Starting a business startup is a big accomplishment; however, operating it successfully is the biggest test most business people fail. Over two-thirds of new startups fail, and end and most of these ventures end in the first three years.
Operating in a psychedelic medicine industry can be very challenging due to the taboo around psychedelic drug use for treatment purposes. Although with evolving studies, people are becoming more open to the idea, however, many investors still aren’t confidently pursuing the psychedelic venture capital funding.
Let’s investigate some of the common psychedelic startup problems and how you can battle them:
Everybody knows that forming a proper financial plan is the most important thing for running a business. You can’t run a business without funding.
Finding a psychedelic investor is the biggest challenge of operating a psychedelic startup. Not many investors are eager to fund a company that deals with psychedelic drugs. With cash flow, you can’t support events like programming, product development, offer your employees a promotion or even find a workplace.
Therefore, you may want to look for startup funding options like bank loans, crowd-funding, self-fund, or partnership.
The psychedelics industry is rapidly becoming a competitive landscape. The growing number of new psychedelic ventures in the market requires a solid business plan that will give you an edge over the competitors.
Business owners shouldn’t get overwhelmed by the increasing challenge; rather, take it as an opportunity for growth. Competition in the market offers more chances for innovation and improvement.
Lack of Solid Business Plan
Research shows that companies with a concrete business plan grow 30% faster in the market. Make sure that you make a business plan that covers all aspects of the business including, finances, deals, partnerships, products, developments, marketing, and all other essential aspects.
Build a team of people with diverse abilities to put together a solid business plan.
If you’re preparing to launch your psychedelic medicine venture and require an early-stage psychedelic medicine investment, you’re in the right place!
At The Conscious Fund, we provide funding to psychedelic medicine startups to help them start on the right foot.
Contact our team and follow us on Twitter and LinkedIn for further insight and updates.