Table of Contents+
5 Points to Consider When Setting Up a Startup
- 1. Never Play Dice with Business — Approach with Calculated Risk
- 2. When Starting-Up What Could Go Wrong Would Go Wrong
- 3. Startup Consultants Ensure Smoother Process and Pivot your Launch
- 4. But When Selecting Startup Consultants, One Size does not Fit All
- 5. How Cruzine is Helping You Find the Perfect Match
- Conclusion and Closing Thoughts
There are millions of reasons why startups fail — right from the wrong product/innovation to lack of startup consultation. While sometimes it’s essential to let individuals learn from their mistakes, there’s no need to keep business information secret.
Consider a startup ecosystem as a deep jungle where every entrepreneur is starting up to become the lion over there. But then, it is fair to consider different aspects as not every startup turns out successful.
The end game for this tale is to avoid any mistakes that will have bad repercussions for both the entrepreneurs and those who’ve followed them.
Today, we will discuss the right ways to adopt while starting up so that your business does not end up failing. This blog features an overview of startup consultancy and top tips to streamline business activities.
But before that, let’s take a quick look at some of the interesting stats about the startup
- In the Q4 of 2020 alone, 284,000 businesses started up in the United States which is the largest hub of startup activity.
- Q2 2020 saw 907,714 new business applications—a 7.99 percent rise from Q1 and a 4.27 percent increase year-over-year.
- The value of a startup economy stands at $3 trillion globally. The USA contributes almost half of the market size with $1.6 trillion by the end of 2019.
Unfortunately, 90% of the new startups fail and only 50% of the businesses go beyond the fifth year of the operation.
Some newcomers to the startup industry will likely find it tiresome while others may need access to startup consultants and may expose themselves to financial vulnerabilities.
Entrepreneurs have taken money with interest from their near ones in certain instances. Additionally, self-inflicted debt on themselves and their close relatives is not novel — we frequently hear of such instances in the business environment.
Sinking into a startup may place you in a situation where avoiding such issues becomes difficult. Here is the hierarchy of key startup attributes to consider when initiating any business activity.
One way to ensure establishing a successful business includes choosing startup consultants who are just the right fit for your business. Doing so can save much of your time, efforts, and crucial business resources.
This blog aims to help you choose a startup consulting partner which is easier said than done because you need to match startup consulting with your business needs. Pivot your key skills for a smarter workaround in day-to-day startup activity and onboarding business advisors for a startup at the right time.
5 Points to Consider When Setting Up a Startup
There are hundreds of dos and don’ts for the startup. And, if you’re thinking of taking the leap and establishing a company on your own, there are several essential measures you need to consider. Before you embark on an entrepreneurial endeavor, it is crucial to demonstrate the ability to carry out your idea.
You walk the talk and live up to the expectations you have set for your startup. Ultimately, your startup is your responsibility, and therefore, the onus of optimal distribution of tasks rests on you. Consequently, you need to consider a range of tips, right from picking up the right idea to streamlining the business operations and, later, profitable sustainability in the longer run.
In this blog, we will briefly highlight the key aspects to consider while starting up. Each point will be discussed in-depth to help you make the right choices for your startup.
This involves taking the calculated business risk and picking up the right talent to implement the right strategies tailored for growth. For starters, here are some of the key tips
Tip 1. Maintain a State of Readiness
You are constantly under pressure to maintain a healthy emotional balance while pursuing your startup goal, advance quickly in business while maintaining excellent mental and physical health, and cultivate a caring attitude.
Tip 2. Prepare the Finances
While some go beyond the finances, they may lack the necessary resources to grow. Having a team of experts by your side goes a long way to writing a successful startup story. The failures are not written in stone.
Tip 3. Have a Well-researched Plan
Having a well-researched plan coupled with a tech startup consultant who can help implement the same can help to kickstart a business. But first, you need to identify the pain points that your business may face and accordingly reach out for the tools, technology, and talent.
In this blog, we will have an exhaustive take on the startup functions, and provide detailed information on creating a successful startup. These are the 5 key areas you can consider:
- Never Play Dice with Business – Approach with Calculated Risk
- When Starting-Up What Could Go Wrong Would Go Wrong
- Startup Consultants Ensure Smoother Process and Pivot your Launch
- But When Selecting Startup Consultants, One Size does not Fit All
- How Cruzine is Helping you Find the Perfect Match
1. Never Play Dice with Business — Approach with Calculated Risk
Risk-takers stake everything on a single throw of the dice. If they fail terribly, they fail in such a manner that they do not even survive another day to fight. They perish in a blaze of self-aggrandizement.
