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Archive for October, 2011

There are hundreds of reasons why start-ups fail and unfortunately a lot of them arent just to do with not having the right business plan in place. there are a number of problems such as not having a specific end user or maybe lack of room for growth. Its hard to look at reasons like this as these are often specific to each company, however, there are three money related matters you should consider when thinking about how to start a business from scratch.

First up, its not having enough money. Most start-ups will have access to funding at the beginning of their journey but one question that is hard to answer is how much should you take? Start-up funding is often measured by time. Most start-ups arent profitable at first and the amount of funding you can have access to is limited and sometimes dependent on how and when you plan to make a profit. Underestimation how much initial investment youll require is a huge problem for new businesses. If this is your first start up, there are plenty of extra costs you will incur that you could never have imagined and running out of money just before a business is about to take off is commonplace. Always have a contingency plan in your budget so you can continue to work on your plan even when there are a few bumps in the road.

So having too little money is a bad thing as it can stifle growth, but is it possible to have too much? Well there is no black or white answer for this. The more investors you have in the company, the more time it takes to receive investment. You don’t want to be spending all your time talking to investors while your competitors are spending theirs building things.

If you have an investment of millions, some company owners are less cautious and feel as though throwing money at a problem will solve it. Also, once you have so much investment, its also harder for the company to change direction. You are able to employee a greater number of people with more funding to work towards your initial goal. But what happens if your plans change? With all these extra people involved, its a much more difficult decision. If you were originally heavy sales focused concept, what happens to your 100-strong sales force if you decided you need to go for a softer selling approach?

This leads into the third financial problem business face: Spending too much. It can be hard to take a retrospective look back at where past businesses have succeeded and failed in the past and work out what exactly was their downfall. The best way is to look at a number of competitors before you start. If two similar companies had a similar amount of funding but one fails, this could be down to overspending on their part. Working you way through hundreds of thousands of pounds isnt as common as it used to be, founders are becoming wiser to this.

So, as with many aspects of starting a business are plenty of ways you can go wrong and finance is no different. Having too much money can be a problem and can cause overspending and also premature growth within a company, however having to little can be incredibly limiting. Make sure you always plan for unexpected costs and always do competitor research to learn from other businesses mistakes.

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