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Hand pointing at abstract drawn lamps and business sketch on concrete background. Idea concept
Whether you are a start-up enthusiast or an experienced businessperson, if you are planning to begin a new venture this year, there are certainly some business ideas that are better than others for your next start-up. Considering everything, eventually you have to ask yourself what excites and inspires you so that you can render joy and peace of mind.

Though you may be earning a handsome salary from your current job, it may not be offering you the adequate happiness, flexibility, and independence that you truly deserve. Remember, having a higher quality of life and more freedom are always better than making more money. In fact, your happiness and satisfaction immensely impacts your workplace productivity. Hence, if you are simply unhappy with your present employment, it is time to either switch jobs or follow your passion.

With that in mind, the following are ten exciting business ideas suitable for your next start-up. Fortunately, you can run most of them as a location-independent company. Certainly, they are great for you if being a digital nomad is your inherent lifestyle.

1. Photography or Video

If you are creative enough to capture a story through your camera, then photography or video-making are suitable professions that you can turn into your next start-up. In fact, these business ideas are the type of jobs that you practice as a freelancer or as a side business along with your 9-5 job. Just remember, choose an exciting niche and stick with it. If you love capturing weddings, focus on that. Likewise, if you specialize in filming promotional videos or taking professional head-shots, market that expertise.

2. Smart Device Repair

You see smart devices like tablets and cellphones in just about everyone’s hands. Regardless of what location we are talking about, almost everyone uses them to converse, surf the internet, and even for online commerce. And, more importantly, everyone relies on them. When the devices break or perform poorly, people need someone to help repair them. Irrespective of your location, you can fix those devices and make this business idea your next start-up.

3. Website Flipping

Website flipping is the activity of buying and selling websites on existing platforms with an aim to make some fast cash. There is obviously an art to this business idea which requires some research. However, once you have a good hand over it, it can simply be your next start-up to earn money.

4. Vacation Rental Management

With an expanding tourist industry, vacation rentals are rising at an exponential level. And, this segment is certainly one of the hottest business ideas in the hospitality industry today. Especially when you reside in a highly preferred tourist destination, you could easily manage apartments from homeowners who simply do not want to handle the hassle of listing, cleaning, stocking and dealing with prospective guests, thus, turning this opportunity into your next start-up.

5. Education Contents and Courses

If you are an expert in some arenas and are passionate about sharing your knowledge, skills and experience, then creating educational content and courses relevant to your expertise is one of the smartest business ideas that you can easily turn into your next start-up. In fact, there are many people out there seeking new education and to expand their set of skills. Thus, offering great instructional content can enable you to earn easy money.

6. Coaching Services

Piggybacking on the fifth great business idea, why not become a coach in an area that you are an expert in such as health, business, bookkeeping or computers? Becoming a coach is easier, irrespective of your location. Make the most of tech tools like Skype or Udemy to provide coaching services online and turn it into your next start-up. 

7. Writing

If you enjoy writing and people love what you write, consider turning your art of writing into your next start-up. This can earn you great money depending upon how you use it. Blogging is one of the easiest ways to do this. There are money websites like Make a Living Writing, the Write Life, and Be a Freelance Blogger who pay their guest bloggers a handsome amount.

8. Guided Tours

If you are located in a tourist area and love being around people, then guided tours are a great business idea that you should consider turning into your next start-up.

9. Social Media Management

Unsurprisingly, businesses are spending big budgets on social media management because of its potential to boost their business. As may people are well versed in social media, managing this can be an easy area to become an expert on. This potential business idea will earn great income and, we know, it’s not going anywhere any time soon!

10.  Ad Management Agency

This is relevant to the previous business idea. Although ad management can be trickier than social media management, it is far easier than website development or app debugging, yet still offers a great income. Also, learning it is simply takes as little as a few weeks. Thus, if you want to get into a new business as soon as possible, attempting to establish an ad management agency would be a great next start-up.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

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Starting a business is exciting, but there are many risks and challenges. Sustainability of the business is one of those challenges. Business does not only depend on accounting and bookkeeping for its sustainability. Good marketing strategies are a key to the sustainability of a business in the huge markets. A business can be long-lasting if it provides good quality products and services and good marketing tactics are used. If unique and effective marketing plans are not developed, competitors will take away the market and customers.  Today’s world is more challenging and competition is high, so sustainable marketing is an essential and continuous part of business sustainability.

Sustainable Marketing Tactics for a Start-Up

When a business is started, a whole lot of energy and investment is consumed in the launching of products and attracting new customers. The main focus tends to be on the sales of the products and services.

