Launched marketplace for diving experiences, still haven't secured a seed round and running out of money. What should we do?
My wife and I have been working full time on this for 6 months and spent most of our accessible savings on the startup. We still don't have more than a handful of bookings and we started raising money a bit late (only 1 month ago). Should we get a job and continue looking for funding? Should we shut down? Other options?
You need to support your family somehow, and securing finding is not a fast process.
I'd definitely suggest you look for a job or contract work at this point. It will at least support you while you're searching for funding of your startup.
Be prepared to pivot though, because it might be so that your idea - however good it is - is not viable to build a business upon.
Investors fund businesses that show promise and a handful of bookings wouldn't cut the deal. How are you going about marketing and branding it?
If you have a strong website that offers flawless experience, then, the right marketing strategy can be the game changer to attract the target audience as well as investors. If you can share what you have been doing in the past 6 months, I can list out the ones you are missing out on.
To get out the tight spot, I would recommend that one of you should get a job and the other one continues working on the startup. If you truly believe in the idea and there is no market leader, then, don't shut down.
Look for other sources of raising money. Good luck!
First, congratulations on your startup venture! It's always a challenge just to get yourself out there and start.
In your question, you mentioned that you started a marketplace for diving experiences. The first thing that comes to mind:
How many people are actively searching for diving experiences?
How much revenue does each diver generate per experience?
How many of these experiences can you execute in one day multuplied by how many divers?
I asked questions because the number one thing you want to think about when you're starting your business is how much revenue can it actually and potentially generate.
That number of revenue is what's going to motivate people like partners, investors and even your other customers to take part in your venture.
Regarding your questions on what you should do next, I have a couple of suggestions that you may not be pretty....But given your current situation and running out of funding, might be more realistic and you could have a turn around really quickly, albeit at a smaller scale.
Happy to talk more!