Blog Post Activities & Costs

I tried that

This week our team worked out how much money we would all need in order to survive, figuring that out at an early stage in a startups life is crucial to understanding both peoples personal costs and the overall cost structure of the company.

This week we also had to figure out how much we would need to pay other key partners to ensure we would be successful. The obvious things where the basics of hiring engineering talent, and getting legal support. For the sake of keeping our overall costs down, we tried our best to only hire the essential people to get our MVP up and running.

Finally, we had to figure out how long we would survive if we were not able to generate revenue initially. Hence figuring out our burn rate and our run rate gave us a better understanding of how long our company would last surviving solely on seed investment.

I learned this

Throughout this process, we learned that people in our teams who have families require higher salaries compared to those who are single and willing to live off ramen in order to ensure the companies prolonged survival. Of course, everyone has different needs and it’s important to respect them when starting a business.

This week we also learned that if we were to get an initial seed funding of 30 thousand dollars we would survive for approximately 8 months if we didn’t make any revenue initially. If we were to survive for the long term we would need to sell 340 career experiences a month in order to be sustainable. From this, we learned It would be vital that we discover other means of making revenue because relying solely on selling our experience would clearly not be a sustainable approach.

Next Time…

Going forward we will continue to examine alternative ways to make income from our product. Of course, Initial seed funding will only get us so far so it is absolutely crucial that we do not rely on selling the product itself to make all of our income and continue to search for other ways to sustain our business.

Additionally, our team will continue to work on the platform itself to ensure we have an interesting demo and pitch for the investors that will leave them wanting to know more about the product and how it works.

Finally will continue our concierge service to see how people react to it and see whether or not they find value in it.