Sustainable marketing tactics must be used from the beginning of any start-up marketing tools. This will ensure a long lasting and successful business.

1. Identify and Focus On Your Target Audience

First of all, use various platforms to identify your target audience. You can search business strategies for other similar projects using social media. You probably have some kind of an idea who your potential customers might be, but try identifying them through social media platforms as well. Also, not only read the customers’ responses to your product, know about their social belonging as well. To get feedback, it is often asked which age group you fall in as well as your financial status, gender, student/working adult, and such other brief questions. This allows you to identify your potential customers.

After identifying your target audience, focus on your target audience. Keep in touch with them. Always listen to your target audience’s views and reviews. Develop your product or organize the services according to your target audience’s expectations. Broaden your audience once the business is established and starts growing. Now you have more of an audience to get responses from. Focus on all of them. Your business starts with your customers and ends with them too.

2. Use Unique, Creative, and Innovative Ideas for Marketing

Promote your offer in a creative way. No need to bombard messages to consumers to keep reminding them of your products. A creative message or video to advertise your product on social media will be liked by many. It will be spread to friends and family of consumers who like your creative message/video on social media. Keep using creative ideas for your product’s marketing. For example, a creative video may spread from a small bunch to millions of users on Facebook.

3. Approach your Customers Whenever Possible

Know when you can possibly connect with your customers. First know who your customers are. Where do they hang out, on social media or in superstores or wherever possible?  Know how to approach them and how to make them feel they are the main focus.

4. Aim for Repeat Business

 If you give discounts to your customers in during holiday seasons or during different times of the year, they will come back to you again.  Think of creative ways to encourage your customer to keep coming back.  These ideas should be enticing and beneficial for your customers. 

5. Focus on Existing Customers

In making new customers, never forget your existing customers. They are the reason behind your business so far.

6. Stay Up To Date on Start-Up Marketing Trends

Research as much as possible.  Find out what is and isn’t working for other similar companies in your industry.

7. Listen To Feedback

Always pay attention to the feedback of your potential customers on social media. Respond to queries of people on social media who want to know about your product. Develop your product to meet the needs of customers.

8. Market for the Right Reasons

Never try to promote a product for the wrong reasons or for the benefits it does not provide. You will lose your credibility forever.

9. Convert your Visitors into Customers

How responsive you are to your visitors will take you far. How capable you are in satisfying them with their queries will leave a good and lasting impression.

You should have a transparent business bookkeeping portfolio. Your company must abide by the laws. Provide your visitors with your achievements that are beneficial for the society. For example, your company is child-labor-free, you participate in social services, etc.

Conclusion

Sustainable Marketing techniques are essential for a long-lasting business. If marketing is done for rapid sales only in start-up and the demands of customers are not met, the product will lose its market share eventually. 

Check out America's Best Bookkeepers

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

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Start-ups have been the hyped-up success story of the former decade, with a few new companies not just hitting it big, but changing the face of business development. But for every successful start-up, countless others fail, sometimes mysteriously and often unobserved. No one goes into business expecting to fail, yet a good number of new start-ups do. In an effort to understand what causes failures, listed below are the top five reasons for why start-ups tend to fail.

1.  Market Problems

A major reason why new businesses fail is that they run into the problem of there being little or no market for the product that they have built. Here are some common indications:

1.  There is not a convincing enough value proposition to cause the buyer to actually commit to procuring. Good sales reps will tell you that to get an order in today’s tough circumstances, you have to find buyers that have their “hair on fire” or are “in thrilling pain”.  

2.  The market timing is not right. You could be ahead of your market by a few years and the public may not be ready for your specific resolution at this step.

3.  Luckily you may have had the funding to last through the early stages, but the market size of people that need your services and have funds to come to you is simply not large enough.


2.  Business Model Failure

One of the most common causes of failure in the start-up world is that entrepreneurs are too optimistic about how easy it will be to acquire customers. They assume that, because they will build an interesting web site, product, or service, that clienteles will beat a path to their door. That may happen with the first few customers but, after that, it quickly becomes an expensive task to attract and win customers if you do not have a proper business model in place.

The Capital Efficiency “Rule”

 If you would like to have a capital efficient business, it is believed to be important to recover the cost of acquiring your customers in less than 12 months. Wireless carriers and banks break this rule, but they have the luxury of access to cheap capital.


