Financial Planning For Startups

Financial Planning For Startups

Before you reach out to investors and pitch them up, you need to know certain important things to be a successful entrepreneur. It’s a part of building pitch that will make your investors go wow for your financial planning. It needs to be absolutely practical and should narrate the exact story of business and it needs to be relative in terms of operational needs. What is the secret sauce behind your successful financial planning for startups is a five-star team and considerations of important investors.

However, in case you are looking forward to catching up and share your business ideas with the right investor, then Evolvers is one such platform which can fulfill your needs. Evolvers help you get in touch with the mentors, small business starters, business tycoons, investors and many more like you. It is exactly the place where you meet your right investor.

When the matter comes for the presentation of your business idea in the most convincing forms, then financial planning comes at the top of the list. Here, in this article, I’m about to share all the relevant details are included in the list of financial planning that you need to know for your startup. You might be thinking that what exactly investors and audiences are looking for. Plus, this also becomes crucial to put together all the information on the operational platform according to the priorities as your startup evolves after funding.

What Wows Investors?

What Wows Investors

More than anything else, what allures investors towards an idea is strategic thinking. Now, you might be confused about the term. Let me clarify that. Basically, they expect you to have a thorough knowledge of the operations of your business. In other words, it can also be further explained as you need to be aware of every single working and details of your startup. You should be able to provide a detailed summary of what your business is now and what are your aspirations for the same after three or five years or so.

Investors keep a desire to know that you have already run numerous practical scenarios that are variable and fixed in terms of costs, revenue, and functioning, etc. It is possible that you may not have enough time in your pitching that can every single and small relevant details of your business. However, you need to be always prepared with the backup plans of all the possible consequences with confidence as well as evidence.

Apart from this, you need to be very attentive and able to justify all the core expenses that can say on its own that you have invested some time for the evaluation of appropriate utilization of funds in your business. Whatever be the assumptions can, or should, you should go ahead with the analyzing part for your business based upon the market industry that your business is all set to serve. Also, you should evaluate one of the most important parts of your startup that how it is going to offer you profits in terms of financial perspectives. You should also understand that your startup might need some short-term changes according to the changing scenario of the market industry.

Henceforth, you need to give some spaces accordingly. You will have to do a lot of research and seek the experts’ advice. Make yourself clear that you know and understand everything about your business and can interpret it anywhere where your business sits on the landscapes of investment. This will surely help you as well your investors to grab the position you desire in your startup in a short span of time.

In case you are absolutely new in this field of pitching game, it may be related with the help from the outside. The platform of Evolvers is perfect for all those small business startups where the innovative minds can get in touch with the mentors, investors, business tycoons and many more.

By the way, I guess, I have made you sure of what the investors of today’s generation want from you. Now what all you need is the perfect financial planning to execute your innovative ideas actively. At this stage of business, you will need some financial statements for your startup for pitching your presentation.

Henceforth, some relevant financial statements that you will need for your business are as follows:

  • Financial projections
  • Key assumptions worksheet
  • Departmental expense worksheet
  • Revenue worksheet (profit & loss)
  • Sources and uses of funds statements

Sequence Your Financial Statements

Your Financial Statements

The very first step that you need to take on the way of implementing your business idea in your startup is to work on the budget of your startup. Here, you will need to maintain your startup cost worksheet. This job is considered to be one of the toughest jobs because you will have to do a lot of estimating. However, behind the completion of every task, there is a trick and especially when it is a difficult one. Similarly, in this case, too you need a trick which can help you out; making your job easy. So, the trick is you need to underestimate the income whereas overestimate expenses.

Thereafter your next job after this is to work on the profit and loss statement throughout the whole year. An investor is always willing to see this statement of profit and loss; even though they themselves know that it’s really meaningless. However, it helps in managing the balance sheet for the startup.

Apart from these financial statements, the break-even analysis and the cash flow statements- are some of the best ones to have but in case you run out f time, you can give them later. You can also include the break-even analysis if you are selling a product line. However, this is not such an indispensable task for a service business.

How To Create A Business Startup Budget?

