It is a thing, but basically most intial business loans boil down to signature loans. You sign as an individual and you are on the hook personally.
Sure an established business might get a loan collateralized against business assets such as inventory, real property, recievables, etc. Or a line of credit for cashflow.
Anyway, the simplest thing that might work is charging more for the existing product so you can support existing customers.
In part because $1m/year is not enough to make sense to an established angel investor. But mostly because charging more money is a good way to make more money; a good test of viability; and the simplest thing that might work.
Finally, be clear on the competing ideas. One is getting a new job. The other is owning/building your own business. They are not mutually exclusive. You can get a new job and continue building your side project organically.
Indeed a plan to build your side project organically over a few years is not the only option. Another is to build a new project that is easier to turn into a business (maybe even one that resegments your existing product under a new brand).
Keeping in mind that getting other people's (friends, family & fools) money is a lot of work that doesn't bring in revenue.
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[random advice from the internet]
Maybe a business loan (is that even a thing?).
It is a thing, but basically most intial business loans boil down to signature loans. You sign as an individual and you are on the hook personally.
Sure an established business might get a loan collateralized against business assets such as inventory, real property, recievables, etc. Or a line of credit for cashflow.
Anyway, the simplest thing that might work is charging more for the existing product so you can support existing customers.
In part because $1m/year is not enough to make sense to an established angel investor. But mostly because charging more money is a good way to make more money; a good test of viability; and the simplest thing that might work.
Finally, be clear on the competing ideas. One is getting a new job. The other is owning/building your own business. They are not mutually exclusive. You can get a new job and continue building your side project organically.
Indeed a plan to build your side project organically over a few years is not the only option. Another is to build a new project that is easier to turn into a business (maybe even one that resegments your existing product under a new brand).
Keeping in mind that getting other people's (friends, family & fools) money is a lot of work that doesn't bring in revenue.
Good luck.