One of the greatest challenges you’re likely to face as a start-up is having limited financial resources in the early days meaning you will have to do everything on a budget.
In the early days it can be very tempting to go on a start-up spending spree. Actually, the core focus should be about creating value to customers, clients and investors. Often we feel the need to launch a fancy website, perhaps even travel in business class, and lease a decent car as a statement of our success…before we’ve even begun to make a profit.
In this article you’ll find three money-saving hacks where startups can save money. By shifting their paradigm away from the need to impress, they can focus more on creating value and a reputable brand name.
START OFF WORKING FROM HOME
A common mistake many start-ups make is they feel the need to secure premises. One of the top money-saving hacks involved starting off at home.
It’s emotionally and even strategically understandable as there are clear commercial benefits to having professional premises. But if this isn’t absolutely necessary to your business then try to avoid it. It may put a significant strain on your start-up budget. It will also tie you into a contract, which means you will be less agile and flexible.
STOP TRYING TO IMPRESS
It’s very tempting and perhaps even understandable to feel the need to impress, when starting out. But often this can come across as overcompensating for what you lack in experience.
The truth is, however, most business people don’t respect this stuff. It can even undermine your attempts to come across as a serious business person.
Today, millennials have changed the stuffy face of business and most people are valuing the authenticity of start-ups, so accept that it’s okay to turn up with a bic biro, as it’s what you do with it that counts. Investors today are preferring startups with less puffery and pretence about where they’re at. They value authenticity and simple genuine facts.
WHEN YOU DO HAVE TO MAKE A GOOD IMPRESSION
The third of our money-saving hacks. Sometimes, it can be important to make a good impression, as some people won’t appreciate the “authenticity” of meeting in McDonalds. But in this case, you can save a lot of money by meeting in the coffee lounge of a five star hotel, rather than feeling the need to rent a meeting room, for instance.
In summary, it’s all about keeping perspective and focusing on what really matters. You will earn someone’s respect and business by creating value! That’s the one most vital currency in any business; create value and everything else will fall into place. It’s not because you pull up in a fancy car or wear an expensive suit.