They find a method to mitigate risk with each move they make. They adhere to the Act. Develop. Repeat the model that we have discussed throughout, demonstrating that they are not just risk-averse but also risk-averse.
Here’s what the data of startup success looks like.
- On average, 20 Technology companies are created each year in the US to reach $100m in revenue. (Ewing Marion Kauffman Foundation). But this holds if they can beyond their formative years, which involves dealing boldly with fierce competition.
- Also, entrepreneurs can only embark on a startup journey if they are willing to accept that only 40% of startups tend to be profitable.
- According to Failory, about 63% of Information Technology startups fail altogether.
Generally, there are three key reasons why entrepreneurs avoid risk.
A. The Probability of Failure is Improbable
The likelihood of anything failing is often considerably smaller than we anticipate. By nature, the majority of us are pessimists who assign exaggerated probabilities of failure to risks.
B. Exaggerated Ramifications
Even when the chances are accurate, we often overestimate the unfavourable implications. We create implausible worst-case scenarios and presume that the risk will ultimately take this path.
C. Incapacity to Deal with the Ramifications
Finally, it is fairly unusual for us to underestimate our capacity to deal with risk-related outcomes. True, something terrible might happen — but usually, it will be manageable.
Many entrepreneurs are thrilled with their ideas. But a startup is more than just an idea. As Michael Dell, founder and CEO of Dell Technologies, puts it, ‘ideas are commoditized; their execution is not.’
Some individuals get started and spend their whole funds on a full-fledged product that took many months to create in what they refer to as ‘stealth mode,’ while others find it all too difficult and quit. Others never attempt, claiming that the timing is not right.
Today, taking action does not have to be difficult or costly, particularly if all you want is to test a concept, which is exactly what you should do while it is still an idea. As with looking at a daunting blank sheet, the most difficult part is writing the first few words; you will learn, progress, and build momentum with each step is more than just a good idea.
The idea, however solid and good, will have its cons. Therefore, an entrepreneur would need a marketable idea that can bring funding at a later stage. If you are struggling to confirm whether or not the idea is commercial, make sure you tick the following checkboxes:
✅ It Should Be Relevant for End-users And Easy To Buy
The typical consumer will avoid investing in a product, service, or another concept that seems hard to use or comprehend. A company concept targeted at the public at large must prioritize ease and simplify the customer experience.
This implies that the product, service, or another startup idea must be adaptable as people’s preferences, purchasing patterns, and requirements change over time. Assure that your concept has space to evolve and change to stay current and relevant.
✅ Easy to Promote
Not only must a marketable concept be sellable, but it must also be advertisable. This entails developing a complete marketing strategy around promoting the product to enhance its popularity and public visibility.
This may be done in several ways, including television advertising, magazine or newspaper ads, and signs. Concentrate your marketing on your target demographic and emphasize the business’s unique selling features to promote purchase.
✅ Gauge High Demand
To create a marketable idea, there must be widespread public interest and demand. The greater the need for a product or service, the more income a company may anticipate. Demonstrate that your concept is helpful, valuable, or amusing to the general populace or a sizable target group. Here, you need to consider whether your business idea can drive repeat customers, generating a consistent income stream.
Conducting surveys and focus groups is one method to ascertain interest in buying or utilizing your service or product and ascertain what people find attractive and repulsive.
Now, when it comes to running a successful startup, you would need to blend in with the multiple departments. Following departments run in tandem when you start a new business.
- Product and Services: This is your core department where a lot of innovation would take place. Onboard a startup consultant to help you identify product and service gaps to ensure top-notch deliverables in a highly competitive market.
- Human Resource: The HR department is the backbone of your startup. Ensure this department meet its KPIs of hiring the right talent at the right time that provides smooth functioning of other business departments.
- Sales and Marketing: These are the two departments that stand as the face of your startup. You may hire startup consultancy services that fuel these two departments to deliver results that matter to your startup.
- Administration and Operations: You will need these two departments as hidden superheroes to ensure that your day-to-day startup activities run smoothly.
- Finance and Legal: Every startup would need to comply with existing rules and regulations. Hiring business professionals as a part of startup consultancy can be of great help.
- Technology: Most startups rely on technology to deliver efficient results. Onboarding business consultancy experts in the initial phase of the startup will help provide robust technology to support your idea.
- Technology plays a crucial role in the success of a modern startup. But, there is an existing additional void between the business domain people and the technology enablers, which needs startup consultants to bridge the gap.
