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Here are 8 More Things First Time Founders Should Know Starting a business is a challenging and often unpredictable journey, but with the right mindset and preparation, it can be incredibly rewarding. Here are ten essential points to keep in mind if you're considering launching your own startup: (1) Raise money the right way. There are regulatory and business rules around fundraising, and plenty to learn and practice before you can do it correctly. Avoid brokers and finders, and steer clear of anyone who promises help without investing their own money or effort. Always seek legal advice. (2) Keep meticulous records. Never run a company without a bookkeeping system from day one. Organize and save records of every transaction and expense diligently. (3) Understand vesting. Vesting isn’t optional, and even founders’ shares should vest over time with a cliff. Familiarize yourself with these terms and plan for the departure of founders and key employees well in advance, rather than in the midst of a termination or resignation. (4) Commit to continuous learning. Deeply understand your market, customers, competition, technology, and trends. Read extensively, network, and stay updated with the latest news. (5) Build on past inventions. Everything worth doing has been attempted before, and most successful new approaches are already established. If you believe you have no peers, predecessors, or competition, you’re either mistaken or pursuing something insignificant. (6) Embrace imitation. There’s no shame in copying others. Whatever you do can be replicated. Strive to be the best, not necessarily the first or most original. (7) Play your own game. You can’t outdo the world’s best on their own terms, so create a different game with rules they can’t follow. Serve their customers ten times better, cheaper, and with something more compelling—that’s the margin required to beat an incumbent. (8) Recognize failure as a symptom. Startups die when they run out of money, but that’s not the core issue. The real problem lies in bad decisions, unaddressed systemic flaws, and a lack of preparation and proactive planning for when things go wrong.

3 Financial Tips That Can Make or Break Your Startup Starting a business is tough, and managing your money right from the start is crucial. Here are three practical financial tips to help your startup succeed. 1. If you pay your suppliers too quickly, it can hurt your cash flow. Try negotiating for longer payment terms. For example, instead of paying in 30 days, see if you can extend it to 60 days. This gives you more time to manage your cash better. 2. Budgets can quickly become outdated, especially in a fast-moving startup. To stay on top of your finances, update your financial forecasts regularly, like every month or quarter. This helps you keep track of your money and adjust your plans based on real-time data. 3. How you mix debt and equity (borrowed money vs. investor money) affects your financial health. Make sure you’re not relying too much on loans or investors. Find a balanced mix that supports your growth without straining your finances. By negotiating better terms with vendors, keeping your forecasts up-to-date, and balancing your funding, you can avoid common pitfalls and set your startup up for success. Have these tips helped your startup? Share your thoughts in the comments! #finance #startup #management #funding #entrepreneurship

A lot of people are trying to start a new business. Part of the reason why many people aren't successful at that is because they don't understand the economics and finances of a business. One of the biggest myths that seems to be pushed around is that there are these mysterious "investors" that will help support your business with cash early on and that will make your efforts easier. I see a lot of startup founders seem to treat this pursuit of investor money as their golden ticket, or at least, their start. You don't need investors to make money, but you do need to understand money. I have a proposition for anyone out their trying to raise money, have you considered what it would look like to not? At this point I've seen north of 500 company pitches in one form or another and there are common themes. Most startup founders are pitching a business that may require significant cash to do the way they are thinking, but almost every time I've seen a pitch I have seen a smaller scale version of the business they could deploy without needing outside money (or needing a lot less). At the core of a business, it should be turning a profit. So here is a thought question if you are in this position: How would your business be different if instead of looking for investor money you simply tried to create a product or service people wanted to use and would pay you for? A common theme I've seen is that the startup founder may wish to offer some automated or scalable version of a service, but they could offer a different version now. With BigTB, we love doing new product launches. The work is fun, the engineering problems are interesting, and the potential upside is massive. That said, we're able to avoid needing any external money because we do services work. What would that look like in your business? Would it be easier to find customers and use those revenues to fund your growth? A big part of the reason why I think this is an important goal is that it helps really target understanding how to make money in that industry. If you do end up needing investors, it is much easier to pitch "I have a business that is making some money now, but with investment we could make more because of (x, y, and z)" than it is to say "I have nothing right now, but if you give me money then I can build it". Whatever you're off to this Monday, good luck!

