With modern technology, you can launch a startup in under an hour. Seriously.
On the other hand, turning it into a viable and profitable business takes time and money. How much? That is the question of the day. On average, it can take around four years to turn a new venture into a real business. Yet, it can take up to 10 years to ensure it is as successful as you initially had in mind.
When it comes to securing investments for your company, the time frame can vary based on your network, fund availability, and preferences. Some startups want to be completely independent from a multitude of investors. In contrast, others want to get as much capital from as many sources as humanly possible.
According to Outdoorsy, the Airbnb for RVs, founder Jeff Cavins and his co-founder Jennifer Young, invested their life savings into the company in 2014. They also both sold their houses to help fund their dream of giving more people access to the great outdoors by connecting RV owners with campers who want the RV experience.
Today, Outdoorsy is the largest and most trusted RV rental marketplace in the world. So, the investment paid off for them. It goes to show that if you have a good idea, along with the passion to make it work, that the investment can vary. Read on to learn more.
The First Year Is Full of Excitement
The first year may be full of a lot of wins. It’s not very difficult to incorporate and launch a website. You may even garner some press. All of a sudden, you feel as if you’re on top of the world. One day, you were working 80 hours a week for someone else. The next day, you’re running your own business with a positive review in the local newspaper. You may have tons of tiny victories that make you feel as if you are moving full steam ahead.
The only issue is you are probably not making a lot of revenue because you are simply focused on getting your products and services out…