Tips on How to Launch a Startup Without Breaking the Bank

Posted: July 27, 2015 in Uncategorized

Everything starts with a great idea, and while you may
be excited about a genius concept you’ve come up
with, there’s more to starting a business than just the
first light bulb.
However, the idea is indeed what’s most important as
a foundation. Everything else requires some good
financial decision making, foresight, and smart
planning.
Here are a few tips on how to launch a
startup without going broke and nurturing
your seed of an idea to maturity :
1. Have a social media
plan
Social media is absolutely essential in this day and age
along with a great website. Working with professionals
to establish your basic layout along with social media
buttons is important, and you can use Website Design
by Designhill to do so cost effectively.
With so many smaller businesses today requiring
design services, using a company like Designhill is a
more flexible way to get the final result you want
without going bankrupt. When you’re configuring your
website design, you also need to keep social media in
mind. Buttons are essential, and by integrating this
aspect from the beginning, you won’t waste time and
money later to correct it.
You also need to know your platforms. Tweak Your Biz
recommends knowing the differences between the
sites you’re using, citing that what works on Facebook
won’t necessarily fit a different social media account
like Twitter. There’s a lot of free publicity and
visibility by utilizing these networks in a smart way, as
long as you plan ahead.
2. Plan, prioritize, save
Time management is a skill that you’re constantly told
is an asset as a manager or employee within a larger
organization, but don’t underestimate its value for
startups. The fact of the matter is that it’s hard to plan
your time effectively, especially when you’re busy.
Entrepreneur advises to prioritize and address only what
matters to continue movement in your business. This is
a deceptively simple tip, but it’s very easy to get
bogged down in the day to day issues and problems
that arise when you’re trying to get a startup off the
ground. This is especially true if you already have
another job or a busy family life, and you’re in the
midst of juggling responsibilities in addition to the ones
associated with launching a new business.
One tactic is to try using a digital calendar that you
can fit all of your appointments in or cross-referencing
your schedule with e-mail. For example, Google offers
lots of free tools to assist with time management, and
it’s common nowadays for even the most senior level
business executives to use them.
These tools have become widespread, and have even
taken the place of more costly, less integrated systems
of yesteryear like Microsoft Outlook. This is also an
example of when you should be using products that are
offered for free. Google also offers a lot of free tools
that you’ll find useful for a startup, such as a free basic
analytics tracker, social media, and financial solutions
that can help you prioritize and manage your time
effectively.
3. Don’t depend on
investors
Investors are nice to have, but don’t let that be the
ingredient that means success or failure. If you can get
backers, that’s great, but remember that many
entrepreneurs can’t and still start their own companies.
As you draw up your business plan, take this into
account, and don’t assign phantom dollars where they
don’t exist.
There’s also no reason to scrap your business idea just
because you don’t have the startup capital you think
you need. Reconfigure the scope of your plans and try
slashing unnecessary costs. For example, if you
planned to rent office space, you’re getting ahead of
yourself. Real estate is expensive, and having a home
office will more than suffice in the early stages of your
startup. Aim to have enough of your own capital to get
the business off the ground and let it grow.
4. Know how to market
Getting your content and products referenced by major
media outlets might seem like a good idea. However,
Entrepreneur advises not to waste time trying to get
the attention of major news outlets if your core
audience isn’t related to theirs .
For example, if you have an online store that deals in
vintage clothing, there’s no point in trying to get a
popular tech blog to pick up the story. Even if you get
mentioned in a high visibility publication, as
Entrepreneur contributor Adam Callinan writes, the
traffic won’t result in customer conversions.
Launching a startup is a lot of hard work, but it’s not
impossible. Always remind yourself of that first “aha”
moment you had and why you began down the
entrepreneurial path in the first place.
It’s the best way to keep going, and if you
make the right financial decisions by
sidestepping the unnecessary expenses,
you’ll go far.

posted by Hari Krish

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