Group Discussions

Were your projections close?

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  I'm close to launching and have been playing with all the numbers. I find it so hard to predict and estimate potential sales. I'm wondering if some of you can share your experiences. How did you guess your sales and how close were your estimates to your actual sales?

  Flag as inappropriate Posted by 07mom on 27th May 2008
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  For 5 years before launching Work It, Mom! I worked with a venture capital firm and invested in start-ups. I NEVER saw a company which was able to accurately predict its sales and revenues when it was an a very early stage.
  
  
  
  The general rule is that your revenue projections will be higher and your expense projections will be lower than actual numbers -- so it's a good idea to be conservative on revenues and make sure that you're building in an expense buffer.

  Flag as inappropriate Posted by Nataly on 27th May 2008
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  What are the three or four or five top challenges you faced while starting your business.. ?would greatly benefit those of us who are just starting our enterpreneurial journey

  Flag as inappropriate Posted by Meera on 27th May 2008
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  Thanks Nataly. I feel like I'm just guessing- how can you really know what your sales will be?
  
  
  
  Meera,
  
  The hardest thing for me has been learning how to accomplish each step. Since I have never done this before, I've spent a lot of time researching online and reading.
  
  
  
  I started by reading The Mom Inventors Handbook by Tamara Monosoff which guided me along the way. There are so many things you don't think about in the beginning that need to come together. We also got assistance from our local Women's Business Center and SBA.
  
  
  
  The order to do things was confusing to me- forming the company, applying for EIN, opening bank account, etc. There are so many times I had to wait for one thing before I could do another.
  
  
  
  The exciting part is when everything starts to come together and you have actually gotten things accomplished!
  
  
  
  I don't know if that helps, but feel free to send me a message if there's anything I can help with.

  Flag as inappropriate Posted by 07mom on 30th May 2008