I keep seeing founders miss these tricks for generating the funds they need to start their business. I've used them myself and I know they work.
Rather than get stuck chasing investors when you're too early, take your destiny in your hands and start building now.
1) Create adjacent services revenue to fund you and your product
In my second business we generated hundreds of thousands of pounds of service revenue that we re-invested in the product. Not only did it reduce the need for dilution but it also gave us valuable insight into what customers really wanted.
2) Go lean on sales and marketing
Until you're confident about what people want to buy don't spend a penny on paid adverts and sales people. Focus on your early adopter customer, be useful and work out what the smallest thing is you can build that they will pay for.
3) Use sweat equity to access talent
Want the support of an incredible marketeer or technologist but don't have the cash? Great platforms like Sweqlink allow you to engage top notch talent part time and pay them with shares in your company rather than cash. (BTW the founder, Judy Leung is an IfWeRaise member, show them love ❤️)
Getting your business moving is a far more effective way to get ready for investment than polishing slide decks when you're too early.
We deep dive into these techniques with our 2hr course - Create your personalised startup funding strategy. Our next dates are tomorrow (19 September) and 3rd October, let us know if you can’t find one that works for you.
Have a great week.