Questions

What should we do to secure more seed money for our startup?

Launched marketplace for diving experiences, still haven't secured a seed round and running out of money. What should we do? My wife and I have been working full time on this for 6 months and spent most of our accessible savings on the startup. We still don't have more than a handful of bookings and we started raising money a bit late (only 1 month ago). Should we get a job and continue looking for funding? Should we shut down? Other options?

3answers

Investors fund businesses that show promise and a handful of bookings wouldn't cut the deal. How are you going about marketing and branding it?

If you have a strong website that offers flawless experience, then, the right marketing strategy can be the game changer to attract the target audience as well as investors. If you can share what you have been doing in the past 6 months, I can list out the ones you are missing out on.

To get out the tight spot, I would recommend that one of you should get a job and the other one continues working on the startup. If you truly believe in the idea and there is no market leader, then, don't shut down.

Look for other sources of raising money. Good luck!


Answered 6 months ago

First, congratulations on your startup venture! It's always a challenge just to get yourself out there and start.

In your question, you mentioned that you started a marketplace for diving experiences. The first thing that comes to mind:

How many people are actively searching for diving experiences?
How much revenue does each diver generate per experience?
How many of these experiences can you execute in one day multuplied by how many divers?

I asked questions because the number one thing you want to think about when you're starting your business is how much revenue can it actually and potentially generate.

That number of revenue is what's going to motivate people like partners, investors and even your other customers to take part in your venture.

Regarding your questions on what you should do next, I have a couple of suggestions that you may not be pretty....But given your current situation and running out of funding, might be more realistic and you could have a turn around really quickly, albeit at a smaller scale.

Happy to talk more!
Erika


Answered 4 months ago

Unlock Startups Unlimited

Access 20,000+ Startup Experts, 650+ masterclass videos, 1,000+ in-depth guides, and all the software tools you need to launch and grow quickly.

Already a member? Sign in

Copyright © 2020 Startups.com LLC. All rights reserved.