Create A Business Startup Budget

Now, one question might be revolving in your head and that is how to create a budget for your business startup. So, don’t panic as I’m going to get that clear too.

Here is a brief description of how you can create a business startup budget plan:

Step 1: Plan For The ‘Day One” Of Your Startup

You need to think in a way that how will be your day one of your startup. Also, you need to plan accordingly by determining things in the right direction.  The ‘day one’ budget plan can be further categorized into four categories. They are as follows:

1. Facilities Cost:

Facilities cost generally deals with the business location which can either be rental or the purchase of store, offices or the warehouses. It also includes costs of ease security deposits, tenant improvements, and signage.

2. Fixed Assets:

Fixed assets are also known as capital expenditure. This includes expenditure on furniture, equipment, vehicles, computers, and machinery. In other words, fixed assets can be considered as expenditure on every small thing which is required to set up your business.

3. Materials And Supplies:

Now, here comes the most important section where you need to invest your funds. Materials and supplies like advertising and promotion, you need money for money to invest.

4. Other Costs:

Other costs include the expenses of attorney and accounting set-up fees, licenses and permits, insurance deposits, and fees to set up your business.

Step 2: Estimate Monthly Fixed And Variable Expenses

Yes, you will need to gather complete information about the monthly expenses which is fixed and the one which is going to vary. This will help you in getting a rough idea of how many funds you need for efficient working of your business.

Some of the common monthly fixed expenditures are mentioned as follows:
  • Rent
  • Utilities
  • Phones (business phones and cell phones
  • Credit card processing – monthly fees (transaction fees are variable)
  • Website service fees
  • Equipment Lease Payments
  • Office Supplies
  • Dues/Subscriptions
  • Advertising, Publicity, and Promotion commitments, like social media, online ads
  • Business insurance
  • Professional fees (legal and accounting)
  • Employee Pay/Benefits
  • Expenses
  • Business Loan Payment
Some of the common variable expenses are as follows:
  • Commissions on sales
  • Production costs
  • Raw materials
  • The wholesale price of goods to be re-sold
  • Packaging and shipping costs.

Step 3: Estimate Monthly Sales

Estimation of monthly sales is one of the most difficult tasks. This is because; you can’t get an exact idea on how much profit you can gain from a new business startup.  You can go through these three varying sales projections. These are as follows:

  • The best case scenario is when you show more positive results of sales in a month.
  • The worst case scenario is when you show the least results of your sale in a month.
  • Likely scenario is such a situation when you show your results somewhere in between the estimated and the exact ones’ sales in a month.

Step 4: Create A Cash Flow Statement

You need to combine the whole of the expenses by collaborating with total costs, total sales and collections altogether every month.

So, this is the whole procedure on how you can create your business budget plan for your startup.

A business budget plan is something like that projects the flow of cash but its efficient working depends on the efforts that we make in the beginning with the help of some extra guesswork. You can also go ahead for the budget even if you don’t need the funds for your startup.

The basic reason behind the business startup budget is that the investors at Evolvers want to know that what exactly your budget is, what you expect from them and how much you are expecting them to spend every month. Lenders need thorough information of your business startup which also includes a commitment that you will follow the budget and won’t spend extraordinarily.

Apart from this, they wish to see how much you will be efficient in paying your bills when it starts welcoming your target audiences. You can also term it as working capital in the financial terminology. Apart from this, an investor is always curious to know that how much time you need for a positive flow of cash or you can consider it as bringing more money than your spending. There are many times when this budget is called as ‘cash flow’ statement. In order to manage your budget, you will need to maintain a worksheet till three years which will further help the investor to analyze how you generate cash flow to make monthly loan payments.

Startup Costs Worksheet

Startup Costs Worksheet

In this worksheet, you will get the answers to the questions like, “What do you need money for?”. In other words, it can be said that cost worksheet shows complete purchase on how much money you need to make in order to kick-start your business. You may also consider it as a statement for the preparation for the ‘day one’ of your business startup. This is because you are surely going to need all these kinds of stuff on the very first day of your business. What is important is to keep a check that you have included all the relevant things that are required for kick-starting your business. Henceforth, it is sometimes advisable to over-estimate of all the things that you will need. This is because it won’t let you face the shortages of even smallest thing.

