Your real question right now is how can you increase your sales. I have no idea what your app does, so I can't say what your industry standard should be, but if you are able to get $150K in six months, you should be able to double that within a year. And you should think seriously about that because within two years the market will have changed so much your app might be of much lesser value to users. The key is to maximize revenue now as quickly as possible.
So what will it take? What do you need to spend money on to raise your revenues? Again, I have no idea whether you need to increase your ad budget, bring on a well networked person as part of your management team, or whatever. That you need to figure out. If you cannot pay for that out of your revenues, then you need to raise funds from angel investors.
How much? Again, I don't know, but you shouldn't be looking for millions at this point. Based on what I have seen with previous companies in your situation, I would guess that somewhere around $1M should be enough to increase sales by 3X to 5X. That would raise your company's valuation to probably between $8M to $10M, and so after about two years, you sell the company. That would be an attractive return for most angel investors.
Bottomline: You have to think strategically -- how little money do you need to achieve the greatest bump up in revenue. Then how will that affect the valuation of the company and put it in a position to sell fairly soon at an ROI that will be high enough and soon enough to attract angel investors.
The best time to raise capital for a startup is when you have a clear idea of what you want to do and a clear idea of how much money you need to get to a milestone that will set a higher value for your company.
Financial Preparedness: If you've identified your financial needs and have a comprehensive business plan that outlines how the funds will be utilized, it shows potential investors that you are prepared and responsible, making it a suitable time to seek funding.
It might not surprise too many people that December is the best time to fundraise. In general, when you're fundraising for your nonprofit, the fourth quarter of the year will likely be your best bet when it comes to where to focus your efforts.
A company should raise capital if it is running out of money to operate the business. Because raising money can take a few months--and nearly always takes at least one month--many founders find it prudent to begin fundraising if they find their runway is shorter than about six months.
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