3.  Poor Management Team

An incredibly common problem that causes start-ups to fail is a weak management team. A good management team will be smart enough to avoid Reasons 2, 4, and 5 in the business.  Weak administration teams make errors in multiple regions:

1.    They are frequently weak on strategy, building a product that no one wants to buy as they failed to do enough work to validate the ideas before and during development.

2.    They are usually poor at execution which leads to issues with the product not getting built correctly or on time. The go-to-market execution will be poorly instigated.

4.  Running out of Cash

A fourth major reason that start-ups fail is that they run out of cash. A key job of the CEO is to understand how much cash is left and whether that will carry the company to a milestone that can lead to successful financing or to cash flow positive.

5.  Product Problems

Another reason that new businesses fail is that they miss the mark in developing a product that meets the market’s need. This can either be due to simple execution or it can be a far more strategic problem, which is a failure to achieve Product/Market fit. Most of the time, the first product that a start-up brings to market won’t meet the market need. In the best cases, it will take a few revisions to get the product/market fit right. In the worst cases, the product will be way off base and a complete re-think is obligatory.

Conclusion

Some start-ups prosper, yet so many fail. And, it is failure that teaches us the best lessons. There are many other reasons start-ups fail, but these five came up as most common when inquiring the founders and team members involved in the start-up ecosystem. Should your start-up fail, it’s worth spending some time to understand what went wrong and learn from your mistakes to make it the next time.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

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There is a well heard of theory about ‘survival of the fittest’; then there is another adage that goes: “A smooth ocean never makes great mariners.” Both the ‘survival of the fittest’ theory and the adage mentioned above fits quite well in the case of startup businesses. And their cases are usually quite tough ones to navigate.

It is estimated that there are over 150 million new startup companies prevailing and almost 50 million new companies starting up every year. By and large, there are 137,000 new businesses which are developing each day. These are gigantic numbers by any definitions.

In any case, the question remains, what number of new businesses tend to survive in the dynamic and rapidly changing competitive environment that has totally changed the very idea of the startups in the present day?

Truly, there has been a great paradigm shift in startup businesses. Furthermore, these changes have tested the general functionality of startups.

 

Cut Throat Competition

The corporate world is very competitive. There will always be an intense competition going on between the different businesses in each industry. Competition is indeed one of the greatest challenges for the survival of new companies. What’s more, should there be an online business startup, the competition gets even harder. Also, the aspect of bookkeeping is further complicated by the existence of an online setup of business.

The intense competitive environment keeps new businesses on their toes, as there is no room for error. Both B2B and B2C businesses constantly tend to feel the intensity of sheer competitiveness in the industry. Survival in this competitive environment is a must for both conventional and online businesses. New companies need to have a completely aggressive approach and punch over their weight to pick up the much-required recognition among the clusters of ever expanding and challenging businesses.

 

Unrealistic Expectations

Success is not a sole achievement. It brings along some expectations. On most occasions, the expectations may seem highly practical but can be, in fact, utterly unrealistic. This particular instance holds true for  new businesses and their eager entrepreneurs.

New companies tend to confront challenges when they set unrealistic expectations following a huge achievement. Keep in mind, achievement is always short-lived, and the desires never end. This is the place  where new companies need to decipher what the genuine expectations are. It is all about sustainability and it requires consistent efforts.

To prevail in a competitive world, new companies need high but practical expectations: keeping the perspective of their resources at hand, the degree of development potential, and other market factors considered with a detailed approach.

 

Enlisting Suitable Candidates

A standout, among the most critical elements that characterize hierarchical culture inside a new business, is the collaboration of the group. A group involves people with comparable abilities and indistinguishable core interests. Keeping in mind the end goal to build up an exceedingly effective group culture, associations when all is said in done – and new companies specifically – need to employ reasonable and competent candidates.

There will always be an enormous pool of candidates available. Choosing a reasonable candidate that fits the job perfectly is a particularly precarious task. It is one of the greatest challenges confronting new companies in this digital age. While employing an appropriate applicant, organizations must stick to one fundamental principle: Birds of a feather flock together. This is particularly important in employing individuals charged with bookkeeping management. The team responsible for financial management needs to be highly professional and skilled to maintain the records.

 

Financial and Bookkeeping Management

Cash generates expenses. It is important to remember that, as the income increases, there is also a proportional increase in expenditures. There are no doubts with this. One of the greatest challenges that new companies confront today are related to financial management.

It is a hard fact that small businesses, in their initial phase, are heavily dependent upon financial backups from investors. On occasion, when there is a large influx of funds, small firms, and in particular new businesses, tend to discover that it is truly challenging to appropriately manage their finances and they stall against the crunches.

