Sponsored by Intuit QuickBooks

 

“Raising money is a full-time job.” -Every entrepreneur ever

 

That’s at a baseline. Over the last four years, I’ve found this to be true myself, as we’ve built WYL. While I could speak to a myriad of factors that have played into this, beyond the scope of the business and platform itself, I’d like to key in more so on what it means financially for the business when you have to hustle and be creative in securing the bag for your start-up.

 

In the last 4 years, WYL has raised money in the following ways (in order):

1. Bootstrapping
2. Competition wins  grant money
3. Friends and family assistance (<$25k)
4. Accelerators

5. Revenue
6. Credit
7. Angel investment
8. Government investment
9. Pulling from Ofo’s insurance policy
10. Online equity crowdfunding
11. VC/Accelerator

 

That’s 11 different ways in which we secured the bag! 11! When it comes to a corporation, it’s super important the cap table structure and equity splits are clear. So, you’re probably thinking, how on earth have we managed to keep a clean cap table,
substantial ownership of our business, and sleep well at night. Well, a large part of this is due to our own grit and determination, having meticulous lawyers who scrutinize everything, having amazing accountants who are keeping everything moving smoothly,
and by having the right tools necessary to generate reports – keep things inline – and that help you to articulate your vision through the proper business channels.

For us, one of the best tool that’s allowed for us to keep on top of our quarterly reports, balance sheets, profit and loss statements, cash flow, and more, has been QuickBooks.

Our accountant brought QuickBooks to our attention some time ago and we’ve been using it ever since. In real-time, I’m able to access the downloadable reports I need to provide investors, business programs, and that I need for internal financial health
reports.

 

The reality is, as we continue to grow, bring on additional funding, and generate substantial revenue, we’ll need all the top functioning tools necessary in order to keep things copasetic for reporting purposes and to ensure that all the puzzle pieces fit. We
feel QuickBooks will continue to be one of those top tools for us.

Written By

Ofo Ezeugwu (@ofoezeugwu) is the CEO & Chieftain of WhoseYourLandlord. He graduated from Temple University (shout out to N. Philly!), where he was the VP of the student body and also the university's youngest alumni convocation speaker ever. He's a Techstars'​ Risingstar, one of BET's #30Under30, a Black Enterprise: Modern Man, and his work has been featured in Newsweek, TechCrunch, The San Francisco Chronicle, The Philadelphia Inquirer, MSNBC, and more. Ofo is based in NYC/PHL and is also a professional actor and model who's walked in NYFW, been featured on the Today Show six times, and worked with Nike, ESPN, and Alfani. Ofo is also very actively plugged into the community and speaks with local high schools and middle schools on leadership, college planning, entrepreneurship, and life skills. He's a Big in the Big Brothers Big Sisters entrepreneurial program. And, he's also spoken on tech - entrepreneurship - and leadership at prestigious universities and institutions such as The White House, Harvard, Princeton, Columbia, Penn, Temple, Villanova, etc. He lives by the motto, "No steps backward; just forward progress."