'5 Financial Lessons Learned While Launching a Startup' finance howtofinanceyourstartup
A common statistic about startups is that about 40 percent fail because they run out of cash or can't raise enough funding. When you look at that number in the context of other statistics, such as the fact that about 90 percent of all startups fail, and 70 percent fail within five years, the landscape seems bleak.
I suggest that early entrepreneurs instead leverage the tech companies that specialize in these types of services . For example, we used Gust to handle Food Rocket's legal needs early on. Instead of dropping $10-20,000 on a traditional law firm, we could get everything we needed for an annual fee of $1,000.It's tempting to sign up for as many third-party APIs as possible in the early stages because it seems like it will help you get to market faster.
Trust me when I say that it's worth the upfront time and money investment to research a subscription software solution for accounting and forecasting. Look for a company that offers expense management, accounting/bookkeeping and cash flow forecasting. Establishing this system in the early days means you won't be scrambling through implementation during a high growth period in the future.If you're pre-MVP and pre-revenue, I strongly advise you not to waste time with fundraising.
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