With a specific end goal to address this sort of situation, new companies need to play a safe and careful hand by keeping every one of its cards close to the chest. Taking assistance from a recognized financial consultancy firm may truly assist in overseeing financial and bookkeeping issues confronting new companies in this challenging society.

Check out America's Best Bookkeepers

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

Not sure. Young adult businessman have a doubt.
Do you have a great business idea for the ‘next robust company’? If so, you may be thinking that your idea is simply perfect and powerful the way it is. However, you should weigh it before investing your time, money, and resources into developing a business, service, or product prototype for which there is no apparent need or value in the market. You could be putting yourself in a devastating position if you spend all of your personal assets, consume credit cards, and take bank loans for your startup, only to see that it is useless.

Failing to evaluate your business idea could result in a great loss if it backfires. It is just like reporting transactions in the books of the financial accounts of a company. If you make material blunders in bookkeeping, you harm the business significantly. Here are four of the simplest tests to determine whether your idea is worth investing in.

1. Show Patience and then Build a Test Service or Product Prototype

Although you are excited and confident about your unique business idea, you must show patience. When you have several idea opportunities rushing around in your head, avoid getting in a rush to make a business plan or hire a team. Rather, wait a few weeks to figure out which exact idea is truly suitable. Move forward with an idea only when you have a burning feeling and intuition that the world immensely needs your idea as a product or a service.

Once you have patiently completed your plan, perform the simplest test of building a prototype, based on your idea and present it to a general audience to obtain their authentic and honest comments. If their eyebrows go up and they show a sense of excitement as you brief them, you probably have a potential idea. On the contrary, if you see them furrowing their brow and their body language is negative, your idea might not be a potential good bet.

2. Design an MVP then Test and Tweak your Idea to Best Suit your Market

A minimum viable product, MVP, is typically the simplest and most elementary picture of your business idea that you can practically sell as a product or service. Building an MVP and seeing how it works out is another one of the simplest tests to assess your idea’s potential. In addition, many successful tech entrepreneurs recommend that you have your product or service’s simplest version that you can easily experiment with and promote early in the idea development process so that you may cater the necessary tweaks and changes in response to the genuine feedback from your target audience.

The test market feedback is valuable as it helps you know how to refine not only your product or service but also the inherent nature of your idea. For instance, your smartphone gaming idea can be evolved during the test and trial phase.

3. Let a Group of Critics Run It

When you have an MVP of your idea, test service, or first prototype ready, bring it forth towards your potential target audience. Consequently, you should survey and/or talk to a minimum of fifty potential clients to figure out whether they identify with your idea the exact way you do. In simpler words, you have to determine whether your idea is a genuine need for most of your target audience or simply very few people. Though it is another simple test to find your business idea’s strength, you have to be prudent and diligent when selecting the fifty potential customers because if you have had previous irate encounters with them, you might not get honest feedback.

4. Build a Test Website Linked to Social Media

Once your business idea is out in the form of a product or service, your target market requires a place to obtain further information about it or share it with others. Thus, creating a simple website and linking it with social media is a great way to provide more details and it is the simplest test to see how most people are reacting towards what you are selling or providing. User clicks, comments, and shares will tell you whether you should continue working on your idea or do some more improvisation before either going public or back to the drawing board.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

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With recent technological gains and the evolution of the web, the use of various IT systems, including cloud-computing solutions, has become the norm. While modern and highly crucial for a business’s performance, cloud computing taxation is perplexing indeed. With even more complicated laws and regulations, it can be challenging to firmly grip the concept of sales and tax by studying various cases in the pursuit of learning more. There are considerations to keep in regards to pondering over taxes and if SaaS is exempted. The considerations vary from state to state. 

SaaS (Software as a Service) companies do not benefit from real-time reporting with third-party integration by enterprising tech start-ups. Due to existing technological research weakness, some may even emphasis that it’s like using a cannon to squat a fly. The costs can certainly act as a repellent and shun away any interest that brings business to the conclusion that the software wouldn’t be able to handle the complexity of requirements that it needs to accommodate. That being said, audits for taxes should be set up well ahead of time and “hope” is not a plan to depend on. An accounting solution for all SaaS start-ups is critical before the state issues orders to the IRS for investigations.

Under law, SaaS is deemed similar to perpetual software licenses where the software is used indefinitely, sometimes by paying a one time fee. Such software needs to declared and clarified as to how it would be used and for what purpose. Just like perpetual licenses, SaaS laws vary and differ from state to state and are never the same. Accounting solutions for all SaaS start-ups need to conform to laws. Audits are prone to harsh and strict regulations, so any irregularities may be dealt with severely. Therefore, it’s a good idea to think of such things before they happen.