- The goal of a startup will be to stay relevant in the future and ensure sustainable growth with the help of technology. A sound investment in technology will help to streamline business activities.
- However, the domain experts and the technical people are often unaware of the external business environment. Hiring startup consulting firms can help pivot technology resources to market the startup and ensure successful customer acquisition.
The bottom line here is to be adaptable. You cannot prepare yourself for all the challenges you face ahead but what you can do instead is to stick to your vision by hiring startup consultants. As the Founder of Daring Foods, Ross Mackay, puts, “you can be nimble with your tactics” in an attempt to do so.
Ultimately, it is impossible to anticipate the curveball, especially with an ongoing pandemic. Entrepreneurs can rely on startup consulting services that help anticipate certain pitfalls and mitigate any risk associated with the external business environment.
2. When Starting-Up What Could Go Wrong Would Go Wrong
Dave Bailey, the Chief Executive Officer of Coach, once rightly said that any startup that does not have enough resources to execute the idea would eventually fail. A startup can avoid the pitfall by coming up with an improvement over an old idea.
There is no surety that it would help but the stress of generating a new idea would be avoided.
The lifecycle of a startup can be strengthened by setting aside a part of the capital for business advisors for startups. The reasons why a startup fails can be briefly categorized into two sections namely Micro and Macro.
Both perspectives differ in terms of coverage. While the Micro perspective covers mostly the short and internal aspects, the Macro perspective covers external aspects that have a harder impact on the startup.
Therefore, startups need to have a basic plan that can help manage the macro and micro perspectives. Remember, as you set up to unwire the recurring and prevalent startup issues, you need to keep a check on the time you spend there. It is not a good idea to overspend yours in cleaning up the clutter as compared to performing key business activities.
A. Reasons For Things to Go Wrong
A business in its initial years can go wrong for several reasons. Facts say that most of it begin within the startup. While the highest-ranking reason is an external factor, often uncontrollable, most of the reasons have to do with what kind of environment prevails in the startup.
Let’s understand some of the reasons as per the study conducted by CBInsights.
B. Capital Crunch
Nearly 38% of the participants rated running out of capital as the primary reason for a startup to fail. The other silent perspective is that a startup failed to raise more capital from the investors. The investor may either be existing ones or new ones.
A startup runs out of capital when the founders fail to estimate their expenses. The revenue may begin to flow in, but the expenses would still be in large numbers. Since the cost cannot be increased immediately, everything would depend on how well the business manages its expenses.
Turning to investors is the most convenient way to get more capital. An existing investor, however, would be interested to pool more money only if the startup shows signs of generating better returns in the future. Incorrect allotment of funds to certain departments can also drain the capital faster than expected.
C. Market Need
Around 35% of the participants supported this point as a reason for failure. Customers drive a business. They can do it by continuously consuming the products or services or by accepting a new idea. When the automobile was launched, it was something new for the people. The idea got acceptance because it offered convenience to the customers.
The analysis of what the market needs is important. The responsibility to conduct this analysis remains on the shoulders of the team that conducts research. For a startup, the researchers are majorly the founders themselves. The need to be satisfied can either be long-term or short-term.
The rate at which the market evolves is a lot higher in the long term. A social media company may plan to simply connect its users with each other. This would, however, be only for the short term. The users would then need something more to remain on the platform. Facebook is a great example as it has offered innovative reasons to users to stay on the platform.
D. Excessive Competition
The common notion is to avoid the most competitive market. The rule applies to startups that follow the Blue Ocean Strategy. Figures say otherwise by quoting that a startup that faces extreme competition in its early years ends up having a better life cycle than any other startup.
20% of the participants responded that excessive competition can kill a startup. The statement holds true as founders can get demotivated. The higher competition seeks faster innovations by a startup. This may be impossible as a startup runs with limited resources. Even though the key is to focus on the core principles, failure may seem to be pronounced if the innovations are not caught up as per the trend.
All the reports by every startup consulting service highlight that facing competition in the early days builds the immunity of the startup. Excessive competition teaches to reach the target customers in a better way. This can always take a wrong turn if founders focus only on the competition and not on the customer.
E. Ineffective Business Model
A business model is what the entire startup is based on. Any distraction or diversion can derail the operations of the company and take it to a dead end. Setting up a business model is one of the very first steps that founders take.
There is a reason why an ineffective business model was chosen by 19% of the participants. Once launched, a startup begins to see opportunities everywhere. The main objective takes a back seat as going forward appears to be the only way to attain success. The moment when the company loses control over its core business model is the moment when the business model becomes ineffective.
