How to make a startup successful. It’s all anyone important is talking about these days. After all, nobody launches a business to break even or not grow. It’s all about growth. But what exactly can you do to grow your business, especially if capital is not exactly flowing freely? Have no fear, because there are heaps of things that you can do to grow your business on a budget. Let’s examine five of them.
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Invest in a Virtual Office
Don’t have the capital to rent luxury office space? Want to keep your startup as lean and streamlined as possible? Why not investigate the option of Virtual Offices? A virtual office is a great value for money. It gives you access to a prestigious, real address in the top end of town, a fixed land line so you can avoid giving out your mobile number, a real receptionist who can take calls and messages, and access to on-demand meeting room for when you need to make those killer impressions on clients, contractors and potential investors. And the best thing about all of this is that you can have it all for a fraction of the cost of renting real office space!
Get a Business Loan
The old adage is true. You have to spend money to make money. And if you didn’t have to worry about money chances are you’d be living large in the Bahamas instead of pouring your blood, sweat and tears into your startup. One way to gain access to some capital, without relying on investors, is to consider a business loan. It will give you access to some immediate funds, and often at a lower interest rate than a credit card. That way you are freed up to spend some bucks on initiatives and innovations that will grow your business and allow you to pay back that loan sooner. You could hire a star freelancer for a few weeks for a project, or upgrade your software or hardware to better perform for you. The possibilities are endless. Just make sure you don’t borrow more than you can afford to repay.
At some point you’re going to need to invest in talent. And hiring talent costs money. You have to pay wages, and put aside some for their pension fund. As well as the time and money lost when they’re on sick pay. One way to get good talent on a budget is to hire freelancers. Freelance writers, web designers and software engineers are available in droves, and can help save you money. Freelancers can only usually bill for the work that they do, so they’re motivated to work hard and create for their daily bread. Also, you don’t have to worry about pensions, sick pay or any other hidden costs of hiring talent.
Consider Cutting Costs
Have a think about other ways you can reduce expenditure. Is there a spare computer or smart device you’re not using? Sell it. Is a staff member not performing? Sack them. It may sound harsh, but bad staff cost you money.
The future is digital. It pays to invest in digital technology, including Search Engine Optimisation (SEO). You need to be easily found on Google and other search engines if you want to bring in some dollars. So spending on SEO might see a large bill in your near future, but the long time rewards are well worth it.
There You Have It
Five tips for a sleek startup! Invest in some virtual office space to give that great impression, take out a business loan for some capital to play with, hire freelancers to cut costs on staff, and consider cutting costs elsewhere too. Finally, invest in some SEO to drive sales. Bingo!