Nothing beats a professional service/tool and using one helps audit and taxing matters greatly. Hiring one to check and recheck straighten things up without any chances of error. However, there’s more to be done than that. Even without expertise or great knowledge of accounting, here are 4 accounting musts for your SaaS start-ups to accomplish before state auditors come a-knocking. 

1. Account and Tax Planning While Growing

There is no greater mistake in business than not planning for growth. Before being proactive in a business, it’s necessary to punch in all factors in order to attain a picture of ground realities and, thus, form a solution towards it. When discovering new markets for potential growth opportunities, many or most of the applied accounting solutions have to be consistently tallied with the law so that SaaS start-ups comply with the vital laws of states or wherever it is expanding to. Use a professional at every corner and step of your expansion plan so that they can eradicate any problems that could arise. This helps to avoid future erratic and hectic problems.

 2. View the Bigger Picture

The strategy of up-front revenue recognition is fairly risky. If a client or customer withdraws their finances from a contract and requests a refund or return, it can get pretty messy if the cash is already earmarked for something like accounting expenditures. What that does is significantly disturbs strategies and plans. However, prepared SaaS start-ups have ways to handle such scenarios.

3. VAS For SaaS Users

If you are selling services that supplement all core products, otherwise known as VAS (Value-added Service), you must handle things with the utmost care. If you are charging outside of the area of your core products, it can get tricky very fast. It is highly recommended that all services and fees are clear and precise. Otherwise, it may take days just to clear up confusion caused by misinformation. Generally, the rule is to designate and distribute revenue and income between components for accounting based on their selling price on an individual basis.  SaaS start-ups need to recognize this in order to benefit.

4. Track Change to Grow Smart

From laws and regulations to procedures, change is a part of the process to improve and develop. Change may arise from any direction and being prepared is the smart thing to do. Keep track of changes in order to better handle any indications of arising or upcoming turbulence in an audit. Each year, rules and laws are updated, or even modified, so knowing these enables one to be in a better position to respond accordingly. Also, in SaaS start-ups, always plan ahead and notice any changes or news; for example, changes in tax codes.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Interior Of Busy Design Office With Staff
Starting a business is often exciting – yet scary at the same time! It is a bit like moving through immense fog where you can only see a few feet in front of the windshield. Hence, you have no knowledge of what is awaiting you until it is actually upon you. However, the more experienced you are when it comes to entrepreneurship, the better you are able to navigate through that fog. From bookkeeping to business management, your knowledge and expertise will enable you to make the right decisions. Here are 9 critical factors or vital decisions at start-up which can go a long way.

1. A good sense of timing

You need to understand this in two ways:

1.  Picking the best moment to begin your startup: The ideal moment to start your company is typically a balancing act which is determined by several great factors including: the availability of necessary startup funds, the success or failure of competitors, the ebb and flow of your industry, and your personal and family circumstances. For instance, you may delay the plan as you are expecting a baby in the next few couple months.

2.  Immediate action to grab the opportunity:
Since entrepreneurship is all about taking calculated risks, you must leverage an opportunity as soon as it appears. You can achieve this by completing your business plan and making decisive moves to get your company off the ground promptly. But, always avoid a rush attitude. In fact, you must show diligence in the plan development. However, many startups fail simply because they are too sluggish and wallow to complete any task timely.


2. Avoid giving heed to statistics

Many people use statistics like ‘95 percent of businesses fail’ simply as an excuse to make themselves comfortable about giving up. Even if that number is correct, it is because most of them do not commit to their goals, follow through to the end, or have money management skills.

3. Do something you love

Do not begin something you will not want to do in the next five years. Making your passion your business means you will still be enjoying and earning in the next five years. It could be anything like painting, singing, engineering, teaching, marketing, auditing or bookkeeping. 

4. Assess if you have to raise funds to launch your start-up

It is often rare if an entrepreneur has enough savings and funds in his bank account to seamlessly begin their business. On the other hand, most startup enthusiasts have to raise finances to turn their idea into a reality. Therefore, you might need to use bank loans, leverage assistance from family and friends, or put properties on mortgage to arrange money to invest in your startup. Hence, assess your business goals to know how much you need to begin.

