Most new businesses rely on a shoestring budget to keep them afloat. However, it often comes at a cost to the reputation of the firm itself. All it takes is a shortfall or cash crisis in the wrong place, at the wrong time, and you find yourself on the backfoot, trying to claw your way back into your clients’ good graces.
However, the problem remains – money can well and truly determine your success. You’ve got to have it, and you’ve got to be smart with it. Here are five foolproof tips for managing the startup financial rollercoaster and building a successful enterprise.
1- Consider a Virtual Space
Utilizing virtual office solutions could easily be considered one of the best ways to start your new business venture on the right foot. Often, new businesses begin from home, and while this is a cost-effective way of running your daily operations, it may not always instill your new and existing customers with much confidence in your ability to deliver what they need.
Virtual offices enable you to take advantage of premium business addresses, mail forwarding, a business phone number, meeting room and business lounge hire, and more. In essence, you’re giving your business a much-needed professional edge at a fraction of the cost of renting or purchasing.
In the beginning, it’s crucial to keep your purse strings well and truly under control. Burning through limited cash reserves too early can send spell doom, even before revenue has even started flowing in. Money might be tight, but work still needs to get done. Something needs to give. Instead of hiring a full-time employee, paying them a wage, holiday pay, sick leave, and more; you can outsource the work. Use a freelancing service such as Fiverr, Freelancer, or Upwork, and pay low fees for high-quality work. Such sites give you access to an incredible pool of talent, actively competing for your work at a fraction of the cost of regular employees.
3- Market smarter
Marketing gets your business out in the public eye, but you must be smart about it. Many forms of marketing don’t come cheap, so it helps to do your research to discover the most affordable options. Instead of spending thousands of dollars on billboards or newspaper ads whose efficacy you can’t track, opt for online methods such as Google Adwords, SEO, and social media. You can monitor and analyze your performance, and optimize your campaigns based on real data.
If you sit at home and try to build your startup without ever leaving your property, your business is not getting the exposure it needs. To get your startup in the public eye, you need to network. Go to events, talk to people, gain exposure, and don’t be shy to reach out to influencers and leaders in your field. You’ll be surprised In fact how many leaders are more than happy to give you a few moments of their time. After all, they likely started in precisely the same way.
5- Get help
When you decide to go into business, it’s just you and your dreams. As you build that vision, it’s important to let others help. While initially, it might have been feasible for you to work alone; as you grow, it might not be a practical business model. The longer you work alone, the quicker you may find yourself burning out. In fact, job stress is more likely to be associated with poor health than financial or family problems.
Building a successful startup business is hard work, but it’s achievable. Request help when you need it, make the right financial decisions and think carefully about how to market yourself successfully.