For this week's issue, we're talking about self-funding vs. raising money. It's a tricky question for a number of reasons. On one hand, when you're bootstrapped, you're forced to work within constraints. This is especially helpful in keeping you focused and prioritizing cash flow. After all, we should be aiming to build a sustainable and profitable business. Hosted by @jrfarr — brought to you by LemonSqueezy.com. With that said, more money doesn't always fix things but it can certainly help. Without further ado, let's dive in.
As always, thanks for being a listener of the show. For today's episode, I break down when and if you should raise money for your company. The analogy I use is you can either ride the unicorn or chase the unicorn.
(1:20) ride the unicorn or chase the unicorn
(3:04) types of funding
(7:30) convertible notes vs. price rounds
(9:45) when to get funding
(11:45) what kind of company do you want to build?
(14:35) what can you afford to live on?
(15:13) how many people do you want to manage?
(16:27) how much are you willing to give?
(16:56) my experience between bootstrapping and funded
(18:55) when should you bootstrap?
(20:07) when to raise money?
(21:23) be careful, don’t get distracted
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