Startups face a lot of challenges in their initial stages of growth. This blog has covered some of the team dynamics and social media strategies that startups can employ.
Entrepreneur Magazine however, recently covered four potential problems that can plague startup businesses: (1) over-developing an initial product; (2) making sure that those who support the business will pre-purchase a product; (3) overlooking costs to produce and maintain products; and along with that, (4) not understanding the profit versus cost margins.
All of the points outlined by the Entrepreneur article can best be summarized by common-sense and pragmatic initiatives on the part of businesses. Making sure that a product is accessible, not too complicated, and is more importantly, marketable is crucial.
Lewis Howes, co-author of LinkedWorking notes that all startup business should, “Test all of your assumptions on paper first, know your costs, factor in the unexpected and then decide if it’s even worth testing. Only after you’ve completed those steps should you consider moving forward with a new venture.”
Need a quick cash flow to launch your startup or push a new version of your product into the market? Overnite Capital can help you, today. We aim to create a positive environment for all our clients and focusing on the team-oriented mentality you want and deserve from a financial partner. Call 1-800-957-4309 or press the Contact Us button, today!