The original plan is always to execute the set business model. Every research is done in that direction. The only factor required is the consistency to go on without caring much about the failure.
F. Other Reasons
There are still many more reasons for a startup to fail. The ones that are in accordance with the study conducted by CBInsights range from 5% to 18%. These are as follows:
- Unexpected legal challenges (18%)
- Pricing of product and services (15%)
- Formation of the wrong team (14%)
- Launching the product at the wrong time (10%)
- Poor quality of products and services (8%)
- Disputes among the team members (7%)
- Pivot went bad (6%)
- Low or burnout of passion (5%)
The best way to lower the burden is by keeping professionals in the loop. Set aside a portion of capital and hire a consultancy team. Having a basic understanding of how a startup consulting team process works would give an edge in the process of hiring the best ones.
3. Startup Consultants Ensure Smoother Process and Pivot your Launch
With over 700,000 consulting firms, the market of business consultancy is closing deals in big numbers. The business consultancy industry stands at a valuation of $250 billion. Some of the big names in the industry are Deloitte, KPMG, and Ernst & Young. They are the major contributors to the market valuation of the industry.
As per the recent data available, all three consultancy firms closed 174 business deals between 2012 and 2016. Deloitte, KPMG, and Ernst & Young closed 82, 56, and 36 major deals respectively.
A. What Does a Startup Consultant Do?
A startup consultant assists the venture in reaching its central point of success. The path to get there has complicated turns. This is made easy by a team of professionals. Here’s what and how they do it.
B. Highlight The Difference
There is a difference between what is read theoretically and what is implemented practically. A startup may fail to implement its plan while exploring uncharted territories. This can lead to the shut down of a business.
Before that point arrives, a startup consultant issues a warning by highlighting the difference between what the startup has planned and what may happen during implementation. The implementation of a plan requires a combination of practical and theoretical experience. The experience pays off when the yearly goal is achieved in an early quarter.
The startup consultant further strengthens the company by developing a growth strategy. Being in one place can sink the company into the drain. It is important to keep it moving and that is what the startup consultant does.
C. Identify What Works Best for The Business
It is easy to get into a car and drive. The problem arises when it breaks down in the middle of a highway. Imagine someone telling you to get the engine oil checked before leaving for the trip. Wouldn’t that have made the drive problem-free? A startup consultant is a mechanic that tells you what to get checked before rolling out on the highway.
Your services and products may appear to be ready to get into the hands of the customers but you may have missed a silver lining. The service of small business startup consulting, for instance, shares a message in advance telling about the problems that a small business may face. A small business majorly runs short of finance and every step that it takes matters a lot. A big startup is no different as the fund-raising depends on what they do in the
Every problem that is foreseen in the present gets resolved quickly. The consultants have pre-designed solutions which have been tried and tested on other clients. These can be customized and applied to every situation accordingly.
D. Leveraging Existing Connections
Betrayals are tough especially from someone you trusted with something very important. Instead of making your connections, you get an option to connect with service providers who are already in the market. The startup consultants act as a bridge to connect a startup with the concerned agency.
Newly formed businesses can hire the advertising agency when there is a need to boost marketing. The agency may showcase its best samples without sharing the reality that it never meets the deadline. You have scheduled to launch your product during the New Year Party with a happening video. But that video does not hit the production floor till mid-January. You lose the time and money that you have invested.
The well-established connections of the startup consultancy companies don’t let this happen. They have an image to maintain along with a proven track record.
E. Professional Analysis
Post-implementation, a startup deserves to have an analysis report of its performance. This is provided by the startup consulting company. With the view of a bird, the startup consultancy company has a better overview of the performance.
Having said that, a startup must also ensure to consider how much finance it is left with. Getting a startup consultancy company on board is crucial. There is a time when you must let its services go. It is often after you have achieved a certain goal or got an analytics team in-house. The feedback on your performance may be generalized by the consultancy company. They may do this keeping the market in mind.
Additionally, you may want to retain the core functions of your internal team. A company involved in software development services would probably not want to give access to their development process to anyone
F. Set-Up Review
A startup does not have to worry about setting up a review meeting. The consultancy company does that automatically at the convenience of the startup team.
The startup consultancy company goes through the areas that are assigned to them and identifies the main problematic areas. A report is then prepared and presented with analytics by a business startup consultant. The analytics may include how much cash was spent and how much revenue is generated.
