The loan will pay for the rest of software I'm building that will automate the deployment of my SaaS platform. This cuts my development time for each new client down by 95% - making me scalable. In a few months I will have it in my hands ready to open up my marketing activity now that I can deliver much more rapidly. It's tempting to use some loan money for marketing activity. Full disclosure, I don't know how to approach marketing yet.
Simple answer, YES ... with one proviso. Cutting development time by 95% makes additional cash very attractive. On the flip side, too much money too soon can make you sloppy and wasteful ... so find one or two competent people to hold you accountable and don'r spend a discretionary cent without their prior approval. Have you tested your market yet? If not, you may simply be digging a deeper debt hole. Watch out! Check your market!
Answered 8 years ago
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