How To Run A Start- Up Economically?
Gone are the days when starting a business was a massive undertaking with realms of paper and official announcements. Regulations may differ from country to country, but the fact of the matter is, starting a small- scale business is much easier in this day and age of improved technology to help communication effective and less expensive. Once you get started though, it is difficult to keep costs down as various needs get highlighted. The first few months are crucial in getting your feet on the ground, so here are some tips on how to minimize expenses while appearing professional at the same time.
Forget the Shiny Office Space
It is every start- up’s dream to move into sprawling office space in a high rise overlooking a nice view. But the reality is that many businesses won’t have their own office space for the first year or two. It may be tempting to invest in office space as soon as the profits start rolling in (if they do) but this is precisely what you must not do; paying out rent from money you can re- invest in the business will impact you negatively in the long run. Commit to remaining in your cramped quarters for a little while longer – that shiny office space will taste that much sweeter when you finally move in.
Limit Unnecessary Infrastructure
Every business needs certain infrastructure and material, such as computers and desks and chairs. Other items however, like the coffee machine and an extra printer or scanner, can wait. Learn to share everything and cut down on costs. Same goes for telephones. This is the era of the internet; voip phone systems for small businesses are the smartest move, even trumping the mobile phone.
For purposes of professional appearances, it is necessary to have a “landline” phone, but the monthly rental is astronomical so invest in reputable voip phone systems for small business as it is more economical and more convenient than laying down cables and cords.
Human Resource is Key
A start- up/ small business may not be able to pay much so it will be difficult to attract the right candidate for that vacancy you are trying to fill. However, bear in mind that a candidate who is able to multi- task and is eager to learn is worth so much more than the one- trick- pony who has 5 years’ experience. Small businesses must be flexible enough to change and adapt, or be run over by their bigger competitors, so do your best to find the right person for the right job. Once you have, throw every trick in the book at them: emphasize your flexibility, offer them a stake in the business, show the potential for growth and improvement and divert all the possible funds into hiring him/ her. Make them feel that they will be personally valued by you in a way they will not feel in a large corporate and they just might sign on with you.