Raising investor money means selling your business before you're even done with it. Sometimes before you've even started it. I mean, that's what all that equity that gets cleaved off represents.
And generally, you'll get your worst terms the earlier you solicit those funds.
If you don't need those funds, it's (mostly) to your advantage to hold off on raising them until you've got your feet underneath you and a company whose future is less disputable.
On the way there, you may even decide not to sell much to investors at all, which makes a big difference if you actually care about either your product or your team. Because your outside investors will rarely care about either and will often convince you to compromise both. They're financiers, and they're there for the money. You should be sure your objectives align with theirs before you sell to them.
And generally, you'll get your worst terms the earlier you solicit those funds.
If you don't need those funds, it's (mostly) to your advantage to hold off on raising them until you've got your feet underneath you and a company whose future is less disputable.
On the way there, you may even decide not to sell much to investors at all, which makes a big difference if you actually care about either your product or your team. Because your outside investors will rarely care about either and will often convince you to compromise both. They're financiers, and they're there for the money. You should be sure your objectives align with theirs before you sell to them.