The 7 deadly sins of a start-up: 1. Pride Founder ego is the biggest threat to a business. There’s a difference between being proud and having too much pride that can turn into arrogance. Always keep a humble attitude and give gratitude to your team. 2. Impatience Rome wasn’t built in a day and neither was Apple, Tesla or Nike. As a founder it’s good to have goals, however, don’t get caught up in the timeline of it all. One business can take 10+ years to build, another might only need 2. 3. Greed Don’t start a business just because you want to get rich quickly. Start one because you have a problem to solve, a great idea and a relentless passion to see it through. It takes a lot of hard work and sacrifice so be prepared. 4. Envy Focus on your business, your goals and your team. You should be aware of who your competitors are, but don’t become obsessed with what they’re doing. 5. Pessimism Optimism is contagious, but so is pessimism. You need to hire a team who are fully on board with your vision and will ride out the tough times as well as the good times. I’ve always said, hire slow, fire fast. 6. Complacency Just because things are going well, doesn’t mean there isn’t room for improvement. Constantly keep looking for ways you, your team and your product can improve. Keep striving to make things better, even if it’s only marginally. 7. Fear If you’re building a startup, you need to leave fear behind. You will be tested, you will doubt yourself and the potential of your idea. You will wonder what people might say. But none of that is going to grow your business. The only fear you should have as a founder is that your idea will remain nothing more than an idea forever.

Ready to turn your business idea into a reality? Before you take the leap, make sure you've considered these 5 crucial factors! Read our latest article to discover the secrets to launching a successful startup in uncertain economic times. #Financial

Ready to turn your business idea into a reality? Before you take the leap, make sure you've considered these 5 crucial factors! Read our latest article to discover the secrets to launching a successful startup in uncertain economic times. #Financial

Start Strong with Total Solutions: Exclusive Services for Startups Building a startup is no small feat, and Total Solutions understands the unique challenges faced by new businesses. Their exclusive startup services are tailored to help founders overcome early obstacles and accelerate growth. From financial guidance to market positioning, Total Solutions equips startups with the essentials to make an impactful market entry. Here’s how: Key Services to Fuel Your Startup Strategic Business Planning Every successful startup begins with a solid plan. Total Solutions offers personalized business planning services, turning innovative ideas into structured strategies for long-term success. This includes roadmap creation, goal setting, and actionable steps designed to boost your startup's growth potential. Financial Expertise for Smart Growth Managing finances is often a challenge for new businesses. Total Solutions assists with budgeting, cash flow optimization, and investment sourcing, so your startup can scale without financial strain. They provide expert insights to help you make sound financial decisions and avoid common pitfalls. Market Positioning and Brand Development In a crowded market, standing out is essential. Total Solutions helps startups develop a distinct brand identity and effectively position themselves to reach their target audience. From identifying your unique value to creating cohesive brand messaging, they guide you in crafting a memorable market presence. Legal Compliance and Risk Management Navigating the legal landscape can be daunting for startups. Total Solutions offers compliance support, including registration assistance and policy guidance, to ensure your business adheres to necessary regulations and mitigates potential risks. Why Partner with Total Solutions? Total Solutions combines expertise, industry insights, and a personalized approach to fuel startup success. With their support, you can focus on innovation while they handle the complexities of business planning, finance, branding, and compliance. Ready to give your startup the best foundation? Explore Total Solutions’ services today and take your business to the next level. For more details, visit us at Total-sols.com Contact us: 9972039806 #financialaccounting #accounts #tax #accounts #accounting #branding #planning #compiance #loanapplication #msme #sme #ownbusiness #totalsolutions #arin #businessman #businessowner #entrepreneur #entrepreneurlife #taxation #businesswoman #womanentrepreneur #enterperneurship #smallbusiness #smallbusinessowner #smallbusinesssupport #businesssuccess #businessstartup #businesshelp #education #training #india #global

