’ package system and have great growth and market uptake for free package but conversion to premium is still low (4-5%). We are running out of funds, is it better to continue trying to fix the problems oursleves or ask for funding which will allow us more time and resources to improve conversion?

  • If you are having problems with conversion and don’t yet have another revenue source it’s unlikely that investors will want to participate any further. Instead of spending time trying to persuade investors to partner with you, spend that time on uncovering a revenue source. If your current premium offerings are not exciting people then you need to revamp the value proposition or look for other revenue opportunities.

  • Focus on the funding. Go sign up at Gust and Angelist.co. Get out there and get it done. If you need more people on your team so the VCs and Angels are happy then get it done. Good luck.

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