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What advice do you give to startups who are early and are looking to get to profitability as quick as possible (~12 months)? What should they be doing and focus
by arodceo 10y ago
What advice do you give to startups who are early and are looking to get to profitability as quick as possible (~12 months)? What should they be doing and focusing on?
- reham 10y agoLook at your expenses very closely especially customer acquisition costs and LTV. Are you acquiring customers who will come back and use again? Will they tell their friends about you? How long before you pay back the money you spent on the customer? If your payback period is quick then you're on the right track. I think one of the more important things is finding channels that organically help you to scale without having to spend a whole lot of money on acquisition. Hyper focusing on getting referral/organic growth is a great way to get to profitability. Finally, really think hard about hiring. We grow our team very slowly and it helped us keep our burn relatively low.