Assess your current growth tactics and make targeted adjustments to ensure they effectively drive the metrics critical to your business model’s success, like improving your customer onboarding process or expanding marketing efforts.

A business model represents how a company will deliver value to its customers and users. To choose the right model, you need to deeply understand your target customers, the problem you’re solving for them, and how your solution fits into their lives. Consider how they currently solve the problem, what they’re willing to pay, and their willingness to switch to your solution. Start small: Test different approaches with real customers, and iterate as you learn. Some common business models include: Subscription (e.g., Netflix), marketplace (e.g., Airbnb), freemium (e.g., Spotify), direct sales (e.g., Warby Parker), licensing (e.g., Microsoft), and ads-based models (e.g., Youtube).

Implement or improve your data tracking systems, and establish regular review processes to act quickly on insights from these metrics, such as optimizing customer acquisition costs or enhancing user retention strategies.

You will need a business entity (See: “How do I register my business”) to open a business bank account. A business bank account is useful when you have cashflow coming in and out of your business, such as sales transactions or you have a loan or an investment.

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A startup can be considered ready to fundraise when it has demonstrated a clear problem-solution fit, validated market demand, and established early traction through metrics such as revenue, user growth, or key partnerships (with letters of intent or signed contracts). The team should have a strong track record, critical roles filled (or a plan to do this), and a strategic vision to scale. An investor deck that shows your traction (with milestone wins), impressive KPIs for your industry, and a plan for where you’re going and how you’re getting there are critical. Your financial projections should be based on early traction and data and market benchmarks. Be ready to justify why you need the money to scale and include a use-of-funds tied to key milestones.
*NOTE: Fundraising is never the end goal! The goal is to grow, so funding is simply one of the vehicles to get to growth. Also note that not every business needs venture capital funding. Bootstrapping and taking out business loans or applying for grants are a great way to finance your business without giving up equity and control.