Ask HN: Where do I go from here?

#1

Post by davidfm » Thu, Apr 03, 2014, 7:33 AM UTC

Over the past 7 years I've been building a SAAS. It's good. I have 20 customers all from referral. They think it's good. It has the potential to be huge. Currently, it earns me a low income - bootstrapping it's development.

I'd like to raise VC to grow it. But the last time I did that, it swallowed a year and brought down a 25-man company. I tried hiring a developer but didn't have the cashflow to cover the time recruiting, finding offices and managing. I've tried raising cash from friends / family / clients. That might happen yet, but it's an incredibly slow and time-consuming process.

Can HN help suggest the best route forward?

Re: Ask HN: Where do I go from here?

#2

Post by vasudevan » Thu, Apr 03, 2014, 8:00 AM UTC

There is no single best route. It all depends on the specific business you are in and at what stage are you today.

To suggest a way, share more details about your product / company. Looks like an B2B focused product. - What is it? - Howz the current distribution - Who are these customers (I mean type) - Why has it took 7 years to get 20 customers? Is your product is very heavy to even evaluate? - Why do you need money and where will you put that (hiring, product development, marketing, distribution, etc)

Re: Ask HN: Where do I go from here?

#3

Post by hackerboos » Thu, Apr 03, 2014, 8:01 AM UTC

If you're after VC cash then you should plug your company every chance you get including here.

I can't help you other than that but I will say that you should consider remote workers if it's feasible.

Re: Ask HN: Where do I go from here?

#4

Post by funkyy » Thu, Apr 03, 2014, 8:02 AM UTC

Its hard to give you much detail based on information you have provided. 7 years seems a long time for company earning low income. Do you see yourself in this industry in few years? Do you have possibility to grow? Who is your customers - large companies, smes?

Re: Ask HN: Where do I go from here?

#5

Post by david927 » Thu, Apr 03, 2014, 8:05 AM UTC

This seems to me to be right from the MBA textbook chapter called, "What happens if you have no Business Development".

You need to get more customers (and not just from referral, though that's great), and you need more buzz. When you get stronger demand, the capital supply will more easily rise up to greet it.

Re: Ask HN: Where do I go from here?

#6

Post by davidfm » Thu, Apr 03, 2014, 8:05 AM UTC

hackerboos wrote: post #3

If you're after VC cash then you should plug your company every chance you get including here. I can't help you other than that but I will say that you should consider remote workers if it's feasible.

I've been trying to stay 'under the radar' but maybe you're right, could be time to come out of stealth mode, thanks.

Re: Ask HN: Where do I go from here?

#7

Post by TempleOSV2 » Thu, Apr 03, 2014, 8:06 AM UTC

God is the only reason that matters.

God will speak to everybody and news will spread.

Re: Ask HN: Where do I go from here?

#8

Post by davidfm » Thu, Apr 03, 2014, 8:08 AM UTC

david927 wrote: post #5

This seems to me to be right from the MBA textbook chapter called, "What happens if you have no Business Development". You need to get more customers (and not just from referral, though that's great), and you need more buzz. When you get stronger demand, the capital supply will more easily rise up to greet it.

I know I can get lots of customers very quickly, I'm turning business away. My issue is letting them down because I don't have the resources to support them. (my previous roles were biz-dev, I do that well)

Re: Ask HN: Where do I go from here?

#9

Post by davidfm » Thu, Apr 03, 2014, 8:15 AM UTC

vasudevan wrote: post #2

There is no single best route. It all depends on the specific business you are in and at what stage are you today. To suggest a way, share more details about your product / company. Looks like an B2B focused product. - What is it? - Howz the current distribution - Who are these customers (I mean type) - Why has it took 7 years to get 20 customers? Is your product is very heavy to even evaluate? - Why do you need mone…

Wow, thanks. It's predominantly ERP. Customers are top 20 from 1 industry currently (the referral impact) but it's not limited to that trade. It's taken 7 years because I've had to earn a living while developing it and it's a fairly large system. Money is for developer/s so that I can do sales and marketing. What do you mean 'heavy to even evaluate'?

Re: Ask HN: Where do I go from here?

#10

Post by hackerboos » Thu, Apr 03, 2014, 8:17 AM UTC

davidfm wrote: post #6

hackerboos wrote: post #3

If you're after VC cash then you should plug your company every chance you get including here. I can't help you other than that but I will say that you should consider remote workers if it's feasible.

I've been trying to stay 'under the radar' but maybe you're right, could be time to come out of stealth mode, thanks.

Stealth Mode is a bad idea unless you're somehow legally obliged to keep quiet.