22
Dec
10

time to end your start-up? try plan B first.

Your new start up doesn’t always go according to plan.  Some businesses are not consistent with revenues throughout the year.  Some end up focusing on the wrong market.  Some underestimate the competition. 

If you can afford to stay around for a little while longer, and Plan A isn’t working, go to Plan B, or even Plan C.  Like a doctor tending to a patient, an owner has to quickly identify what’s obstructing the business and come up with a solution that will get the business into the black.

So what can a start up do?  According to business coach, Devon Attenbaumer, the first thing a business can do is look at its pricing.  It can be a fairly easy fix.  Is the business charging too little or even too much for its services or goods?   The business may be offering a service such as photography at a price that is too low and doesn’t generate enough revenue to cover costs.  Take it upscale and offer more than your competitors but charge a premium for the upscale service.

The point being that if the current model isn’t working, the business has to quickly move on to a plan that will work if it is to survive.

Once the bills and creditor claims start adding up, then it is time for Plan D, which would include filing for bankruptcy.

http://www.financialfreshstart.org

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The content found on the financialfreshstart Blog is not legal advice and is purely for informational purposes. The Zarcone Law Firm does not guarantee the accuracy, integrity or quality of submissions. The information provided by the bloggers on this site may not represent the opinions of the Zarcone Law Firm or its affiliates. The information contained herein is not a substitute for the advice of an attorney.

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