When it comes to funding, ask yourself if you really need it. Results from an Enterprise Nation growth survey showed the majority (54%) of respondents saying they would fund growth from working capital as opposed to taking on debt or loans, or offering equity to investors.
“We have not raised funds to date. We have set up and grown the business using cash flow and a £5,000 Prince’s Trust loan. This was through choice and we probably have compromised on growth as a result.
We have been particularly stringent on negotiating and efficient with resources, which I believe has caused us to focus on building a strong business model and foundations. If we had raised money and had surplus cash in the beginning we wouldn’t have negotiated as well ...