Post a new topic
    3 Replies Latest reply on Aug 10, 2016 5:10 PM by johnbrucerobb

    Out of cash

    johnbrucerobb Newbie

      Hi,

       

      Hoping to get a few ideas here.  In short, my co-founder and I have spent 3 years and just about every dollar we can access i to build a B2B SaaS product called we call VPMS by SourcePanel.  We are really happy with the results and the customer response has been wonderful (here comes the but), BUT we are unable to hire any sales or support people because we spent all our money building the product.  We are also exhausted and can't really wear anymore hats.

       

      If our product was expensive, I would say we could just sell through it, but we priced it at $95/month to go after a large, undeserved market which means we'll need several hundred accounts before we can start enjoying some spendable profit.

       

      The VCs and banks want to see "trailing revenue" and my credit is all but exhausted.  We could focus on angel investors but building investment decks and pitching investors has a substantial opportunity cost in that we wouldn't be signing any accounts during that time.

       

      If anyone has any ideas they would be much appreciated.

       

      -John in Portland

        • Re: Out of cash
          krystsina Wayfarer

          Hi John,

           

          I understand your feelings about angel investors, but what about crowd funding? There are lots of crowd funding platforms where you can ask for financial support, and if people will believe in your product, you will get this support.

           

          Regards,
          Krystsina

          • Re: Out of cash
            Moderator Rebecca Guide

            Hi John!  Congratulations on creating such a great product! I know that developing new software can be very expensive and that the proprietors often have to fulfill every role, and that can be very hard to do.  Steve Strauss, one of the top experts in Small Business, has a great article on may ideas and places that can be of great help to the small business owner: 7 Places to Go For Business Advice

             

            I also might suggest you check in you local chapter of SCORE.  SCORE is an organization made up of business executives and entrepreneurs, They offer free, confidential counseling and education on almost any subject that a small business owner may need.  They also provide mentorship and may be aware of various other funding outlets available for your business that you have not thought of.

             

            I encourage you to hang in there, browse thru our community and continue to search for your funding solutions.  Please check back in and let us know how things are going!

             

            Cheers,

            -Rebecca