Break-Even Analysis

Break-Even Analysis

Understanding it in the simplest terminologies, your break-even analysis allows your investors and mentors at Evolvers to know that point of your business when you will begin to make a profit. However, basically a break-even analysis is considered useful for those businesses who are selling products but this analysis has proved out to be equally useful of the service-type startups. Apart from this, make sure that you also include a graph of the break-even analysis as it is an effective tool at depicting your growth clearly.

Beginning Balance Sheet

Beginning Balance Sheet

Beginning things with the balance sheets in your business startup is considered to be one of the most complicated processes of your business. You might need mentors present at Evolvers for the completion of this job. The main purpose of going with the balance sheets is important because it helps in adding values to your assets that you have purchased for your startup. It portrays a clear image of the amount of funds that you owe to the investors and various creditors. Apart from this, it also gives you an exact idea of the investments that you have made for gearing up in your startup. Consider your day of using a spreadsheet for your business as a day one of your business.

Profit And Loss Statement

Profit And Loss Statement

Once you are all done with the completion of the monthly budgets and collecting information on various kinds of stuff that relate to your startup, then you should be able to perform the most crucial analysis of your business. Here, I’m talking about the completion of the profit and loss statements of your business. You may also consider this statement as an Income statement as it will directly flashlight on the success rate of your business. You need to maintain a monthly sheet of profit and losses till the end of the first year of your business and later on, you can go ahead with the annual gains or losses’ spreadsheet. This statement also helps you analyze the estimated amount of tax that you will have to pay.

Sources And Uses Of Funds Statements

Funds Statements

Various business tycoons do include the Sources and Uses of Funds Statements in their annual reports. You too can create yours which can be slightly different from theirs to portray in front of your investors or other creditors of the exact amount that you need for your startup and working capital. Apart from this, your statement of sources and uses of funds also interprets that how much collateral you can bring about in your business and how many funds you need to borrow for your startup. In other words, it can be said that the sources and uses of funds statements clearly states the amount and purpose of utilizing the funds are included.

Business Ideas

Business Ideas For Budding Entrepreneurs In 2019

Business is something where always there is a risk factor attached to it every now and then. However, the probability of success always acts as a catalyst for any blooming entrepreneur to move ahead in the direction of their innovative idea, their dream that will ultimately define their destination of ultimate success. Sometimes, there are people who possess the zeal, keep the desire to do something different and also have enough funds but are actually confused about what to start as a startup.

Which business will give them their desirable profit? And due to this commotion, these entrepreneurs spend their time and money as well on doing useless things. However, once you get in touch with the team of Evolvers, I’m damn sure of this fact that you won’t even get a chance to waste your time on such things.

Apart from this, startup business ideas mean a lot when it is the one which is going to be your own business startup. Also, it determines the growth and sustainability of your business as you will be investing almost everything, like your time, energy and money too. This is such a generation, where people, where people are following their dreams and are choosing their passion. They are actually seeking for the happiness over making more money. Such budding entrepreneurs are always greedy for those innovative business ideas that can feed their hunger of passion.

I think this article from Evolvers is surely going to be your one of the most favorites as it wholeheartedly offers some impeccable business ideas that can help them by proving numerous options to choose from as one of their business ideas. So, here we go…

1. Social Media Management

Social Media Management

This is considered to be one of the most desirable as well as the best startup idea among others. This is all because, these days, social media is used by numerous organizations to get their deals done in an efficient way. Apart from this fact, social media is the most reliable platform for best startup business ideas. However, there are many cases where companies don’t have enough time to pay attention towards social media management and thus you can now add value to your small business by using social media as a tool for marketing of your business. With the help of social media, you can reach out to your targeted customers in even broader aspects. This is all due to the transition of people from electronic or print to the digital platform, which is social media where they can get every information of their choice. Social networking has become a trend in recent times and is revolutionizing the modes and methods of marketing.

