Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.
How do you know if you need funding for your startup?
First, consider the type of business you are going to build and what it will take to get it up and running.
Are you setting up a services business? Or will it be a tech-enabled business? Or will it be a physical product business?
The type of business will determine the cash flow needs.
Service businesses can be bootstrapped by using customer money to fund it.
Tech-enabled businesses typically need to raise funding due to the cost of building out the technology that drives it.
Physical product businesses need to raise funding along the way due to the cost of building product and inventory.
The second question is how fast do you plan to grow?
The faster the growth rate, the more funding you’ll need to grow it.
The slower the growth rate, the less funding you’ll need.
Consider these two questions to figure out how much funding you’ll need.
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.