Starting a Financial ForecastMany entrepreneurs struggle to put together the financial forecast for their businesses. However, understanding your business’ financial outlook is a critical component to making sound strategic business decisions; building relationships with potential team members, suppliers and investors; and relieving stress by planning...
The Right Business IdeaAs an entrepreneurial person, you probably have no shortage of business ideas. It’s not difficult to come up with potentially great business opportunities. But starting a business is challenging and takes significant energy. If you try to develop multiple ideas at once,...
A Five23 Guest Post by Erik Hayton.Erik is the CEO of Wedding Nook and a 4x Founder who occasionally writes, speaks and consults in areas of entrepreneurship and business development. How to beat the odds; an honest look at entrepreneurship If you spend as much time online...
Over the years, we have had the opportunity to speak with a multitude of entrepreneurs. During our conversations, we inadvertently begin to ask them the same questions. One of the most important ones we ask them is, “What is the biggest challenge facing your business.”....
Customer Acquisition Cost is one of the most important metrics a startup can use. Here is a detailed guide to help you leverage it. Customer Acquisition Cost (CAC) "is the cost associated in convincing a customer to buy a product/service." Using CAC as a health and growth metric...
Over the past year we’ve had the chance to talk with entrepreneurs from all over the world, and discovered what makes a product or idea successful nowadays. For many, it’s very simple: Innovation. We know innovation has always been a key aspect when thinking about...
If a startup wishes to become successful and profitable, they must be able to realize some form of revenue.For the majority of service-based startups, this revenue comes from a subscription based model. When customers are paying for a service on a monthly basis, the revenue...