Thanks for sharing your great business Funding insights. I really liked the way you struggled through.
Here’s my journey.
– I started with providing IT services to customers online through upwork way back in 2012 when alot of people were deprived of this marketplace due to lack of knowledge.
– I dint actually have to fund it because I could easily find my co-founder and we both were the in-house team of developer and a business finder.
– In 2014, we’d grown enough to think of a new venture or expanding the same venture to new heights. But IT services being over crowded we thought of starting up a coworking space as the concept was alien to our region then.
– While setting up the coworking space which would support startups, freelancers, small businesses etc. in setting up their dream ventures of be their own bosses, we found two other co-founders which could take the concept forward and establish a coworking space with us.
– We invested a minimal amount of Rs. 1Lac each here in India and setup the space. Customsers started to flow in that one floor of 2000Sq Ft. and soon it got sold out within a span of 8 months.
– In January 2016, we took another floor in the same building on lease and launched it. For setting this up again, we put in some more amount of money which was around Rs.1Lac each. Now two floors were not possible to be setup in 4 lac each but until then our business could bootstrap itself for further development of infrastructure. Until late 2016 we did not properly get payed out of that business but yes, we bootstrapped it and never went for an external investment.
– Now, in June 2017, we’re again in a position to expand our office coworking to more space for which we may require external help because the infrastructure stakeholders have increased. We may require a ccapital of 20Lacs at once to set the basics up.
What we’ve learned from our journey: Keep putting money in your venture, the right and minimal way and it will definitely pay you back someday. Bootstrap. Thats the beest way to go for it. When you get external funding for your business from inception, you do not learn a way to survive tough tides.