5 Startup Cost Realities Most Founders Underestimate

Startup Professionals Musings

Image via Flickr by Phil Gyford Starting a new venture still costs real money, even though the entry price has come down dramatically in last few decades. Most entrepreneurs realize and budget for the additional costs of incorporating a business, marketing, equipment costs, and manufacturing.

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Estimating Realistic Startup Costs

Up and Running

What will it cost to start that business? Many people underestimate startup costs and start their business in a haphazard, unplanned way. Estimating realistic startup costs is one of the key elements of your financial plan. What are startup costs?

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Cut Your Startup Customer Support Costs

The Startup Magazine

Customer support can take up plenty of your time and money. If you can reduce that cost so you can have enough to spend on valuable crucial tools such as network monitoring software , the better for your business. Yet, customer support is not something you can do without.

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5 Unique Ways to Save Startup Costs

The Startup Magazine

For your new business venture to be successful, you need to focus on minimizing startup costs as much as possible. New equipment is very costly considering the fact that many startup owners don’t have a lot of money to play around with.

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3 Startup Cost Saving Hacks

YoungUpstarts

There are clear benefits to having the space to focus in a distraction free environment yet this tends to come at a great financial cost. Keep your costs down on essentials. Others business finance cost control cutting costs startup advice

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How Much Does Content Marketing Cost?

Brandanew

How much does Content Marketing cost is dependent on several factors including your existing properties. In this post I will try and go through some of the factors that the cost varies with. How Much Does Content Marketing Cost. What Do Content Marketing Costs Depend On.

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The 7 Most Frequently Underestimated Startup Costs

YoungUpstarts

The launch of a new company can cost between hundreds and millions of dollars, but what’s essential isn’t the amount of money you invest, but how you plan for and accommodate expenses. These are the seven most frequently underestimated costs associated with startups: 1.

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Customer-Centric Strategies Win Over Product-Centric

Startup Professionals Musings

Is your marketing focus product-centric or customer-centric ? With a wealth of products now available, customers look for the most memorable experience , not just the best product. Amazon is very customer-centric, but it can make all the difference in retail as well as online.

10 Entrepreneur Shortcuts To Be Avoided At All Costs

Startup Professionals Musings

In the heat of scaling the business, it’s tempting to skip the cost and time of finding qualified job candidates, and enlist those close at hand, without paying them a competitive wage for the hard work and commitment you need. Focus on products and customers, and trust your accountant.

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7 Tips On Maximizing Social Media Returns At Low Cost

Startup Professionals Musings

You can jump into social media with a poor brand definition, poorly focused content, unrealistic expectations of customer service, or be killed by malware or viruses. As with any resource or tool, you need to optimize your social media costs against a targeted return.

10 Strategies To Cover New Product Development Costs

Startup Professionals Musings

The “valley of death” is a common term in the startup world, referring to the difficulty of covering the negative cash flow in the early stages of a startup, before their new product or service is bringing in revenue from real customers. Commit to a major customer.

7 Strategies To Reduce The Cost Of Finding Investors

Startup Professionals Musings

Thus it behooves every entrepreneur to optimize their investment strategies early, based on time and dollar costs, as well as odds of success. Weigh the cost of every pitch against the potential return. Thus it always costs money to raise money, so plan ahead.

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5 Costly Things Your Customer Support Should Probably Stop Doing

YFS Magazine

Did you know that 89% of consumers have stopped doing business with a company after experiencing poor customer service? Customer Service Grow customer experience marketing

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Ways To Reduce Printing Costs

YoungUpstarts

The reality is that the cost of printing documents, financially, materialistically and environmentally, is out of control. Indeed, the honest belief is that costs are being cut and that offices are moving towards being paperless. The Reality of Printing Costs.

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7 Strategies For A Low Entry-Cost Sustainable Startup

Startup Professionals Musings

The cost of entry is at an all-time low, working from home through an Internet website seen globally, turning a hobby or an invention into an online business. Having a website won’t help if customers can’t find it. Use social media to actively engage with your customers.

