6 Areas Startups Need to Focus on to Survive
Growing a purpose-driven business poses many challenges, especially in the early stages. Many try, but few succeed. The goal at Impact Central is to help you and your business accelerate from where you are now to where you want to be. They surround you with industry experts and teach you critical skills that give you the tools you need to scale your purpose-driven business.
Impact Central is an accelerator, angel network and impact fund for purpose-driven businesses.
They are currently looking for startups like YOU to join their next accelerator programme in April. They have identified 6 areas that startups need to focus on to survive to help you get a grip on how you can benefit their programme.
1. Business Model
The first area is the business model. To survive, a business needs to make more money than it spends. While startups are tricky to evaluate because the revenue machine is not yet running on all cylinders, you need to get under the hood to convince yourself the engine is sound. And while you are down there, make sure at least some of your work increases revenue. When the rubber hits the road, cost centres get squeezed first.
Second, people. While in real estate, the three most important things are location, location, location; for a startup, it’s people, people, people. Great teams need to be compatible, and they also need to be complementary. Creative tension gets resolved when team members with different expertise knock heads and discover the optimal outcome. Groupthink is bad. Isn’t that why you want to leave your corporate job in the first place?
Number three: finance. I know, lots of people put this first, but it’s third. Here’s why: a solid business model executed by great people gets funded. In contrast, undisciplined founders will burn through their nest egg and crash in no time. Money is oxygen, but it is crucial to know when and where to spend it.
4. Communications and Marketing
The fourth area is communications. Products and services don’t sell themselves. Customers will purchase an inferior product they have heard of over a great product they know nothing about. Every startup needs a tribe to get the word out. Who are the supporters, and how will the startup swell the ranks to grow the business?
When it comes to customers, the overused consultant speak is ‘product/market fit. In plain English, is the product or service necessary to solve a problem for customers? For example, vitamins are nice to have, but pain relievers are necessary. Is the startup selling customers vitamins or pain relievers? Tricky but essential for a startup to get right.
And finally, impact. Pushing impact might seem self-serving from someone running an impact accelerator, but I know this audience – if you are currently thinking of leaving your corporate job, it’s likely because you’re unhappy with your company or role. The world is in a tough patch, and there are basically two kinds of people: those wanting to do something about it and those who don’t. Safe corporate jobs pay more money with lower risk. So unless you have a compelling reason why your new startup job is more gratifying, you shouldn’t leave.
What Are the Next Steps?
By the end of The Impact Central Programme, you will
- have a clear vision of who you are as a leader,
- be prepared to recruit top talent to join your mission,
- have access to life-long relationships with industry experts who want to see you succeed,
- be ready to raise funds from investors,
- know how to scale your purpose-driven company.
The next accelerator kicks off on April 26, 2022! Limited spots and time remain, so ensure you apply until April 6. Book a call with the team to be a part of the next cohort and start accelerating your impact and business.