Hi guys, need some advice.
I work FT in corporate land and launched a small business in November 2016. It's a very niche business selling hand dyed fabrics, fibers and supplies for crafts.
Since November growth has been steady and I've hit $3K in monthly sales. Part of that is comprised of monthly subscription club sales (at least 50%) so I have some stability there with a very low churn rate on subscribers. All of this growth has been organic with no paid advertising.
I made an initial personal investment of about $500 and it's been completely self-funded since then. I've not drawn any funds out as a paycheck but I've also made investments in equipment to operate more efficiently so I don't have piles of cash at the moment.
The only limiting factor right now is my time. I work FT and am hitting the ceiling of what I can do in my job-work hours…my day job is pretty demanding and I'm fried. I see so many growth areas for my business but am struggling with time.
I think I could get by with this income plus a part time job but I'm scared to make the leap. But I'm also afraid if I don't keep with demand and growth opportunities my business will fizzle and I want this to be my full time occupation. My sales are more than covering my operational cash flow needs but it's my personal living expenses which are keeping me from pursuing this full time. I don't have any emergency fund to speak of and honestly when I started this business I thought I would have much more time to save that up because I figured it would take at least 1-2 years to start reaching these kinds of sales.
Anyone been here? Should I try to investigate outside funding?