From the course: Getting to Yes: Advice for Female Founders on How to Get Funded
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Detailed financials—yes!
From the course: Getting to Yes: Advice for Female Founders on How to Get Funded
Detailed financials—yes!
- Your financial statement should be fairly detailed, even if they're just projections. And this shows that you clearly understand your business. What we're looking for is do you understand how many people you're going to need to hire? Do you understand how much they're each going to cost? Do you understand how much you need for your sales and marketing budget? The more detail you can put at this, even in the Friends and Family round, even at the early stages when you're not really sure what those numbers are going to be, if you can do the research and get an understanding and put those in and have very granule, detailed financial projections, it'll make your chances of funding much, much more viable. Very often I'll see a DAC that has very simple projections, maybe just a few numbers, gross revenues, expenses, taken out for five years. And that's not adequate. We really need to know that you know your business and that you have done the hard work. So I would encourage you to have as…
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