Rarely anything goes according to plan. That's a given, especially in the startup world. But that doesn't mean your business shouldn't plan at all. No, in fact, it means that you should create a plan now more than ever.
Startups are companies that typically have periods of high growth...well, if you're lucky. Many startup companies never get off the ground, but for those that do, there is usually a hockey stick of revenue or user growth at some point. Now, this might be the case if you're going from $0.00 in revenue to $100 or from $10,000 to $1 million.
The financial pulse of a business is its lifeblood, literally. Without a steady flow of cash companies are liable to go under, and fast. Now, as a startup, cash infusions can come from many places: friends and family, accredited investors, venture capitalists, and more. But the best way (if you can manage it) is to have your business fund itself.
Employees expect to receive benefits from their employer. These benefits include things like health and dental insurance, retirement planning, commuter benefits, and more. For larger businesses, this isn't a hard thing to provide. For startup companies, however, being able to offer employee benefits is more of a challenge. This is because early-stage companies either don't have the headcount or the resources to bother.
Business of all shapes and sizes can benefit from outside funding. For startups and early-stage entrepreneurs, however, getting startup financing can often make or break their businesses. For this reason, most startups go through three distinct fundraising rounds: friends and family, angel, and then venture capital.
Business owners are always trying to save money. Often times, the first impulse is to slash expenses and work on a shoestring budget. The result, companies hope, is more profitability and a longer runway for success. However, when business owners and startup founders choose to work with limited resources, they limit their company resources.
You might roll your eyes if we told you that Envoy Technologies, one of our clients, was just another ride-sharing or car-on-demand-type of service. But luckily for you (and your eyes), it's not. While current companies in the sharing ride economy focus on either peer-to-peer rides or publicly-rentable cars when you need 'em, Envoy is taking a new approach.
Rather than following in the footsteps of known companies like Zipcar, Lyft, or Uber, Envoy and co-founders Aric Ohaha and Ori Sagie are blending a unique intersection of skills, abilities, and consumer needs to offer rentable cars on demand as an ammenity service in new developments and similar private buildings.
And perhaps the best part? Their fleet is 100% electric, creating a sustainable service that helps the environment as much as it helps its users. But first, more on Aric and how he came to co-found Envoy Technologies together with Ori.
There are many industries that have notoriously seasonal sales. The retail sector, for example, earns most of its revenues during the 4th quarter. Wine and spirits makes as much as 60% of its sales during what the industry calls O-N-D, or October, November, and December. However, while these sectors are traditionally seasonal, current consumer trends are causing small businesses and startups in almost any industry to have seasonal sales that skew towards the 4th quarter.
As a result, many previously un-seasonal businesses now deal with seasonal sales. It's common to see many startup companies earn most of their revenue during the 4th quarter. It's therefore extremely important to set your company up this 4th quarter for success. If you do, you can maximize your seasonal revenue and extend your cash runway. If you don't, you might miss out on the best annual opportunity to grow.
The right corporate structure can make or break your startup before it even gets off the ground. Choosing the best legal and tax structure for your business can decrease your personal and corporate liability while increasing your after-tax profitability. The best structure for you is one that has the best legal coverage and tax burden for your specific needs.
Sales growth is a business metric that measures the rate at which your revenue is increasing or decreasing. While some dismiss revenue is a "vanity metric," sales growth remains a good indicator of a company's financial health. This is because sales growth is an important component of projections, budgeting, strategic decision-making, and overall viability.