Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.
Equity funding is just one source of funding for your startup. There are many others such as consultation funding.
Consultation funding is using consultation work to pay the bills and salaries while you are building out your product.
Many customers need additional help and will pay consulting fees for it in addition to the basic product.
Consider looking for consultation work in addition to selling the product, as some customers want more assistance in installing and using the product than in just buying the product itself.
Consultation also brings new insight into how the customer intends to use the product and what problem they are trying to solve.
This is useful information to guide your product roadmap.
Consulting work also gives you more information about the market and the competition as you’ll encounter competitive solutions.
Finally, consulting work for clients generates good references to use when you launch your standard product into the market.
While consulting may not be your ultimate goal, it can be a useful way to fund a portion of your product development.
Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.
Let’s go startup something today.
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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.