2. Vacation Rental System

Vacation Rental System

In the current scenario, under the hospitality industry, there is one such business which is popularizing with every passing day and it is none other than ‘vacation rental system’. In case you are a resident of any particular tourist destination you can definitely manage rooms for the needy ones on a rental basis who don’t have their own. You can go for many options regarding platforms where you can advertise homes. For instance, you can choose various rental-listing platforms in order to promote more traffic as well as interests of people towards your homes. The better you promote, the better you will grow your business and keep it sustained. On an average, you can expect up to 20 to 40 percent of gross rental rate if you manage such properties an extraordinary way. Henceforth, it can prove out to be one of the best startup ideas for you in 2019.

3. Flipping Websites

Selling Of Websites

Flipping websites are one such business where you can earn endless cash in a short span of time. What all it deals with is just the purchase and sale of the websites on existing platforms. As business is an art, flipping websites completely deal with the research, but once you are done with it, this startup becomes an easy source of making money.

You can also go ahead for the auction of the domains or you can sell whole websites. However, the selling of websites offers more cash to the business starters. You can use various platforms to sell your websites, like, Freemarket.com or Flippa.com.

As it makes more money in a very short time, flipping websites prove out to be the best ever startups from the business point of view.

4. Gadgets Repairing

Gadgets Repairing

In the environment of the tech-savvy world, the use of gadgets has revolutionized at an unimaginable pace with the changing time.  And as these are technical devices, they may fail sometimes to perform your desired task due to any damage or technical issue. All such issues make people more panic and despair for their loss. And in such a situation they need a helping hand of a professional who can solve their problems related to technology.

This has given rise to a new business opportunity for budding entrepreneurs. They can kick-start their business of repairing gadgets as it possesses large scope in today’s market industry of India. If the using gadgets have become a necessity of the people, then there should be someone who can even solve all the issue related to that may encounter in those devices.

What you can do here is that you can place an order for its parts and instruction kits from various manufacturing companies in order to repair any kind of electronic device. And once, when you achieve the mastery in this field, you automatically achieve success and ensure the sustainability of your business.

5. Tourism Guidance

Tourism Guidance

Especially, India is world famous for its culture and heritage and so the monuments and the tourist spots are. In case you are residing at such a place which is a tourist destination and you too love to interact with different people all around every morning, then you can kick-start your business of tourism guidance. As people who are actually unaware of your place, you can let them know and impart the knowledge of any monument including its history till date.

It can prove out to be one of the biggest opportunities for your business if you have the best communication skills. Furthermore, you can advertise your services on various social media platforms and put a minimal commercial cost to your services. Apart from this, you can also go for the live Facebook presentation in order to allure people from all around the world to use your services. It helps in much more engagement of the people thus, makes your business succeed and remain sustained.

6. Online Educational Course

Online Education System

In the era of globalization, people are more drifted towards the knowledge and information and are much more inclined towards technology. These people are absolutely tech-savvy and can go to ultimate depths of research for their greed of knowledge.  And in case you are a good educationist of you keep a desire to impart information to everyone, whether it be school or college students or anyone else, you can start your business of online educational courses’ services. If your modes and methods are loved by your target audiences, then your startup of online educational course can reach up to unimaginable success and it will also remain sustained for a longer duration. What matters the most in this business startup is that you provide quality education which is completely relatable to the target.

7. Online Advertisement Management

Online Advertisement Management

Since the moment, the transition has taken its place from paperwork to online media, people are seeking online platform as more than actually what it is. In the case of advertisements too, it has shifted from the electronic media to the web where you can get a chance of promoting services of numerous clients.

In the case of pay-per-click advertising, Facebook, Google, and YouTube advertisement have become dominant faces. In case you achieve the mastery in this online advertisement management, then you can grow your business in no time and in a much effective manner. Once you get an exact idea of how to track your offers of conversion, then you will be able to determine the enhancement of your startup in leaps and bounds. Henceforth, you need to give enough time to learn in a much better way about the whole functioning of the advertisements on Facebook and Google.

For furnishing your skills in this field, you can take classes or courses on the topics and discover the best modes and methods of reaching out to your targeted audiences at right time. Once you achieve your goal, there will be no delay and you can quickly bring about the saturation in the market industry of online advertisement industry. As a matter of fact, ad management on online platforms has proved itself to be the best startup business ideas.

