The wanna be entrepreneurs and the ones who have just started the journey, do a lot of hard work, collecting information, talking to professionals and craftsman, building, rebuilding ideas, features for the product or service they want to launch. But there’s still more groundwork that’s being missed.
Average burn rate?
Try meeting up with Entrepreneurs from similar fields as yours, especially the ones who have just started a year ago, find out the annual expenditure and apart from employees salaries, electricity, internet bills and apartment or office rent, are there any other factors that add up to the cost?
Is the required skilled manpower available in the region where you are planning to initiate or will you need to hire it from other states or districts? and approximate salary expectations? And what are the provisions or access they expect?
Transport and Traffic:
Find out the about the transport facilities in the location. Because this is something you’ll need now or later, travelling for meetings, meetups or conferences, travelling to different states. Collect information about the air and road transport services available. It will be useful not only for you but also your employees and may be other people in quest of urgent travel to some place.
Maintain a Directory:
keep a location and phone no. list of hospitals, medical stores, Banks, ATMs, food shops, provision stores, stationery, hardware and computer shops, cab services available near the work place. Especially, startups, burning the midnight oil, keep a list of nearby medical and provision stores wich are open 24/7, and also the taxi and cab services.
When you have cleared the first task of calculating the average burn rate, make sure you have the sufficient funds and keep analyzing the work, and make proper budgets to keep yourself safe from the financial distress.
photo source: hackNY
- So you wanna launch a startup? – Infographic Data for Future Entrepreneurs and Their Biggest Obstacles (socialwayne.com)
- Working with Startups: Five Tips for Publishers (publishingperspectives.com)
- Silicon Valley’s Mobile Accelerator Tandem Capital Reveals Its Latest Batch Of Startups (techcrunch.com)
- The Startup Journey or the Startup Exit (davidcummings.org)