As a founder, it is very normal to get attached to your product especially if it’s your first ‘baby’. You put in a lot of time, mental and financial labour into it to get it working. People noticed and yes! you are finally making profit and getting the recognition you craved.
So what now?
It’s time to scale and capitalize on the goodwill you have garnered so far before the audience gets bored and turns to the next shiny thing. How do you get the necessary capital to break into new markets and territories?
Increasing the workforce means more salaries, entitlements to pay; building new structures, market entry strategies, marketing, ever-evolving economic policies and all the financing that goes into those. Do you grow organically (this may require a lot of time and there is the risk of losing the growing attention you are looking to capitalize on) or inorganically by relinquishing some part of your stakes to provide potential investors/partners an incentive to fund the next phase of growth?Would you take debt financing and shoulder the burden of repaying the loan and double-digit interest rates or would you make a call for franchisees to replicate your model?
The truth is that there are myriads of options to explore. However, to do what’s best for your product, you must be willing to release the hold on the reins and collaborate. Remember what the big picture is, protect yourself by seeking expert legal advice on choosing the appropriate path and watch your one thousand become tens of thousands.