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The current availability of open source technologies and cloud based tools has made it possible for many entrepreneurs to launch a new business quickly and at an affordable cost.

In theory, new technologies have made it significantly easier for anyone with a bright business idea to see it through and make their dreams come true.

But reality is not that simple…

While setting up a new business is now estimated to cost just around a few thousand dollars, it is the time and money investment behind finding the right buyers and investors that often discourages many entrepreneurs and leads their new, brilliant business to failure.

Time Wise

In ideal circumstances, it should only take 90 days from initial pitch to the first investment inflow. However, research has shown that it can take up to 9 months to complete this process. On top of that, add the time that it takes for a new business to actually take off, which ranges from 2 to 3 years – and even longer during this economic crisis, you would end up spending 4 to 5 years just to start your business and set it in the right direction.

Money Wise

Let’s say you are not in a rush and you are willing to spend 4 to 5 years on starting a new business, and pave its way to success: how much would that cost you overall?

A study by Businessnewsdaily has shown that just for a small business with 5 employees with an average salary and minimal costs, it approximately sums up to 185,000 USD a year to start and run a business. Add unforeseen and hidden startup costs such as loan fluctuations, legal fees, employee benefits and insurance costs, then you easily reach at least 200,000 USD a year.

Realistically speaking, only a very small proportion of entrepreneurs can afford to cover such an amount without any guarantee of getting it back, especially during the current financial crisis.

How can you then optimize the whole process – from initial pitch to successful business?

• Estimate costs

First of all, you need to estimate annual costs and project cash flows. Once you have an overall funding objective laid out, start researching how to achieve it in the most efficient way possible. Being able to manage finances and grow your revenue year by year is essential in the ever growing entrepreneurship field. There are many online softwares that can facilitate money management as well as help you forecast costs accounting for fluctuations, interest rates and much more.

• Surround yourself with the right people

Secondly, surround yourself with bright, focused colleagues who motivate you to better yourself and take up challenges. Being able to work well and connect with your colleagues is crucial to ensure success and stability for your business. Make sure your team’s interests are aligned and focus on the growth of the company rather than on personal goals. 

• Seek mentorship on online platforms

Last but not least, never underestimate the power of online platforms to create connections and reach out to business leaders. Nowadays, access to technology is not a competitive factor anymore, competition has shifted to other areas such as getting your ideas in front of qualified, valuable leaders and building a reputation for your business.

Among other online platforms, MyVintro provides a revolutionary solution for entrepreneurs to pitch their ideas to top business leaders across all industries, and get a guaranteed response within 10 days. They will provide you with precious years of experience, valuable insights on different industry trends and readily applicable advice to shorten the process. MyVintro not only provides access to the top business leaders, it also allows you to reach out to potential buyers for your newly funded business.

MyVintro allows you to optimize time and finances in the best way possible. With a one time investment equal to not even 10% of what you would spend otherwise, you can save up to 5 years of your time and access the right advice and buyers straight away.

Honestly speaking, investing in MyVintro is one of the best choices you can make as an entrepreneur in the current economic climate. There are no downsides to it, as it provides immediate access to mentors and investors that would otherwise be extremely difficult to reach. From my personal experience, I had no other option but to personally reach out to buyers, clients and investors. If I had had the chance, I would have jumped right away into an opportunity such as MyVintro and I am confident that it would have helped my business grow much faster.

We find ourselves in unprecedented times and it is time to take advantage of the tools available to make our dreams come true.