A very wise man and successful business mogul once told me, “Start up your business the way you would want to finish it!” These words have stayed with me over the years and I share this wise token to all my start-up clients. You see I come across this scenario almost every week. Most startups have great intentions and a good portion struggle with funding. There is no secret that starting up a business can be costly. What happens when a business makes decisions due to financial limitations?
The biggest rookie mistake I see is watching startups make important decisions with tunnel vision due to their restrictions and limited budget. Most startups use all their funding to build a website and do not realize that the funding needs to continue on the marketing funnel. This is why most business struggle with their marketing initiatives.
Building a financial budget is vital and key to get started. In fact focus on this first before you make hasty decisions. Some people will blow their financial budget on the smallest things that really have no relevance to a start-up.
I recently advised a personal friend to actually get a full-time job to fund his business aspirations. I was watching him make some vital mistakes in his decisions due to limited funds. In fact he was making decisions out of financial desperation and was limiting his creativity. The minute he started seeing funds from his job he was able to make better decisions without worrying about funding. This enabled him to get started on his vision and implement his creation and see it to fruition. The truth is most business do not even pay attention to funding but rather the destination.
If you do not know how to get there you really shouldn’t focus on what the destination should like! How did you get your business off the ground?