Have you already gone through both an incubator and an accelerator? Are you still relying on new investors to keep your startup afloat? Well, stop. It’s time to take the next step.
Here at Solutions For, Inc. we provide you with the steps to survive on your existing revenue, manage it optimally, and develop it further in every phase. We can create a revenue plan with you and make sure that you stick to it.
Incubators, accelerators and investors can all play a very important role in the early stages of the development of your startup. However, they cannot ensure that you survive if you don’t also take the necessary steps for creating financial stability for your business. Generating your own independent revenue is crucial, even when you still have the support from
incubators, accelerators or investors.
Set yourself up for success!
Incubators and Accelerators:
At the beginning stages of development of your business accelerators and incubators can play a crucial role in changing your ideas and plans into real life businesses. Both accelerators and incubators are for the purpose of helping further the development of startups. They provide entrepreneurs with more opportunities and experienced advice in the early stage.
Accelerator refers to an improvement based on the company’s existing development speed, which accelerates the company’s development. They often allow the company to cooperate with many excellent teams, so that the company can determine corresponding changes and upgrades within a shorter period of time. While the incubators are more innovative, aiming to create new ideas and make new products. Unlike accelerators, incubators are better suited to companies with lower levels of development.
But once a business goes through both the incubator and accelerator stages it becomes crucial for it to be able to stand on its own. The main goal of a business after leaving these stages should be creating a realistic and achievable revenue plan.
The dangers of relying on investors:
Even after going through both the incubator and accelerator stages your startup may still not have a sufficient revenue stream to stand on its own. Many startups then turn to investors to fill this gap. While this may fill a short term need, it poses serious dangers for the longevity of the startup if you do not take the necessary steps in the meantime.
Additionally, receiving money from investors is not an easy task. You need to create an assessment to explain your entrepreneurship team, business model, action plan, industry and market opportunities. This can be a time consuming process and take several attempts with numerous investors before gaining the necessary funds. Therefore remaining conscientious of your plans to generate your own revenue at the same time is crucial. It will additionally help to convince investors to invest in your startup if you do have a revenue plan in place.
Receiving crucial funds from an investor is a great achievement for your business but you must be careful. You cannot expect to continuously gain investors for the entirety of your business. A revenue plan may help alleviate the worries of an investor but more importantly it will ensure that in the long run you will become self-sufficient.
It’s time to generate independent revenue!
Obviously, it is not an easy task to focus on generating revenue while also going through the processes of an accelerator, an incubator, or searching for investors. However, it is too important to put it off until your development has progressed further. You cannot wait until you have exhausted all options for incubators, accelerators and investors to try to create revenue from scratch.
It’s necessary to develop on your own and generate independent revenue! Though it may be difficult at the early stage, you’ll have more to gain. A solid revenue plan can make the development of the company clearer, and you will have a better understanding of the company’s profit model, market opportunities and risks, tax issues and so forth.