Looks like the startup bug has bit every individual across the globe. The world is witnessing a barrage of ventures who are coming out with exceptional concepts and innovative ideas, to solve some of the intriguing problems for a business consumer or the end user; though there are the occasional ones that don’t cross the line.
Most entrepreneurs are either not wary of the pitfalls or tend to have a blurred vision by just looking at the rosy picture of meetings, presentations, workshops, flashy offices and so on. However, what they don’t anticipate various factors that can surmount to unimaginable costs that can just cause a major dent in a startup’s balance sheet.
Having a strong business plan is one of the key and the most basic element to begin with. It is not just about numbers, but it’s a guiding document that helps a startup to keep a sanity check on where they are heading. It ensures that an entrepreneur is neither over-aggressive nor too complacent.
Another important factor that startups need to work on is to maintain the right team structure, particularly the technical staff. You can’t have too many eggs in one basket. For an early startup, it is better to have a lean structure, and possibly utilize services of other development providers who can offer a better bandwidth in terms of resources.
Remember! there is no harm in seeking help from others. If it brings down your total cost of operations, then it is the best approach. SeaMonk has been associated with startups who leverage our technical resource matrix that helps them to complete their work.
Subsequently, every startup, be it an early stage one or one that has undergone multiple rounds of funding, has to keep a check on their finances. Avoiding unwanted expenditures on superfluous things may just pile up to your costs which will be a major factor that investors will look into while evaluating a startup for pumping in funds. The founders need to be on their toes and keep the target in mind on when they plan to take the product to market, when is the beta phase scheduled, when is the alpha and then the final launch. Hence, it becomes even more important for one of the founders to have a strong project management experience.
Finally, startups can try to outsource all non-core activities to other service providers. This includes components like website design, UI and UX development, digital marketing and so on. Service providers like SeaMonk offer a bundle of services for startups to ensure that they focus on their core task of product development while the service providers cater to the other tasks.
In a nutshell, to initiate a startup is easy but to sustain it, is a challenge. The reasons startups fail is because they deviate from the business plan that was initially formulated. You can’t change course of a ship, once it is set to go in a specific direction. Chances are, you will hit a storm.
About SeaMonk Solutions
SeaMonk Solution is a next generation software development company that has harnessed the power of modern age technology to deliver scalable and tailor-made solutions for our customers. Our monks reside in India, and help our customers in the U.S, Canada, Europe and Australia. We started our journey in 2014 and today we have more than 50 technically sound professionals, who can take up any challenge in the industry.
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