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Any percentage below that means you have some work to do.",[],{"_key":1492,"_type":170,"children":1493,"markDefs":1498,"style":1499},"k141",[1494],{"_key":1495,"_type":174,"marks":1496,"text":1497},"k140",[],"Sean Ellis Test FAQ",[],"h4",{"_key":1501,"_type":170,"children":1502,"level":1200,"listItem":1329,"markDefs":1507,"style":190},"k144",[1503],{"_key":1504,"_type":174,"marks":1505,"text":1506},"k143",[],"Whom do I ask?",[],{"_key":1509,"_type":170,"children":1510,"level":1200,"listItem":1329,"markDefs":1515,"style":190},"k149",[1511],{"_key":1512,"_type":174,"marks":1513,"text":1514},"k148",[],"People who have used the core of your product offering\n‍",[],{"_key":1517,"_type":170,"children":1518,"level":1200,"listItem":1329,"markDefs":1523,"style":190},"k154",[1519],{"_key":1520,"_type":174,"marks":1521,"text":1522},"k153",[],"People who have used your product at least twice\n‍",[],{"_key":1525,"_type":170,"children":1526,"level":1200,"listItem":1329,"markDefs":1531,"style":190},"k157",[1527],{"_key":1528,"_type":174,"marks":1529,"text":1530},"k156",[],"People who used your product in the last two weeks",[],{"_key":1533,"_type":170,"children":1534,"level":1200,"listItem":1329,"markDefs":1539,"style":190},"k160",[1535],{"_key":1536,"_type":174,"marks":1537,"text":1538},"k159",[],"How many responses do I need?",[],{"_key":1541,"_type":170,"children":1542,"level":1200,"listItem":1329,"markDefs":1556,"style":190},"k168",[1543,1547,1552],{"_key":1544,"_type":174,"marks":1545,"text":1546},"k165",[],"The more responses, the better. But aim for a minimum of ",{"_key":1548,"_type":174,"marks":1549,"text":1551},"k166",[1550],"k162","40-50 ",{"_key":1553,"_type":174,"marks":1554,"text":1555},"k167",[],"replies.",[1557],{"_key":1550,"_type":188,"externalUrl":1558,"linkType":145},"https:\u002F\u002Fopen.buffer.com\u002Fmeasure-productmarket-fit-product-feature\u002F",{"_key":1560,"_type":170,"children":1561,"markDefs":1566,"style":1499},"k171",[1562],{"_key":1563,"_type":174,"marks":1564,"text":1565},"k170",[],"Other trends to assess if you’ve achieved product-market fit",[],{"_key":1568,"_type":170,"children":1569,"markDefs":1582,"style":190},"k178",[1570,1574,1578],{"_key":1571,"_type":174,"marks":1572,"text":1573},"k175",[],"1.    ",{"_key":1575,"_type":174,"marks":1576,"text":1577},"k176",[1484],"Sustained growth:",{"_key":1579,"_type":174,"marks":1580,"text":1581},"k177",[]," You see evident, sustained growth for your company.",[],{"_key":1584,"_type":170,"children":1585,"markDefs":1598,"style":190},"k185",[1586,1590,1594],{"_key":1587,"_type":174,"marks":1588,"text":1589},"k182",[],"2.    ",{"_key":1591,"_type":174,"marks":1592,"text":1593},"k183",[1484],"Positive feedback: ",{"_key":1595,"_type":174,"marks":1596,"text":1597},"k184",[],"Customers recommend your product to other people in your target industry.",[],{"_key":1600,"_type":170,"children":1601,"markDefs":1606,"style":190},"k188",[1602],{"_key":1603,"_type":174,"marks":1604,"text":1605},"k187",[],"Finally, observe your business performance. While using a survey gauges your customer’s dependency and excitement for your product, it doesn’t validate actual product-market fit. Look at your company’s growth trends and feedback.",[],{"_key":1608,"_type":170,"children":1609,"markDefs":1617,"style":190},"k193",[1610,1614],{"_key":1611,"_type":174,"marks":1612,"text":1613},"k191",[1484],"If you constantly have to question if you’ve achieved product-market fit, you may not have it",{"_key":1615,"_type":174,"marks":1616,"text":185},"k192",[],[],{"_key":1619,"_type":170,"children":1620,"markDefs":1625,"style":1499},"k196",[1621],{"_key":1622,"_type":174,"marks":1623,"text":1624},"k195",[],"More resources about product-market fit surveys",[],{"_key":1627,"_type":170,"children":1628,"level":1200,"listItem":1329,"markDefs":1634,"style":190},"k202",[1629],{"_key":1630,"_type":174,"marks":1631,"text":1633},"k201",[1632],"k197","See the 2015 results of Slack’s product-market fit survey and their questions.