SOLUTIONS OF THE PROBLEMS FACED BY START UPS
- Financial resources
Acquiring necessary funds can be a tedious task, so below are given the sources of finance that can be considered-
- Personal Investment
- Friends and Family
- Angel Investors
- Venture Capital
- Business Loans
- Grants and Subsidies
Tools: There are tools like Silo.co and CapLinked that provide a central platform for startups to find and collaborate with investors.
- Revenue generation
Revenue generation is critical! The challenge is not to generate enough capital but also to expand and sustain the growth which can be achieved by the following-
- Determine Your Goals
- Focus on Repeat Customers
- Add Complimentary Services or Products
- Hone Your Pricing Strategy
- Offer Discounts and Rebates
- Use Effective Marketing Strategies
- Invigorate Your Sales Channel
- Review Your Online Presence
- Team members
Startups normally start with a team consisting of trusted members with complementary skill sets which makes knowing how to choose your team members extremely important!
- Hire action-takers who can get the job done
- Don’t build a team for a startup
- Hire people who understand the importance of customer service
- Personalities matter
- Be a ringmaster
- Consider investing in a recruiter
- Avoid homogeneity in your team
Tools: LinkedIn and Hired are one of the many tools that could be used to connect with qualified candidates.
- Creating awareness in markets
Startups fail due to lack of attention in the markets so building brand awareness is an important aspect of the running a start-up!
So how to Build Brand Awareness?
- Create a custom hashtag.
- Participate in or sponsor local events.
- Maintain uniformity across your social media profiles.
- Post regularly to social media using your voice.
My Brief profile for your kind consideration :
I am Anand Moondhra , Start-up Consultant , Chartered Accountant , entrepreneur , and a business coach. I helped 1000 + Start-ups , CFO’s in Fund raising , Cost reduction , Optimising existing processes , Finance and Accounts , Compliance Management , MIS , Internal Audits , Pre – Audit/ Audit Assurance Services , Taxation Advisory , Due Diligence , Investigation Audits , Process Audits. etc. during my journey …..