5. Know your team members before brining them on board

The people behind your business are the most critical factor, particularly for startups. As recordkeeping is essential for bookkeeping and as products or services have to be iterated many times until they find their market place; similarly, it is all about having the right people doing the right job. Their direction is more important than the pace of their performance. Here you should focus on their background story, such as precious experience, companies and qualification, and what nature of value they bring to the table.

6. Invest wisely

Warren Buffet says, “Instead of putting all your eggs in the same basket, make multiple investments.” Following this inspiration, you should also diversify your investments that help increase your chances of success and reduce the risk involved. Since these investments are for the long run, always show patience.

7. Avoid over , or under, investment

Starting a business can significantly affect you and your family financially. You must learn where and when to spend what amount. You should neither waste your precious dollars nor fail or delay to invest adequately where necessary, simultaneously. In fact, you often need to spend funds to earn money in any business.  Hence, never skimp out or underestimate things your company needs.

8. Set up your cash flow tracking

Since you will be required to submit a self-employed tax return, you will need to have a good track record of all business transactions. Though opening up a separate business account is not necessary when you are setting up as a sole-trader, it could be helpful to keep track. There are several online tools that not only help small businesses to manage bookkeeping and maintain other accounts, but also enable large organizations to prepare audit reports and complex financial reports. 

9. Start selling

You must know how to promote your product or service and who to target. Though you have already mentioned it in your business plan, it is time to put the matter into execution. In fact, much of your early budget will be on advertisement and marketing, whether that is SEO, networking, telemarketing or targeting retailers. Your first few sales will boost your confidence to show more commitment and dedication towards the business goals.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

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Startup initiatives are on the rise and for many good reasons. Fortunately, there is more financing available than ever before. Community-driven innovation and co-working hubs are popping up all over the world. And, educational courses on how to begin your own business are easily accessible on the internet for new business owners. Hence, it is a tempting time to be involved in entrepreneurship – it’s a booming industry that is fruitful these days around the globe and sustaining at a decent pace.

Even though entrepreneurship is rising with immense popularity, startup culture accompanies its unique set of issues and challenges that its leaders and founders must commit to addressing. In this article, we will explore the top three challenges that startup enthusiasts are facing today and smart strategies that you can use to overcome these impediments.

1. Lack of Product Validation

Many startups rush into idea development before truly identifying and understanding the basic requirements for a successful product launch and before confirming the financial feasibility of the opportunity. To start a new business, ask yourself the following fundamental questions:

  • How well do I know the industry or customer problem?
  • Why would anyone trust my services and how do I provide an effective solution for their problem?
  • How will I monetize and is there is a valid financial plan or not? Will the plan be sufficient to cover all the costs associated with developing and operating the solution?

Answering the above questions will ease your entrepreneurial journey with good revenues. The more you are aware of your product, the better you can develop and sell it.

2. Limited resources

Lack of financial resources not only hamper startup enthusiasts from initiation of their business but also challenge them to manage and sustain the business. When your new company is struggling with limited monetary resources, developing a culture of deliberate, focused work is vital.

Along with this, there are several ways to arrange funds to fuel your business, including:

  • Bootstrap your startup business: Self-funding or bootstrapping is a common and effective way to arrange funds to overcome the financial limitations on an urgent basis. These often include your personal finances.
  • Crowdfunding as a Funding Solution: Crowdfunding is a smart fund-raising tactic that not only helps you arrange amounts of hundreds and thousands of dollars but also boost your understanding of the product market and puts you on the map. GoFundME, Fundable, Kickstarter, and Indiegogo are common crowdfunding websites which are helping new startups financially.
  • Obtain an Angel Investment In Your New Business: Angel investors are people with surplus cash reserves who are keenly interested in funding new startups. You have many angel investors in your city or state to help finance your business.
  • Go for Bank financing: Once you have started your business, obtaining bank financing is much easier than when you started with a vague idea of your startup without any portfolio. Getting a bank loan is one of the most common tactics to raise capital for their business.
  • Leverage a Business partner: You may have a well-developed, unique business product or service solution but not enough financial reserves to bring them to your final customers effectively. You might know someone who believes in the strength of your business and validity of your product, has very good professional relationships with you, and has sufficient finances to help you overcome your financial limitations. A partnership with that person could be a smart step.
  • Acquire Venture Capital for Your Startup: Venture capitalists are always willing to invest in businesses that have huge potential. It is often more appropriate for startups that have already been generating revenues.

