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3 Keys to Start-Up Success

This section offers three ways to solve a problem. See more on Linkedin.com/in/ahern
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There are endless ways a business can fail. Here are three keys to avoiding failure.

1. Managing Cash Flow
   Manage your cash flow monthly. Evaluate your expenses and revenue and adjust to keep a positive cash flow. These can be tough decisions. Always have six-plus months of runway in cash, just like your personal savings account. Too many unexpected issues in business can increase expenses or cause a drop in revenue.
   

2. Product Market Fit
   What you think is great may be too ahead of the market; your actual market may be very small. Or your target market may not be interested in your product or service for a reason you did not think of. Always get feedback from customers, and adjust your business to fit their needs. Most companies start with one idea and pivot more than once to find a profitable product or service. Do your research before investing in the production of a product. You will be amazed at what people will tell you if you are listening.
   

3. Ideas Are Easy… Building and Selling May Not Be
   It’s fun coming up with ideas for a product or service and finding that perfect niche in the market. After you do the research and crunch the numbers, there are two tasks left: building the product and selling it. For some, building may be easy. Usually, those are the ones having a hard time selling and visa versa. Think these problems through before starting your business. Seek guidance and hire people that augment your weaknesses.

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