If you were to do a quick Google search on top reasons why startups and new businesses fail, you will easily find articles by the likes of Fast Company, Fortune, CNBC, along with plenty of other credible sources that all include “running out of cash” in their Top 10, if not Top 3. The costs of doing business will vary by industry and, of course, depend on the needs of your specific business – but many would agree that once you have a viable business model (successfully generating revenue), managing your cash flow is possibly the single most important aspect of your business. Even if you have some incredible concept and connections that allow you to raise crazy amounts of capital, just as with your personal finances, mismanagement of money will result in the loss of money. There are plenty of books and articles that talk about how to raise money, and there are finance people that can help you manage money; My goal is to provide a few tips on how to cut costs.
“It’s not Resources, but Resourcefulness that ultimately makes the difference.”
Key Points:
+ Keep your marketing in-house
+ Use equity to bring on people who possess the skills most needed by your business
+ Don’t chase perfection (especially for your MVP)
+ Utilize free resources whenever possible
+ Be on the lookout for unnecessary purchases (No amount of “swag” will help properly launch your business)
+ Don’t get caught up in the #startuplife glamour
+ Develop a company culture of creative problem solving, rather than throwing dollars at every obstacle
Bio:
Originally from a small town in the High Desert of SoCal, Kyland Young was driven to get himself out of the dry & barren desert, becoming an entrepreneur as early as elementary school. Being from a family who immigrated to America only a few decades before he was born, Kyland was motivated to be the first generation to go to college, and made his way into Pepperdine University. While he was overjoyed with overlooking the beach in Malibu, he tried to get the most out of his college years, spending a summer in Costa Rica helping build an elementary school and patrolling for sea turtle poachers.
Kyland's professional experience has varied considerably, going from supporting literary & philanthropic endeavors of Tom Shadyac (famous film writer/director of films including Bruce Almighty, Ace Ventura, Liar Liar, and more), to more recently working with BeCore in Los Angeles, (the marketing team who helped Red Bull set world records with Felix Baumgartner’s jump from space, as well as other notable projects).
Kyland's professional & academic background, combined with a passion for helping people wherever he can, have created opportunities for him to address the CA State Assembly, delegates from the United Nations in NYC, various students, and entrepreneurs around the nation. Now, as a co-founder of SlashMyFees, he is is creating ways to support the small business owners across the nation!