8. Web Development And SEO

Web Development And SEO

The arrival of technologies has opened the doors to employment in a much wider sense. And seeking the current scenario, it can be clearly stated that in the near future of 2019, the web development and SEO services are going to take the internet by storm. The world of web development and SEO is often considered as a complicated part of the business and not only this; people also misunderstand this field and scare of it as there are many variables that are at stake. However, it is not surprising as it consists of more than 200 algorithmic classifications of factors and this makes them hesitated before entering in this industry and do it on their own.

However, once you reach the expertise in this field, you can make splendid money. Apart from this, you can also sell your services as an SEO or web developer or else, you can build your own websites along with appropriate links to have an immense amount of cash flow through online media. Henceforth, these are considered to be one of the topmost startup business ideas that can be a good source of income.

Now, these were some of the best ever selected business ideas for all the budding entrepreneurs. However, there is always a risk attached to every single business and it is none other than the risk of failure of business startups. Now, to avoid or minimize the chances of failure of a business, what can be done? Don’t panic, as there are a few rules and regulations that you will need to do that. In this article, the team of experts at Evolvers

has mentioned a few of the rules that can help them take them out of the vortex of all the chances of business failures.

So, here we go ahead with the rules of the business startup that you need to follow that can reduce your chances of failures.

1. Be Passionate

Be Passionate

In case, you are doing a particular business just to make money, then hang on and take a pause. Money can be a catalyzing factor of your business but it won’t get you to overcome the losses easily if you are unable to produce desirable results. For avoiding such a situation, you need to be passionate about your idea and a consistent worker towards your goal. As business requires a never-ending task for an entrepreneur, if you are not passionate about it, you won’t be able to make it what you want to. Apart from this, your business would probably sustain in the market industry. Make sure that you are enough to make others in your team passionate about your goal. So, ask yourself what will you be able to go along with your business even after 10 years and if yes, then you can surely go ahead over your ideas to achieve your success.

2. Take Things Simple

Take Things Simple

Always remember that bigger ideas are always raised and not born. It not about Brian Acton and Jan Koum who woke up one morning and planned to create WhatsApp and make it popularized in such a way that it is today.  Basically, every great business ideas are initiated with some simple idea that is further grown and expanded to horizons. You can begin your business with just solving one problem that relates to one product and then expand your feet toward one customer and then reach out to many customers.

3. One Revenue System

You just need to focus on start your business for a single revenue system. In case, if you are unable to identify one revenue system, that can support our business then, you’ll be in the loss in the nearby future. And adding more to it, it will prove out to be one of the bad business ideas.

4. Few Steps To Revenue

How many things are required before you start making money? Do an exercise in your mind and make it clear in your head of all the steps that are mandatory. You can also consider the number of stakeholders that might be involved in your business which is equally complex. You need not more than three steps for making money in a deal.

5. Know Your Customers

Generally, budding entrepreneurs make one of the huge mistakes that they fail to recognize their actual target customers. You need to be very careful regarding that. From the very beginning, you need to be very specific to your targeted customers who are desperately in need of your products and services. And for that, you should be clear from your mind that what you are actually. What your product contribution is and what are your plans to move ahead in your future, you have to make a complete calculation related to your business.

6. Analyze The Market

Analyze The Market

Understand the market where you want to enter along with your product. You need to keep a meaningful vision towards your goal. Apart from this, you need to analyze the future of your business in advance. This will help you maintain the sustainability of your product in the market for years. Get an expert consultancy to your plans from Evolvers as the team of experts will help you make it big even if your idea is small.

7. Sufficiently Large Market

Make sure that your business makes its big in a small market area. And once you make it big in it, you can go further ahead to address more than 10 million customers where your product will get a sufficiently large market. Henceforth, it is suggested to not to go in the graveyard at the very beginning of your business startup.

So, these were, some of the special tips provided by the team of Evolvers which are helpful enough for all the small and budding entrepreneurs who keep big dreams in their eyes and desire to make it even bigger in the market industry. However, in case you want to get further specialized information regarding your startup, then you can reach out to the team of Evolvers at anytime and anywhere.