When to not hire the consultants?
Ultimately, startups need to identify the time when they need active consultation. It may need to pivot resources in the right way to avoid handing over the complete department to startup consultants. This holds true if it is the core strength of your business.
For instance, if product innovation is a unique proposition, then it is not a good idea to outsource your R&D department.
Also, another aspect to consider when hiring a startup consultant includes your financial strength. The startup business consultants would charge exorbitantly to give the depth required in the services. But a cash crunch in the business would see you suffering at the delivery end.
Choose the approach that fits you the best
In case of a huge gap, or loss, the startup consultancy company offers solutions. The solutions are effective to fix the damage and ensure that the next report comes better.
Every phase in the life of a startup is crucial. It is made easy by a startup consultant with their
experience and established network. One must, however, be careful with the process they are seeking consultancy for.
4. But When Selecting Startup Consultants, One Size does not Fit All
When hiring startup consulting services, remember that numbers work – wider market gap demonstrating that market has a persistence of that gap. This means that different startup consulting companies will have a different approach tailored to specific business needs. Your startup may be tech-driven or you are a non-profit firm, each one has a different set of operational necessities. In the latter case, you would rather need non-profit startup consulting experts to help achieve business goals.
Here are some of the reasons why you would need to dwell deeper before onboarding a startup business consulting firm.
A. Not Every Business Advisor for a Startup is a Perfect Match
The key here is to identify the business goals you need to achieve by hiring a startup consulting firm. For instance, you cannot benefit from a marketing agency when your actual problem lies in product development. Therefore, you need experts who are well-versed in identifying the activities for business goals.
Many firms are still traditionalists and are only able to view the problem from a one-dimensional perspective. Problems faced by modern startups may not be the forte of every consulting firm, even some big, established names such as Boston Consulting Groups or McKinsey & Company. Businesses need to identify functional gaps and accordingly opt for lean startup consulting that helps niche departments.
The new-age consulting companies need to be tech-savvy, provide real-time monitoring, and be focused on depth-driven intelligence. Your startup may benefit from modern tools and technologies that these companies adopt for management consulting of startups.
The first step is to identify the phase of your business. This can help navigate functioning issues and accordingly leverage the expertise of startup consulting services.
If you do not know which point is your startup, maybe you need a business advisor. They not only identify your business growth options but also plan out activities that can deliver results.
B. Three Key Tips to Consider when Onboarding the Startup Consultants
It is often a question to ponder – how small business startup consulting services find clients. The answer lies in identifying the business niche that matches their expertise. One way to ensure onboarding a qualified and perfectly fit startup consultant is to follow these three key tips.
1. Find a startup consulting firm that can develop a repartee
You would not want communication gaps to cost you a business. This is why it gets crucial to identify the business advisor for a startup who ensures effective communication in place. Let their expertise come in handy in identifying the business gaps and communicating effectively for your team to take the right steps. The startup business consulting is something that thrives on constant, fruitful communication. Be it in the form of words, data, or graphs – the motive behind the actions should take center stage.
2. Leveraging consultants’ network
It is always a great idea to identify the social and business network that your prospective startup consulting firm would have. Along with their skills, you can also benefit from their connections, especially their easy access to certified vendors, key industry leaders, etc. While this aspect may not hold a key value in hiring startup consulting services, it is important to consider the same when evaluating your ROI beyond the offerings on the table.
3. Offering customized solutions for modern startups
Startups these days are looking to leverage lean startup consulting to help grow within their niche and technology. The highly cluttered startup space is loaded with stiff competition. Such a situation raises the demand for tech startup consultants where the modern startups are searching for customized solutions and that is a dilemma in itself.
- The answer lies in identifying where the fledglings look for the consultancies that match their requirements. This means accessing the data of startup consulting firms and how they have helped small businesses over time.
- It also involves getting into the market scenario to discover how the market news and referrals help them.
- Lastly, it involves CEOs and Co-founders brainstorming to create or find directories listing all the possible business consulting agencies within their respective domains. This will help new businesses navigate to the right path in hiring startup business consulting companies.
Considering the factors mentioned above before hiring a startup consultant is a must. The startup should first identify its position in the market and place itself in a visionary boat before sailing. The success and growth come naturally when an entrepreneur decides to walk firmly after clearly identifying the need of startup consultants and eventually leveraging their expertise.