3. Lack of business structure

Established organizations typically have well-defined corporate cultures, clear goals, transparent rewards and remuneration systems, and measurable performance expectations. Moreover, they also accompany refined training and developmental processes that help employees maximize their skills and render optimal performance. Unless the startup is fortunate enough to have a passionate founder and experienced leadership, the new business usually begins their journey without a proper company structure and without a convincing corporate culture. This often results in internal challenges for a new startup such as employee turnover, conflicts, and disappointments. In such circumstances, a great product or service solution with smart marketing strategies may also fail. Just as bookkeeping is vital for producing financial statements, having a proper business structure is vital for a company’s growth and prosperity.

Here are some practical ways entrepreneurs can build and develop their business structure with growing and thriving company prospects:

  1. Define roles of every team member through the organizational charts of your startup.
  2. Document all of your business operating procedures.
  3. Distribute work and delegate tasks.
  4. Establish a system for managing your team and monitoring the progress of every member.
  5. Bring in professionals who are familiar to the challenges of inefficient execution of the business operations.
  6. Hire competent, self-motivated employees and provide adequate training and development programs designed for each team member

A well-designed business structure ensures proper execution of business operations. 

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

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Poor Management Team – A common start-up error

An unfathomably common issue that is faced in the start-up of any business is a frail management team. Feeble management groups commit errors in various areas:

  • They frequently fail in building a correct strategy. Making a product that no one needs to purchase is a sign that the management neglected to do the necessary work to gather and refine ideas before and during development.
  • They are normally poor at execution which causes issues with the products not being produced accurately or on time. Furthermore, the go-to-market execution will be inadequately actualized.
  • They will assemble powerless groups beneath them. There is a well-demonstrated saying: A players employ A players and B players just get the chance to enlist C players (as B players would prefer not to work for other B players). So whatever is left of the organization will be fizzled out in a matter of months.

 

Running out of Cash – A key start-up consideration

A significant reason that new companies fail to identify in the start-up phase is that they lack in finance. A key component for the CEO to consider is to see how much money is left once the start-up is launched and whether that will take the organization to a breakthrough that can prompt effective financing with a positive cash flow or not. An efficient bookkeeping system is a must to ensure this.

 

Breakthroughs for Raising Cash

The valuations of a startup don’t change abruptly over time. Because you are in the second year of business since its inception does not imply that you are presently worth more cash. To achieve an expansion in valuation, an organization must accomplish certain key turning points. In the case of a software organization, these might look like something as follows (these are not hard and fast standards):

  • Progress from seed round valuation: the objective is to eliminate some real components of risk. That could employ a key member of a team demonstrating that some specialized deterrent can be overcome or constructing a prototype and getting a positive client response.
  • Product in beta test and client validation. If the product is completed but there isn’t yet any client approval, valuation won’t likely build much. The client approval part is significantly more vital.
  • The product is already in its delivery stage and clients have not only made prepayments for it but are also giving positive feedback.
  • Product/Market fit issues that are typical with a first release (a few highlights are missing that were most required in many sales situations etc.) have generally been wiped out. These are early signs reflecting that the business is beginning to decline.
  • The business model is recognized and endorsed. It is now known how to procure clients and it has been demonstrated that this procedure can be scaled. The cost of gaining clients is acceptably low and unmistakably the business can be productive, as an adaptation from every client surpasses this cost.
  • Business has scaled well, yet needs extra finance to additionally quicken development. This capital can be extended globally, to accelerate development in a highly dynamic market condition, or to support working capital needs as the business develops. Efficient bookkeeping strategies are needed to sustain such financing issues.

 

What goes wrong?

What often goes wrong in the start-up, causes an organization to come up short on money, and unfit to raise more is that management neglected to accomplish the coming milestones before the money ran out. Commonly it is possible to raise finance by debt-servicing methods. However, the risks would be too large in the long-run. Not placing due emphasis on bookkeeping methods can lead to such an outcome.

 

When to hit the Accelerator Pedal

One of the CEO’s most imperative jobs is knowing how to manage the accelerator pedal. In the beginning phase of the business while the product is being created and the strategy refined, the pedal should be set softly to save money. There is no point in enlisting numerous marketing individuals if the organization is still in the phase of completing the product to the point where it truly meets the market requirements. This is a highly common error and will simply bring about a quick failure and loads of frustration.

 

Product Problems

Another reason that organizations fail is on account of neglecting to build up a product that meets the market requirement. This can either be because of basic execution or, on the other hand, it can be a much evident strategic issue which is an inability to accomplish Product/Market fit.

More often than not, the first product that a startup brings to market will most likely not meet market requirements. In the best cases, it will take a couple of modifications to get the product/market fit right. In the most undesirable scenarios, the item will be off the track and an entire reexamination would be required. On the off chance that this happens, it is a reasonable sign of a group that didn’t take the necessary steps to get out and have their ideas validated with clients some time during, and before, development.