Successful Women Entrepreneurs in India

List of Successful Women Entrepreneurs in India

Women are entering in each and every field starting from e-commerce to writing blogs and making a trademark in entrepreneurship.

Many women entrepreneurs in India have proved that they are not any less than Men and can perform any task with equal strength.

According to the latest reports, India’s Economic development depends on more than 60% of women active participation in entrepreneurship programs. India is encouraging young women entrepreneurs to invest and begin their startup by introducing new schemes for women welfare. India’s stunning development in digitalization has provided a wide range of platform for new entrepreneurs. Here we provide you the list of successful women entrepreneurs in India, who can inspire you to begin with your own startups.

List of Successful Women Entrepreneurs in India

UpasanaTaku

UpasanaTaku

We all have come across the app called Mobikwik which was founded by UpasanaTaku and Bipin Preet Singh. It is an online money transaction app, gaining immense popularity day by day.

Upasana was fed up with her corporate work environment, and decided to leave it to plan her own entrepreneurship program which ended with an online recharge app “Mobikwik.”

Later on, it became the online money wallet for millions of Indians for their transactions. Tenacity is the key to success according to Upasana. When you come up with new ideas and plans, our society is made up in such a way that it won’t accept it easily. Hence, one must be firm and determined. This nature of her led Mobikwik to more than 2 million active merchants and 1-15 million transactions per day. Now, that is what we call as a success.

Anisha Singh

Anisha Singh

Anisha Singh started her career in Clinton administration on Capitol Hill, helping women entrepreneurs raise funding. Later in 2009, she launched Mydala in Delhi which is now operating in 209 cities across India. Mydala is her second startup but the first one in India. She knows very well that establishing a startup won’t be a cake walk and convincing people for new service would be even more difficult.

She is one of those famous women who believe that being a women entrepreneur in India doesn’t matter but, what really matters is talking sense. She also believes that the major reason for drawback with women is that they themselves hold them back. She encourages women to think in a vibrant way to channel their ideas and execute it.

Sairee Chahal

Sairee Chahal

In the view of solving a great gender disparity in India, she came up with the idea of “Sheroes.” It was launched in 2013.

SHEROES is the largest women’s community online and plays a big role for women in India. It is all in one website for women with a wide range of community. It helps and supports women in various fields. With her small step stone towards this idea, Sheroes has more than 7000 companies in hands which are ready to provide career support to women. She is considered the most powerful woman in the Indian business. She was also ranked 53 on Onalytica’s “Future of Work Top 100 Influencers” list. Her revolutionary idea had a great deal in Indian business and provided hope for many women. Her overall journey is no less than a top successful businesswoman story.

Suchi Mukherjee

Suchi Mukherjee

She has been specialized in Economics and Maths from the University of Cambridge, and also holds a Master’s Degree in Finance & Economics from the London School of Economics. Suchi became an inspiration for many young women who wanted to work for their dream instead of money. She has a successful business woman story.

Her ideas of Limeroad stroke her when she was at maternity leave. She found that finding lifestyle product online was much difficult that people stop searching what they like and satisfy themselves with available products. Lime road is a growing online website which focuses on simple yet powerful consumer products, especially for women audience. Suchi accomplished not only her personal life but also her dream with an idea of Limeroad.

Richa Kar

Richa Kar

Like already known “Entrepreneurship depends on finding a solution for already existing problems or solving problems which will be upcoming in future with advanced thinking.” Richa Kar with her few researchs on Indian market opted for the first option and found out a problem that lingerie is considered as an underserved category in India. Lingerie shopping in India is a tailback for women. This underserved category became her key product for Zivame online retailing. Zivame is now India’s largest lingerie store. Richa came from a conventional background.

After completing her education from the very reputed college, BITS Pilani, she worked for an IT company.  In 2011 she Launched Zivame and marked her place in the list of the most successful female entrepreneurs in India.

Vandana Luthra

Vandana Luthra

Founder of VLCC health care in 1989, Vandana Luthra is a person with a dynamic nature and expertise in beauty, fitness, food, nutrition and skin care.  She is one of the most respected women entrepreneurs in India. She is a Padma Shree awardee and has won many other prestigious awards in her lifetime. But nothing happened overnight, she had her own struggles to face. She had to face a lot of criticism in the middle of male-dominated society. But she was determined about her unique ideas and practices and had a clear view of how to manage things between personal and social life.

