Career | Money

Opening A New Business: Are You Spending Startup Costs Wisely?


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Running your first business is a constant learning experience, one which comes with a lot of trial and error for new entrepreneurs. Pinpointing exactly the right places to invest money when starting up your business and identifying areas where there’s an opportunity to save are a challenging feat. If you overspend needlessly, it wastes money. On the other hand, inadequate provisions in key areas can have a negative impact on the day-to-day running of your enterprise. So what are the most commonly overlooked areas for investment that come back to haunt new business owners? Read on for our tips.

New Business Budget Spending Costs Planning

Personal Appearance

Without sounding shallow, appearances matter in the business world. When deals and alliances are formed on the basis of trust, your next client or stakeholder will only be prepared to go forward with someone who gives off an air of professionalism and a trustworthiness. While we firmly believe you don’t have to spend a fortune to look smart in the workplace, there are a few key areas worth investing in to make sure you present your utmost well-kept demeanor for those important client meetings and need-to-impress occasions.

A few key accessories can dress up and otherwise simple outfit. It has been told that human beings form an opinion of a new person’s character in just under 7 seconds, based on their visual appearance alone. That being said, making the right impression is not something to be underestimated. Whether it’s convincing a bank to give you that loan you need to grow your empire, or winning over an important business deal, a well-groomed appearance can mean the difference between a yes and a no.

Your Company Website

It’s time to face facts: if you’re running your main website or online store from a free platform for personal users or beginners, you are missing out on a lot of features designed to help professional business users, such as increased data storage and security. Think of it this way: you wouldn’t compete in the Olympics with cheap, hand-me-down sports equipment, and when it comes to building your personal website – the face of any business in the digital age – your outlook should be the same! Rather than a conventional free website builder, a reputable provider such as 1&1 will help you set up, build and maintain a professional website platform. When time equals money, the paid platform route is a choice you will be thankful for at the first sign of an IT technical hitch.

New Business Website Design

Genuine Marketing Expertise

Naturally, anyone alive in the year 2000 to present day will know how important and non-negotiable a social media presence is for their business startup. It serves as a tool to communicate your arrival, update your followers and allows interested parties to contact you, should they wish to do so. Unfortunately, one repeated assumption that accompanies social media marketing, however, is that everyone believes they are an expert on the subject!

Consequently, the internet is awash with poorly thought-out digital communications and there are swathes of horror stories about companies who have completely misjudged the direction of their digital ads and media strategies to end up being ridiculed or branded negatively as a result. Case in point: Kendall Jenner and Pepsi gained headlines for the wrong reason in 2017, with an ad campaign that referenced the Black Lives Matter movement and caused worldwide outrage.

Simply put, social media for business looks easier than it is. Enlist professional help (even for some preliminary guidance to aid you on the right course) from the outset by hiring bespoke advice from a digital marketing consultant. Most freelancing experts in this field charge an hourly rate, so you can outline your budget and desired spending from the get-go.

Staff

When you first start out, the cost of an additional salary to help you run your business may seem like the last thing you can afford, but the truth is, crushing yourself by taking on a two-person workload solo will cost you more in the long run, both financially and emotionally. Being tired and overworked is to be expected from any new business venture, but hiring experts in the field to work alongside you could be the best decision you ever make. With an assistant on board, you’ll have a wider pool of ideas and solutions to solve issues as well as the resources to streamline workflows and prevent duplicate work. Think big, and think about the future direction you see your company going in, fully equipped with the right know-how and skills required to take on any job facing it.

New Business Staff Meeting

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