I’ve worked with over 700 startups—here’s what the most successful ones have in common. Success isn’t just about what you sell. It’s about having a strong financial foundation. After working with more than 75 SMBs, I noticed a clear pattern: “the ones that thrive aren’t always the ones with the most innovative product or service” The real difference lies in how they manage their finances. The most successful businesses share three key habits that keep them ahead of the game and financially stable, no matter the industry. Here are the 3 common habits of successful startups: 1️⃣ Clean Books - They keep their financial records accurate and up-to-date. This gives them a clear view of trends, cash flow, and helps them make smart decisions. 2️⃣ Crystal-Clear Reports - Their financial reports are simple, clear, and actionable. Easy-to-understand reports make it easier to assess performance and set strategic goals. 3️⃣ Consistent Monthly Financial Reviews - Every month, they review their financial reports. This consistent review helps them catch potential issues early and adjust before they turn into bigger problems. How often do you review your financial reports? If it’s not monthly, you could be missing key insights that drive success. #financialfoundation #SMBsuccess #businessgrowth #financialmanagement #entrepreneurship 👋🏾 My name is Samuel Ajala, and I’m a fractional CFO for startups wanting to scale by improving cash flow. 👆🏾 Follow me for more insights on Startup, Scaleup, Cash flow, and Taxes. ♻ Repost this if other founders would find this helpful.

A lot of people start operating as founders way before they actually become one. And no, I’m not talking about just building side-projects. More importantly, people start thinking of money in terms of (personal) runway. Regardless of what position you are at, if you have never left steady income, it’s going to be at least a bit of a stress. The way to reduce that stress is to have a savings corpus that lasts you ~1-2 years without any income. (This applies differently to you if you are a college student starting out). There are multiple repercussions here. 1️⃣ Not upgrading your lifestyle when you have steady income —> This requires an active effort because most likely, your peer group will be upgrading theirs and the temptation to do the same will be too high. E.g. Being satisfied with a filter coffee instead of a Starbucks, a domestic trip instead of an international one and so on... Quick sidebar: If you’re interested in other things, there’s nothing wrong about it. But know that it will make your runway requirements that much higher. 2️⃣ Not having additional money obligations —> Most prominent one here is buying a house and paying EMIs, but there can be other such obligations as well. Almost every first time founder I know didn’t buy a house even when they could have easily done so, just to avoid the future money stress. 3️⃣ Not being too conservative about runway —> A lot of people use benchmarks like “I’ll startup when I’ve enough money to not work ever again.” This is a dangerous trap. That’s the equivalent of saying I’ll do cliff jumping but only from Everest. There’s a reason why I mentioned 1-2 years and not anything more. It is definitely true that starting a startup itself comes from some position of privilege. Not everyone can play on high risk mode. But if you’ve already decided to do so, know that operating frugally is the first lesson of any business, one that you’ll need to learn way before you start one. ------------------------------------------------------------- There are a lot of things that go into building a startup before actually building one —> the -1 to 0 phase. I’ll cover more of these in the next few posts, do follow if you want to stay updated. 

Starting a business and growing it past the $500k mark can be a challenging journey. Here are the top 10 struggles that many businesses encounter during this phase: Funding: Securing adequate funding to cover startup costs and sustain growth is often a significant challenge for startups. This includes initial capital investment as well as ongoing operational expenses. Market Validation: Validating the product or service in the market and gaining traction can be difficult. Understanding customer needs and preferences and adjusting the offering accordingly is crucial. Building a Team: Recruiting and retaining talented individuals who are passionate about the company's vision can be tough, especially for startups with limited resources. Marketing and Branding: Creating brand awareness and effectively marketing the product or service to the target audience is essential but can be expensive and time-consuming. Customer Acquisition: Acquiring the first set of customers and then scaling customer acquisition channels while maintaining a positive return on investment (ROI) is a common struggle. Operational Efficiency: Optimizing processes and workflows to ensure efficient operations becomes increasingly important as the business grows. Competition: Facing competition from established players in the industry and differentiating the business from competitors is a constant challenge. Scaling Infrastructure: Scaling the business infrastructure to handle increased demand while maintaining quality and customer satisfaction can be complex. Cash Flow Management: Managing cash flow becomes critical, especially during periods of rapid growth when expenses often increase but revenue may not yet have caught up. Regulatory Compliance: Navigating legal and regulatory requirements, such as licenses, permits, taxes, and compliance standards, can be challenging for startups, particularly as they expand into new markets or industries. Addressing these challenges requires resilience, adaptability, and strategic decision-making. Seeking guidance from mentors, networking with other entrepreneurs, and continuously learning from both successes and failures can help businesses overcome these obstacles on their path to growth. Manfre and Associates Consulting Services specializes in working with resources of lenders, marketing strategies, hiring practices and much more to help bridge the gap for business owners needing guidance to scale their businesses. Don't wait start planning and scaling today. Learn more: https://lnkd.in/gPa9S9Xw