\n‍",[1635],{"_key":1632,"_type":188,"externalUrl":1636,"linkType":145},"https:\u002F\u002Fhitenism.com\u002Fwp-content\u002Fuploads\u002Fslack-pm-fit-survey-pdf.pdf",{"_key":1638,"_type":170,"children":1639,"level":1200,"listItem":1329,"markDefs":1645,"style":190},"k206",[1640],{"_key":1641,"_type":174,"marks":1642,"text":1644},"k205",[1643],"k203","User Interview’s product-market fit interview comprehensive template",[1646],{"_key":1643,"_type":188,"externalUrl":1647,"linkType":145},"https:\u002F\u002Fdocs.google.com\u002Fspreadsheets\u002Fd\u002F1tG0aElHT2gTN5AaTnDo7WWiN5v3OieGajdD5n33Df6o\u002Fedit#gid=123966766",{"_key":1649,"_type":170,"children":1650,"markDefs":1655,"style":1187},"k209",[1651],{"_key":1652,"_type":174,"marks":1653,"text":1654},"k208",[],"2. 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However, a 2017 analysis of",{"_key":1707,"_type":174,"marks":1708,"text":1710},"k233",[1709],"k229"," venture capitalist data",{"_key":1712,"_type":174,"marks":1713,"text":1714},"k234",[]," by Sebastian Quintero suggests start-up founders should aim for a bigger buffer.",[1716],{"_key":1709,"_type":188,"externalUrl":1717,"linkType":145},"https:\u002F\u002Fmedium.com\u002Fjournal-of-empirical-entrepreneurship\u002Fhow-much-runway-should-you-target-between-financing-rounds-478b1616cfb5",{"_key":1719,"_type":170,"children":1720,"markDefs":1733,"style":190},"k250",[1721,1725,1730],{"_key":1722,"_type":174,"marks":1723,"text":1724},"k246",[],"Quintero summarised his findings",{"_key":1726,"_type":174,"marks":1727,"text":1729},"k247",[1728],"k237"," in this table",{"_key":1731,"_type":174,"marks":1732,"text":185},"k248",[],[1734],{"_key":1728,"_type":188,"externalUrl":1717,"linkType":145},{"_key":1736,"_type":154,"height":1737,"position":1264,"url":1738,"width":1739},"k251",1117,"https:\u002F\u002Fcdn.aspireapp.com\u002Fwebsites\u002Fblog\u002F06701947c0746c9409ab28368638454b\u002Fwhen-to-seek-funding_body_when-to-seek-funding-body-table_2.png",1708,{"_key":1741,"_type":170,"children":1742,"markDefs":1755,"style":190},"k262",[1743,1747,1752],{"_key":1744,"_type":174,"marks":1745,"text":1746},"k259",[],"He recommends start-ups have at least 18 to 21 months of runway, depending on their ",{"_key":1748,"_type":174,"marks":1749,"text":1751},"k260",[1750],"k256","fundraising stage",{"_key":1753,"_type":174,"marks":1754,"text":185},"k261",[],[1756],{"_key":1750,"_type":188,"externalUrl":1757,"linkType":145},"https:\u002F\u002Faspireapp.com\u002Fblog\u002Fan-introduction-to-seed-funding",{"_key":1759,"_type":170,"children":1760,"markDefs":1765,"style":190},"k270",[1761],{"_key":1762,"_type":174,"marks":1763,"text":1764},"k268",[],"Ultimately, the right amount of funding buffer depends on multiple other factors like your business model, product and other revenue sources. 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Your investor becomes your business partner who may have a different vision for your company.",[],{"_key":2086,"_type":170,"children":2087,"markDefs":2092,"style":1433},"k446",[2088],{"_key":2089,"_type":174,"marks":2090,"text":2091},"k443",[],"Besides, if you can grow your business a bit longer on your own, you’ll be able to raise more capital when you finally decide to look for funding.",[],{"_key":2094,"_type":170,"children":2095,"markDefs":2100,"style":1321},"k449",[2096],{"_key":2097,"_type":174,"marks":2098,"text":2099},"k448",[],"Who are you raising capital from?",[],{"_key":2102,"_type":170,"children":2103,"markDefs":2117,"style":190},"k457",[2104,2108,2113],{"_key":2105,"_type":174,"marks":2106,"text":2107},"k454",[],"There are multiple ",{"_key":2109,"_type":174,"marks":2110,"text":2112},"k455",[2111],"k451","methods of start-up funding",{"_key":2114,"_type":174,"marks":2115,"text":2116},"k456",[],". Are you looking for friends and family with money on the side? 