I just received $1M investment for my 3-year old industrial SAAS product to scale the company. How would you scale the business?
$1m isn’t enough to scale anything, at least not in the U.S.
To hire a true sales & marketing team, you’re going to need about $3m. More on the math here: Why You’ll Need Just About $3,000,000 to Build Your First Real…
But $1m can help you do what you are already doing that is working a little bit — and do that better, with less stress.
- You can hire a sales rep or two to help you sell. To give you some leverage here. You just can’t hire a real VP of Sales yet.
- You can keep investing in whatever small paid channels already work. You just can’t dump money into expensive experiments. And you probably can’t afford a VP of Marketing yet.
- You can pay the team. This is important.
$1m helps you fill up a small tank. It doesn’t let you truly invest. But if it helps fuel an engine that’s already just starting to work … that’s still magic.
Use the $1m as some extra fuel — to fuel what’s already working, albeit at a very small scale. Not to “scale”.