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Reduce Startup Costs with These Effective Ideas

The Startup Magazine

Unable to sustain enough capital to run their business efficiently leads to increased debt, dissatisfied customers, and the inability to sell your products or services. To reduce the likelihood of this happening, most entrepreneurs turn to money-saving measures to manage startup costs.

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Cut Costs & Make Customers Smile

Mike Michalowicz

Here is his note: Today I got a box from one of my customers and it had a bright green note inside that brought a BIG SMILE to my face. When it comes to keeping your customers informed about changes you’re making in your everyday business operations, you should be doing the same. I presume, the company went with the current “going green” trend as a way to justify keeping costs down. And they did it in a way that makes customers smile.

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The Remarkable Cost Of Poor Customer Support On Your Bottom Line

Brandanew

Very many new and established businesses set up marketing, but rarely pay attention to customer support- in the way that it deserves. Poor customer support seems to be an epidemic, despite our progress in other areas. The Remarkable Cost Of Poor Customer Support On Your Bottom Line.

10 Low-Cost Startup Ideas That Students Can Use

YoungUpstarts

Keep it low-cost by writing an app yourself or by partnering up with another inspired peer. Make sure you double check your calculations before providing a final request for a budget from the customer.

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The Impact of Understanding Customer Acquisition Costs and Customer Lifetime Value

Duct Tape Marketing

The Impact of Understanding Customer Acquisition Costs and Customer Lifetime Value written by Guest Post read more at Duct Tape Marketing. Have you heard someone talk about customer acquisition cost (CAC) or customer lifetime value (CLV or LTV)?

The Cost Equation for a Startup is Better Than Ever

Startup Professionals Musings

I come from a high-tech software background, and only a few years ago, it would cost at least a million dollars ($1M) for a team of professionals to produce any commercial software product. Technology costs. Sales and marketing costs. Manufacturing cost and lead times.

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Keeping Startup Costs Low: Three Ways To Manage It

YoungUpstarts

Costs are one of the main reasons why many businesses fail, with the price of upstart fees, management fees, buying stock, paying staff and marketing always on the rise. Here are our best tips for cost-cutting during your business’ start-up period: Grants and Business Loans.

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7 Poor Leadership Habits You Must Avoid At All Cost

Startup Professionals Musings

People who speak critically of co-workers, friends, and customers, are positioning them as scapegoats for later failure.

How To Effectively Manage Business Costs

YoungUpstarts

By chasing after relentless growth – at all costs – they have gone beyond their abilities to pay spiraling bills to suppliers, employees, and financiers. How can one manage one’s business costs better?

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6 Ways For Startups And Small Businesses To Help Reduce Cost

YoungUpstarts

Another way is to decrease cost. Cutting cost can be one of the best ways for a startup to grow and expand under its own power, but it isn’t always the easiest thing to do. Here are some tips for startups to cut costs in order to expand their bottom line: Take advantage of the cloud.

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Practical Ways To Reduce Fleet Costs

YoungUpstarts

There are fuel costs for starters, as well as insurance for each vehicle, road tax, and general maintenance costs, especially for vehicles that have been on the road for a long time. The costs can add up, but there are ways you can reduce spending. Lower the cost of insurance.

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7 Tips To Reduce The Cost Of Employee Business Travel

YoungUpstarts

One area in which business enterprises can save substantially is the cost of employee business travel. These techniques have helped to keep employee business travel costs down, but some business trips are unavoidable. Here are 7 tips to reduce cost of employee business travel: 1.

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How To Easily Cut Costs When Building A Start-Up

YoungUpstarts

You want to give your customers options, but you don’t want those options to cost you money. In general, it’s important to track transaction related costs. Advice For The Young At Heart business costs cost savings money management startup advice

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Avoid Envy At All Costs

Mike Michalowicz

If your customers feel someone or something is superior to them, they will envy it. When customers envy something, they will try to pull it down. Instead show customers your flaws and faults. And if you are that “superior” thing, envy is not good.

