Nobody said it was going to be easy…5 questions every start up needs to keep handy
Starting a new business can be an emotional and financial roller coaster. In my opinion, the highs far outweigh the lows, but there can be tough times that have to be met head on.
Unless you’re lucky enough to have deep pockets, or have an investor with them, funding a start up can be overwhelming, especially as a number of obstacles can typically arise due to not having enough money in reserve or the revenue coming in doesn't cover all the start up costs. It’s at this point that doubts can creep in and thoughts such as, “I’ll get a job for a few months to pay the bills and then come back to this,” go round in your head. If you go down that route you may well "go back to it” once you've got some additional cash, but the opportunity may have passed. What’s also likely to happen is that you won’t go back as momentum and enthusiasm may wane or priorities change.
It’s at this point that you should ask yourself a few questions:
1. Are we nearly ready to launch?
2. Has there been a good level of interest and positive feedback to date?
3. Is there enough interest to show that there is a large enough market for it?
4. Will initial sales come in quickly?
5. Have we got (or can we get) enough in reserve to keep going to plug the gap between new sales and actual money going into the bank account?
I know there are other factors to look at and you will have asked yourself some of those questions at the planning stage, but if you can answer yes to all of the above, then stick with it and don’t give up. If other people believe in what you are doing and there is a genuine interest in the product or service that your new business is offering then you’re onto something.
We went through the same moment when doubt creeps in, like many start ups, but we had a real belief that Mitingu brings something new and fresh to the events industry. We had some terrific feedback early on, which has only continued since and we're working with some outstanding brands who are seeing brilliant results with Mitingu. It goes without saying that you need to continue to monitor your monthly costs (just as any business does no matter how old or new) and in turn how much business you need to bring in as you grow your company. Pairing a good sense of accounting, with being invested in your company and/or idea is what we believe is a basic formula for a start up.
But our biggest lesson and the moral of this story, is that every time that voice in your head tells you maybe this wasn't such a great idea, ask yourself the 5 questions above. If you can say YES to all 5 then put that thought to rest and go and make a success of your business!
Read the first episode in this series to find out more about our journey so far.