In India, at that time, beauty fitness program was not in existence. Hence, she thought that it would be the key to her startup. Hence, she came up with an idea of VLCC health care. VLCC healthcare was initially started as slimming services centre in New Delhi. Now, it also provides weight management and beauty programmes. A small startup once started by homemaker ended up as an International industry which has stores in 326 locations and 153 countries. Vandana Luthra became one of the young women entrepreneurs in India and has been an inspiration for many women around the country.

Women form the basic bloodline for the country. Hence upliftment of women becomes an essential part of our economic development. Government is making new strategies so that more women entrepreneurs in India come into the line of entrepreneurship programs.

Why Startups Fails

Top 4 Reasons Of Startups Failures – Why Startups Fail?

There are many times when many budding entrepreneurs to keep their eyes brimming with many plans and ideologies. Many of them even succeed in making a big start. But unfortunately, some of them are unable to sustain their market value in the market industry. However, once you get in touch with Evolvers, then you would never need to worry about the sustainability of your business.

However, here I’m going to talk about the basic top 5 reasons behind the startup failures. So, here we go…

1. Lack of market need (42%):

Lack of market need

One of the topmost reasons behind the failures of startups is the lack of market needs in the environment over which they were depended. Around 42% of the startups are affected due to this reason. While considering your product, make sure that you are solving a widespread issue of people. Also, you need to ensure that is your product the same that is the basic requirement of your target customer? You need to question with yourself that is it actually what people want. Your product should be the basic necessity of the people.

2. Lack of cash (29%):

Lack of cash

Another issue with the startups deals with insufficient funds to run their business in an efficient way. This is not only with 2 or 4 of the business starters but about 29% of budding entrepreneurs get trapped into such a situation because of which their business doesn’t run in a long way. On the contrary, when there is too much funding over a particular startup, the cash is usually misallocated in an inappropriate way. Henceforth, there should be correct as well as a planned amount of expenditure on business startups.

3. Wrong Team (23%):

Wrong Team

As we all know, business runs only with the help of a strong team and their respective contributions can help the business starters flourish more. However, there are many times, when budding entrepreneurs get the support of the wrong people in their business. As a resultant, many of the startups fail to survive in a long run. The pillars of their business create a hurdle in the enhancement of the business in an appropriate manner. And the proportion of such business entrepreneurs constitutes of up to 23% of the whole.

4. Too much of competition (19%):

Too much of competition

A market industry is such an environment, where already there are so many as well as much experienced business tycoons are existing; until or unless, you don’t have such a game-changing plan for your product, sustainability becomes a challenging part. There are two options to overcome this issue. One of them is, either you enter in that department of the market industry where you can get least competitors or else, you prove your product as a necessity for your target customers. But somehow, when business starters find their competitors heavy on them, their business simultaneously shuts down. And what seems to be surprised that there are about 19% of people who are affected by such an issue.

However, one suggestion can be suggested to all the business starters who want to make their business grow with time at a uniform pace, they can reach up to Evolvers as the expert solution can only make the reach to your destination.

business tips for success

Business tips for success- Every Entrepreneur Should Follow

Nowadays, many people are following the trend of launching their own business. Some are targeting bigger platform while others are simply small business owner. Likewise, every entrepreneur should strive to stay atop of every industry.

Doing business is not always easy; therefore, each entrepreneur should follow the business tips for success. It is essential to understand the modern business landscape. Know the keys, strategies, and tips for a successful business for beginners before making any decisions.

The future of your business rest on your own ways of dealing with it. As a business owner, you have to acquire skills of networking and creating strategies.

With entrepreneurial ventures, today there are common moments of doubts and uncertainty, that emerges. Take some time and look back at some business tips for success every entrepreneur should follow.

How to Achieve Success in Business?

tips for successful business

Flexibility, good planning, and organizational skills are vital to achieving success in business. It is not easy to start a business and make money. Doing business requires time and planning before undergoing the activities.

