https://suzanneshpall.com

Suzanne Shpall from Suzanne Shppall Consulting with advice on where to spend the first money on your new business.

Startup Fund Allocation Strategies

Mary and Suzanne discussed the challenges and strategies for startups when allocating their first funds. Suzanne emphasized the importance of focusing on activities that validate product-market fit and drive traction, such as creating a minimum viable product (MVP) and conducting market research. She introduced the "3 S's" framework—Structure, Safety, and Signage—to guide early spending decisions. Mary highlighted the value of boot camps and strategic partnerships for skill gaps, while Suzanne recommended free resources like Sparktoro for market research. They also stressed the necessity of legal and operational setup, insurance, and a strong online presence for credibility and scalability. TO DO NEXT:

• Startups to prioritize spending on validating product-market fit or directly driving traction.
• Startups to invest in creating a Minimum Viable Product (MVP) for testing with real customers.
• Startups to focus on strategic marketing, key hires, or tech improvements that shorten the path to sustainable revenue.
• Entrepreneurs to consider attending startup business boot camps or workshops to gain necessary skills.
• Startups to conduct market research and test potential customers for product validation.
• Entrepreneurs to utilize free resources like Sparktoro for social listening and demographic insights.
• Startups to set up proper business structure, including legal entity, basic contracts, and accounting systems.
• Product-based startups to allocate budget for insurance, quality testing, and regulatory compliance.
• All startups to create a clear and informative website explaining their business and unique value proposition.

Book a free call with Mary Scott https://calendly.com/businessriff/15min