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

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Too many start-up enthusiasts consider launching a new company as a random walk into a business field. However, when it comes to turning the idea into concrete results, they come across a host of barriers to initiate their business. Though rewarding, all of these challenges are complex. In fact, well-versed people in business must also deal with them no matter how long they have been in entrepreneurial activities when it comes to starting a fully new business. Here are four most common initial obstacles that entrepreneurs face when trying to turn their passion into a business activity:

 

1. Financing

Though experienced entrepreneurs do have a few advantages over newcomers, they still lack sufficient resources to fund their new business. This is mainly because you will be starting from scratch. Without money, you can hardly purchase the domain of your business website. Finance serves as the fuel to ignite your idea. Hence, you have to use it most often to turn the idea into a giant, fiery business.

Fortunately, there are many ways by which you can arrange finances to launch your new start-up, including:

  • Crowdfunding: There are various crowd-funding sites, like Kickstarter, Fundable, and Indiegogo, that can help you generate funds of hundreds and thousands of dollars.
  • Family and friends: Your family and friends are always there to help and support your dreams. You can approach them to obtain some kind of loan that is often without any interest payments.
  • Credit cards: Though helpful, a credit card provides a temporary solution between getting your business launched and obtaining other funds such as a bank loan.
  • Bank financing: A bank loan is one of the most common ways people adapt to raise capital for their business.
  • Venture capital: When you have a robust business plan and a powerful vision, many venture capitalists are willing to invest in your business.
  • Business partner: You may have a potential idea but not enough reserves to put that into execution. You might know someone who believes in your idea, has a good relationship with you and has enough funds to start the new business. Then, partnering with that person may be a good idea.
  • Second mortgage: Home equity lines of credit or a second mortgage should be your last resort when other options are not working out or aren’t enough to initiate the business.

 

2. Teambuilding

Teambuilding is especially the toughest skill to nurture when you have never run or led a team before. Moreover, even though you have good management experience, selecting the right pool of team members for your new business is often stressful and difficult. It is not simply about filling certain roles; you also have to bear their costs, effectively communicate your business goals to them, and make the most out of them. Such considerations are significantly hard when you are rushing to fill the positions as early as possible.

Here are some ways to build a great team in a shorter span of time for your business start-up:

  • Offer stock options: When you cannot meet their salary needs, offer them equity in your business. This will boost motivation and will give you competent teammates.
  • Employ interns: When you can offer great work, mentorship, and guidance, hiring interns is a smart alternative to heavily paid team members.
  • Hire students, part-time employees or contractors: When you cannot afford full-time workers, acquire contractors, part-time team members or students instead.
  • Defer compensation: You have to be very careful with your offer letters’ wordings for hiring employees on deferred compensation. You also have to ensure that there is no breach of any laws.
  • Inspire others to join you: When you lack funds, then at the very least, you should have a compelling vision with extraordinary goals that will inspire and motivate others to be part of your startup and support you.

 

3. Cut-throat Competition

The corporate world is quite terrible with fierce competition, which poses one of the biggest hurdles for the launching and survival of startup businesses. In fact, there is always some level of competition among businesses of same nature. And when you are a new online business, the competition gets tougher. However, when you have an inspiring vision, energetic team, unique service solutions, and outstanding customer service, you can remarkably beat your competitors.

Here are two practical ways to overcome business competition:

  • Focus on your customer needs: Nothing can help a business grow if you are unable to sell your products or services to your customers. Focus on the needs of your clients and come out with a unique service solution that eases their life. Everyone avoids the hassle, so is your customer. Improve your products compared to what is already available in the market and make the most of the technology to sell more smartly, making the purchase hassle-free.
  • Make it appear unique: People love tasting new things. When you launch a product with some unique features and details that distinguish them from other similar products, you are tempting your customers to buy from you.

 

4. Business registration

Business registration is quite time-consuming and a complex part of initiating a business. Some businesses have such peculiar nature that they cannot be launched without prior registration and legal approval is required such with medical facilities, bookkeeping, auditing consultancy, and educational institutes, regardless of how small their businesses are. In fact, it is more frightening for those entrepreneurs who have never been through any legal processes. To get rid of this complicated startup registration process issue and other legal requirements, it is wise to hire a personal legal consultant. A legal adviser will not only handle these matters themselves on your behalf but also help you launch your business seamlessly.

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.