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Look at factors like the size of the investment, geography and target industries.",[2201],{"_key":2194,"_type":188,"externalUrl":2202,"linkType":145},"\u002Fblog\u002Fhow-to-choose-an-investor",{"_key":2204,"_type":170,"children":2205,"markDefs":2210,"style":1321},"k503",[2206],{"_key":2207,"_type":174,"marks":2208,"text":2209},"k502",[],"How much are you raising?",[],{"_key":2212,"_type":170,"children":2213,"markDefs":2218,"style":190},"k506",[2214],{"_key":2215,"_type":174,"marks":2216,"text":2217},"k505",[],"It’s a rookie mistake to start looking for funds without knowing how much you need.",[],{"_key":2220,"_type":170,"children":2221,"markDefs":2226,"style":190},"k509",[2222],{"_key":2223,"_type":174,"marks":2224,"text":2225},"k508",[],"Here are three ways to figure out how much you should ask.",[],{"_key":2228,"_type":170,"children":2229,"markDefs":2234,"style":1499},"k512",[2230],{"_key":2231,"_type":174,"marks":2232,"text":2233},"k511",[],"1. 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Determine how much money you need to secure your next milestone",[],{"_key":2276,"_type":170,"children":2277,"markDefs":2282,"style":190},"k530",[2278],{"_key":2279,"_type":174,"marks":2280,"text":2281},"k529",[],"Taking your business to the next level may require a serious investment. In some cases, it’s not just about keeping the business running for another two years but about adding new assets too. So be sure to include costs for hiring, research, acquiring new physical locations and other operational needs.",[],{"_key":2284,"_type":170,"children":2285,"markDefs":2290,"style":1499},"k533",[2286],{"_key":2287,"_type":174,"marks":2288,"text":2289},"k532",[],"3. 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Start in time so you can close the deal before you run out of money.",[2373,2375],{"_key":2357,"_type":188,"externalUrl":2374,"linkType":145},"https:\u002F\u002Faspireapp.com\u002Fblog\u002Ffundraising-for-start-ups-guide",{"_key":2366,"_type":188,"externalUrl":2376,"linkType":145},"https:\u002F\u002Fwww.forbes.com\u002Fsites\u002Falejandrocremades\u002F2019\u002F01\u002F03\u002Fhow-long-it-takes-to-raise-capital-for-a-startup\u002F",{"_key":2378,"_type":170,"children":2379,"markDefs":2384,"style":1321},"k579",[2380],{"_key":2381,"_type":174,"marks":2382,"text":2383},"k578",[],"What will you do to raise funds?",[],{"_key":2386,"_type":170,"children":2387,"markDefs":2392,"style":190},"k582",[2388],{"_key":2389,"_type":174,"marks":2390,"text":2391},"k581",[],"Think like a project manager and build a tracker to measure your progress. It should clearly outline the names of your target investors, points of contact and dates of your planned outreach\u002Fmeetings. 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investment.",[],{"slug":1148,"title":1149},{"_type":154,"alternativeText":2797,"height":2798,"url":2799,"width":2800},"When to look for start-up funding",1260,"https:\u002F\u002Fcdn.aspireapp.com\u002Fwebsites\u002Fblog\u002Fdc5aedda504757c9593a6f28a4fe443d\u002Fwhen-to-seek-funding_cover.webp",2400,[2802],{"_key":2803,"_type":170,"children":2804,"markDefs":2808,"style":190},"k0",[2805],{"_key":1183,"_type":174,"marks":2806,"text":2807},[],"How do you know when to raise money for your start-up? We’ve outlined five milestones start-ups should achieve before they seek funding.",[],[2810,2816,2823],{"_key":1194,"_type":170,"children":2811,"markDefs":2815,"style":190},[2812],{"_key":1180,"_type":174,"marks":2813,"text":2814},[],"It’s tempting to raise money when you have a brilliant idea that’s a little out of budget.",[],{"_key":1192,"_type":170,"children":2817,"markDefs":2822,"style":190},[2818],{"_key":2819,"_type":174,"marks":2820,"text":2821},"k6",[],"But are you really ready to look for funding and bring new partners on board?",[],{"_key":1206,"_type":170,"children":2824,"markDefs":2835,"style":190},[2825,2829,2832],{"_key":2826,"_type":174,"marks":2827,"text":2828},"k13",[],"Let’s look at the five milestones every ",{"_key":1209,"_type":174,"marks":2830,"text":2831},[1189],"start-up",{"_key":1214,"_type":174,"marks":2833,"text":2834},[]," should consider before raising funds.",[2836],{"_key":1189,"_type":188,"externalUrl":2837,"linkType":145},"https:\u002F\u002Faspireapp.com\u002Fblog\u002Fget-into-a-startup-incubator","2025-07-03T00:00:00.000Z",{"_type":149,"metaDescription":2807,"metaTitle":2840,"socialShareImageUrl":2841},"Five Milestones to Reach Before You Raise Funds",{"_type":154,"alternativeText":2797,"height":2798,"url":2799,"width":2800},"when-to-seek-funding",1790926630679]