Do you need to raise capital? This question has always plagued me. The answer is yes. The other answer is no. So much good can come from funding. So much bad can come from funding. You can grow faster. Do you want to? You can achieve more. Is that good? You can take a salary. Should you?
As an entrepreneur that’s been in these situations, all I can say is this…
If Mark Cuban offers you $1m for $5%, take it. If anyone else offers you $50k, stop what you are doing and rethink your life.
Accepting capital is like marrying the Pope’s daughter. The responsibility that comes along with it is so fierce and filled with bullshit, you should avoid it unless the benefits are so extreme that you don’t have to respond to a text from an investor while on your honeymoon. Trust me, they do not care. No one cares. It’s about money and unless that’s why you take their money, avoid this like the plague.
Grab a credit line, a credit card or even a few bucks from a remote family member. Otherwise be very careful. The show Shark Tank is called Shark Tank.
Have a look at our course on Fundera. They match entrepreneurs with funding sources at ZERO cost to you. I got a $28k offer from Kabbage.