Below is a brief description of common steps that will guide you and understand the business tips for success as an entrepreneur.

1. Keep A Record and Stay Organized

Be sure to keep detailed records about your business. The records will aid you to understand where your business stands financially and the potential challenges you could be facing. Another critical factor for the success of every business is to stay organized. Create a to-list for daily tasks and check off all that you have completed.

2. Be A Visionary

Always keep the big vision in sight. Having a great vision of your business will take you far. As an entrepreneur, things can get challenging. Thus, you need to persevere to keep on moving. Success will drive your way when you have perseverance and the good spirit of moving forward regardless of the discomfort and fear of failure.

3. Prepare to Make the Sacrifice and Understand the Risks or Rewards

Starting a business requires hard work. You have to put more time into your work, which means you have to sacrifice your family, and leisure time. Moreover, understand the risks and rewards that will help your business. Know the downside of calculated risks that can generate rewards.

4. Be Flexible in Your Business Plan

good business tips

When starting a business, as an entrepreneur you need a few sets of plans. This includes a business plan and a marketing outline. These are important blueprints for the success of your business. The documents will help you advance on the major landmark of your business. Be always flexible when you require altering some information provided.

5. Customer Service Is Key

tips for successful business

Many successful businesses usually fail in providing customer service. Better service offered to customers will result in the growth of your business. For a company to make money and profits, consistency is the key element. Every business owner should create a long-term positive attitude.

Tips and Tricks for Successful Business

Prior to the launch of any business, you are likely to get advice from everywhere. Aiming to become an entrepreneur is usually overwhelming but also frightening. Considering some business tips for success is important. Some basic suggestions describe below to ensure that your new venture in business is a success. Spare some time and learn about the advice on successful business tips and tricks.

1. Acquire Legal Counsel

Take some time and research lawyers having experiences in representing businesses. Having the right legal counsel to assist your business is very important.

2. Employ an accountant

One of the important factors when starting a business is to get financial advice. An accountant will guide you and ensure you are aware of some financial obligations.

3. Seek quality staff

Every business requires employees. However, as an entrepreneur be always meticulous when choosing your staff. Seek for quality staff to help you with your work.

4. Promote your business

As a new business, you should take some time to market yourself. Make use of social media and your contacts to promote your business. Deliver quality customer experience to get back other reliable customers.

Strategies for Success in Business

successful business tips

To point out, business tips for success requires careful thoughts and planning. The development and implementation of strategies for success in business are key components of business planning. This should be part of your written business plan. Common business strategies include marketing, managing expenses, receive payments and continuously developing your skills.

1. Market Your Business Effectively

As an entrepreneur, make sure to devise and develop an effective marketing strategy. This is important to stand out of the competitive marketplace. Determine what makes your business stand out from the rest. Create a network with the like minded and with the probable targeted customers. Networking Platform Evolvers help you to connect with appropriate pool of people. Focus on the different marketing efforts that require remaining among the best. Create uniqueness in delivering outstanding customer service, or you have specialized knowledge in the field.

2. Stay Away from Unnecessary Expenses

Stay Away from Unnecessary Expenses

Always be wise when it comes to managing your expenses. Have your accountant to deal and manage your finance. Unnecessary expenses should be the bottom line in every business. Do not waste money on large liability insurance policy or recruit additional employees for work that can be outsourced.

3. Get Paid for Your Work

After providing any service or successful completion of work, you should get payments. Develop and implement some procedures to be sure that you get payments promptly. When you take a piece of work, consider asking for a small portion of the payment before you begin to work. With the advent of new technologies, encourage the use of credit cards by your customers to make payments.

4. Invest in Your Education

good business tips

To keep up with the changes in doing business such as coping with current technology and developments, continue to learn. Get the skills to be successful in running your business. Focus on self-improvement, which involves taking management training. Learn about new products and trends as they reach the market.

Dealing with business is not an easy task. Join Evolvers network of seeker and givers to resolve issues. As an entrepreneur, you should arm yourself with the necessary information relevant to business and follow tips for successful business. Every entrepreneur should consider the above as Good business tips for 2018 to succeed in his or her business.