Startups Conserve Your Cash

In the year of the Ox and BullSnot! continuing the reasons why startups fail, the number FIVE reason most startups fail is - PRICING / COST ISSUES. Eighteen percent of startups fail because of pricing or cost issues. Most of the time this is due to bad assumptions by the company’s founders who failed to put together a complete business model before beginning operations. You must know 4 things before you start a company. First, what are you going to PRODUCE and what is it going to COST? How did you arrive at the cost estimate? Did you include freight? Did you get price quotes? Second, what is the COMPETITIVE LANDSCAPE? Who are your competitors? What are they selling? What are their price points? All products have a competitor even if it is just water. A competitor of water would be apple juice, coke, beer, etc… Third, what market NEED does your product fill? Can it be filled by your competitors? Is your product novel? Can you price it higher than your competitors, the same, or must it be discounted? Lastly, what are going to be your OPERATING COSTS? Do you need a large office? Company cars? Loading docks? Rent or buy? And don’t forget your insurance costs! Operational costs are real and should be very carefully scrutinized before you start operations. Remember the key to longevity is DON’T BURN THROUGH MONEY NEEDLESSLY! I would suggest you find a mentor who has already navigated a successful startup business to guide you along your journey.   

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