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“Raising money is a full-time job.” -Every entrepreneur ever
That’s at a baseline. Over the last four years, I’ve found this to be true myself, as we’ve built WYL. While I could speak to a myriad of factors that have played into this, beyond the scope of the business and platform itself, I’d like to key in more so on what it means financially for the business when you have to hustle and be creative in securing the bag for your start-up.
In the last 4 years, WYL has raised money in the following ways (in order):
2. Competition wins →
3. Friends and family assistance (<$25k)
7. Angel investment
8. Government investment
9. Pulling from Ofo’s insurance policy
10. Online equity crowdfunding
That’s 11 different ways in which we secured the bag! 11! When it comes to a corporation, it’s super important the cap table structure and equity splits are clear. So, you’re probably thinking, how on earth have we managed to keep a clean cap table,
substantial ownership of our business, and sleep well at night. Well, a large part of this is due to our own grit and determination, having meticulous lawyers who scrutinize everything, having amazing accountants who are keeping everything moving smoothly,
and by having the right tools
necessary to generate reports – keep things inline – and that help you to articulate your vision through the proper business channels.
For us, one of the best tool that’s allowed for us to keep on top of our quarterly reports, balance sheets, profit and loss statements, cash flow, and more, has been QuickBooks
Our accountant brought QuickBooks
to our attention some time ago and we’ve been using it ever since. In real-time, I’m able to access the downloadable reports I need to provide investors, business programs, and that I need for internal financial health
The reality is, as we continue to grow, bring on additional funding, and generate substantial revenue, we’ll need all the top functioning tools necessary in order to keep things copasetic for reporting purposes and to ensure that all the puzzle pieces fit. We
feel QuickBooks will continue to be one of those top tools for us.