Summary
In this episode, Sean discusses the crucial decision between fundraising and bootstrapping for SaaS startups. He highlights the advantages of bootstrapping, including maintaining control, focusing on building the business, balancing effort, having better options when selling, and reaping the benefits of hard work. He also emphasizes the importance of negotiating from a position of power when considering fundraising.
Key Points
- Maintaining control of your company is easier when bootstrapping.
- Splitting focus between fundraising and building the business can hinder success.
- Balancing effort is easier when bootstrapping for a lifestyle business.
- Setting a high valuation through fundraising can limit selling options.
- Reaping the benefits of your hard work is more achievable through bootstrapping.
- The majority of SaaS company sales occur in the six and seven-figure range.
- Bootstrapping allows for negotiating from a position of power when considering fundraising.
Quotes
- "If you choose to fundraise, then you're letting a whole bunch of other people have a big chunk of your company."
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What is The Product Launch Podcast?
Sean Boyce from NxtStep shares the latest B2B SaaS strategies to help you succeed. The show covers everything from identifying problems worth solving to scaling B2B SaaS businesses. Sean will walk you through what he is building in real-time and share those results with you so you can learn from his successes (and failures) and apply what works to your B2B SaaS to generate real results.