1. The vision is still fuzzy and hasn’t come into focus yet—if you’re still sorting out the market and your position in it then you need to gain more clarity on the space and your company’s position.
2. The team isn’t in place yet—if you still have major holes in the team that you are seeking to fill, you need to find candidates for those positions before funding.
3. You haven’t identified the repeatable business model—if you’re still pivoting from one business model to the other then you’re not ready for funding. You need to have a business model that is predictable at some level.
4. You don’t have your financials under control—if you don’t know how much to budget for expenses or what the impact of a sales increase on your bottom line may be, then you’re not ready for funding.
5. There’s no clear path to profitability—if you don’t see how you can grow to a profitable position with your current business model, then you’re not ready for fund raising.