5. How Cruzine is Helping You Find the Perfect Match
Cruzine goes beyond management consulting for startups as it pivots growth by aiding founders, visionaries, and decision-makers with the right technology and experience. The young and emerging businesses may often stumble upon a set of roadblocks that need the right guidance. Cruzine will help you find the experts who can set your growth vision and ultimately unlock your business’s full potential to drive growth.
At Cruzine, we understand the need for business consultation upgrades as soon as your business starts flourishing. Therefore, the aim is to identify the niche a consultant deals with marketing, technology, finance, etc., that can identify bottlenecks in relevant departments and enable optimization for effective results.
Finding a perfect match for your startup gets easy with Cruzine as we follow a predefined model which includes:
- Listing out the possible consultants for department-specific requirement
- Analyzing the consultants’ niche and linking it to your departmental or organizational goal to ensure they fit in.
- Comparing subject matter experts to filter out the best-fitted one for the role that achieves desired results.
The Cruzine Approach
For each organization showcased on Cruzine, there is a unique algorithm and specialized research. This is to have startup business consultants work in tandem with your business activities and make necessary adjustments to work. The following aspects are considered at Cruzine to help you hire a startup consultant —
- Client feedback: We have a review and monitoring system wherein the client feedback is considered and, accordingly, helps identify potential consultants. The client feedback system is key to ensuring that you only deal with trusted startup advisors.
- The employee feedback: As a small business startup consulting company will also carry the employee feedback. Each employee working with the startup consultant we list will have a space and provide the feedback that will be accessible.
- Net Promoter Score: The adoption of Net Promoter Score has led to various solutions springing up that make it simple to identify customer reviews. Before you hire a startup consultant, our algorithm considers NPS to help you identify the right match for a startup consultant.
- Comparing with other consulting firms: Cruzine algorithm compares various startup consultants in the same domain. This will enable you to make a sound decision by thoroughly analyzing multiple aspects of the consulting firms.
This unique approach adopted by Cruzine differentiates itself by providing you with lists and ratings of startup consultants based on their niches. This way, you can eliminate the hassles of contacting each one personally and understanding their area of expertise before onboarding. Since the comparison works within the same domain rather than tip touching multiple domains, you are sure of achieving excellent results in the niche that your startup is functioning in.
Conclusion and Closing Thoughts
The secret of getting ahead is getting started. The secret of getting started is breaking your complex overwhelming tasks into smaller manageable tasks, and then starting on the first one. – Mark Twain.
If anyone could sum up what we do at Cruzine, then it has to be Mark Twain! As one of the most reliable startup consulting companies, we understand that starting a new business is a labor-intensive process requiring meticulous planning. Ironically starting up is also a more action-oriented process. These actions may fall flat if no experts are guiding the operations in the right direction. Onboarding startup business consulting firms provides an optimal solution by planning and testing waters while being aware of the oncoming waves.
Often, it becomes crucial to leverage the expertise of startup consultants who know the market and the competition better. This way, you can avoid the mistakes committed by those who are already surviving in the market and that is where the role of external consultants or channel partners comes in handy. The idea is to overcome common market challenges and syntonize your business efforts to the market demands. Having a business startup consultant by your side can help you with a lot of experience as they are experts in maneuvering naive newbies towards specific goal accomplishments.
However, as mentioned earlier, not every situation requires it. A lot will depend on the business niche and your vision. The timing to hire an expert plays a larger role than simply choosing to follow the fad. An external consultant or a popular name could be the guide you are looking for if your business is not in the right place. You need to identify the phase of your business accordingly and schedule a meeting with a startup consulting company.
Before approaching a consultant, it is good to do some preliminary research and see if they have been in the same position as you are, or are they abreast with the models you are working on? This way, you will better gauge the expectations and plan the budget to onboard experts for your business.
Is it a good idea to hire a startup consultant?
Though it is advisable to enlist a startup consultant because the founder(s) cannot be an expert in every domain, it is better to lay out your preliminary plans and research first and then hire external help targeted towards a specific issue.
Why are startup consultants so expensive?
Startup Consultants charge the money for their expertise and market knowledge. Since their expert advice is targeted to decongest your business’s drag and smooth the revenue streams, they tend to charge for their value.
Why are startup consultants sometimes not successful?
Sometimes the startup consultants hired are not the best fit for your firm; they may not be aligned with your vision or unable to understand the specific business value of certain actions. Therefore it is often advised first to search the market for the right kinds of partners and then hire them to assist you in making your business a success.
Image Credit: 1, 2, 4,
Founder and Editor in Chief of Cruzine.com. Cruziner is also a marketer, writer, programmer, and active strength investor in global cultural change.