4 Ways to Monetize a Community
August 30, 2024
If you’ve built a community, it’s not always immediately clear how you will make money.
Let’s talk about when to stop seed fundraising. It’s easy to stop raising when the round is successfully closed, but what about when things aren’t going as well as you’d hoped? I recommend sticking with it for 90 days.
Here’s the 4 reasons why you need to stay the course:
For most founders, you’ll have to go through dozens of meetings before you start hearing “yes,” and then they all come at once. So endurance is a requirement in the fundraising process.
Getting the opportunity to work on your business for 2 years is a privilege. It’s totally reasonable to invest 3 months of your time upfront to get that opportunity.
Many startups need to raise additional capital before their Series A to give themselves enough time to hit the necessary milestones. It’s usually a lot easier to raise a seed round than to raise a bridge round.
Fundraising for 90 days doesn’t mean keep taking meetings with people that aren’t interested. Focus your time on the investors who seem most engaged and where you’ve already had success.