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The Customer Centricity Debate: Who Is Your Real Customer?

Brandanew

Many of us tend to believe that our businesses or brands exist to meet the needs of customers that we serve. Customers are people who use or need your products/services. The customer centricity debate wants you to put them at the heart of your work. Who is your real customer?

Customer Satisfaction Surveys Tips For Small Businesses

YoungUpstarts

If you own a small business, conducting a customer satisfaction survey is an important part of running the business. It measures the degree of your customer’s satisfaction or dissatisfaction with your products and services. Have an Objective for your Customer Satisfaction Survey.

7 Lessons From Airbnb and Uber On Customer Values

Startup Professionals Musings

Many notable recent successes, including Airbnb and Uber, have done it by finding disruptive customers, with essentially no new technology. They seek customers willing to decouple from accepted buying models, or are actively looking for a better total experience.

Refining your Customer Acquisition Cost (CAC) Ratio

Cracking the Code

CAC ratio = [GM (Q4 13)- GM(Q3 13)] x 4/ S&M costs (Q3 13) (GM: Gross Margin; S&M: sales and marketing) CAC ratio based on CMRR While very easy to calculate and benchmark, this formula can be refined at different levels. In this case, your effective S&M costs = S&M costs x 70%.

How To Increase Customer Lifetime Value

YoungUpstarts

Finding ways to increase customer lifetime value isn’t just important to a business — it’s essential. The customer lifetime value (CLV) metric shows you how much your customers like what you provide, whether it’s products or services. Feature Your Customers.

Understanding E-Commerce Website Development Cost: A Guide

YoungUpstarts

One option or another, if you’re a start-up trying to create a website the cost will range from $20,000 to $500,000. This cost will depend on how you want your website to perform and the company you choose to assist you in developing it. Total Average Cost: $20,000.

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How Your Cost-Cutting Strategy Can Double as a Growth Strategy

The Startup Magazine

This explains why so many companies have initiated cost-cutting strategies, thinking that they must prepare for what lies ahead in the next 12 months. You should not forget, however, that cost-cutting doesn’t always mean going cheap. Classifying Costs.

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Eight Reasons Why Your Subscription Model Customers May Be Jumping Ship

YoungUpstarts

If you can’t keep the customers who sign up with you, you’re going to quickly find yourself in trouble. I get calls all the time from clients struggling to retain new customers. It can get a potential customer over the credibility hump.

Is Financial Freedom Costing You Your Life?

Mike Michalowicz

It doesn’t take long before you realize the customers are the true bosses. The post Is Financial Freedom Costing You Your Life? Financial Freedom? I love money. It is a powerful tool for getting lots of things done. And it provides that all so valuable financial freedom.

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Customer Service Can Kill Your Customer’s Experience

Startup Professionals Musings

With the advent of the Internet, social media, and instant communication via texting, customer expectations for service, as part of their entire customer experience, have changed. Company finds customers based on interests. Technology must improve the customer experience.

Your 2016 Budget: A Cost And Analysis Guide For Business Owners

YoungUpstarts

Every year, dynamic markets, the state of the economy, and consumer demands change the requirements of a business and the costs of operation. The organizational workflow and schema must be considered in order to optimize internal efficiency, which ultimately reduces costs.

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When Customers Make You Smarter

Steve Blank

We talk a lot about Customer Development, but there’s nothing like seeing it in action to understand its power. But the big payoff came when their discussions with medical device customers revealed an entirely new way to think about pricing —potentially tripling their revenue.

Financial Freedom Is Costing You Your Life

Mike Michalowicz

It doesn’t take long before you realize the customers are the true bosses. Entrepreneur Strategies Mindset Money Strategies american tourist and mexican fisherman cost of life financial freedom trade offFinancial Freedom? I love money.

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Why Misunderstanding Startup Metrics Can Cost You Your Business

Both Sides of the Table

The key to being able to run a business that isn’t yet profitable (on operating margin) is availability of capital to finance losses and preferably at a cost that isn’t too punitive to the founders and employees. Customer acquisition cost.