Let’s say you have an amazing idea for a business that will provide millions of people with a product or service they need in an efficient way. Your innovation is going to change the world and eventually turn a nice profit. But what will you do in the meantime?
Launching a business is not only challenging and time-consuming but also expensive. You have a ways to go before your startup will actually start paying for itself. Don’t be discouraged though! There are tons of resources available for you. So, here are a few tips to help you get started on a budget:
After you finalize your idea, create a business plan. This plan isn’t for investors but for you as the founder. Having a plan to stick to will help you save money in the future. The next thing to remember is that you can create the prototype yourself.
“You no longer need to travel to China or hire an expensive prototyping expert to mock up your new design. Look for free help at a local university or find one of the new maker spaces, such as TechShop, where you can rent time and equipment to do the job yourself. Building the prototype can be fun.”
Another way to save money is to work from home. You’re already paying to live there so why not get more bang for your buck and start working there as well. This will save you money on the commute as well.
“Don’t assume that you need to rent an office to start a business or hire an accountant to track expenses and assets. There are several easy-to-use accounting packages available, such as QuickBooks, which run nicely on your existing small desktop or laptop.”
Paying for new equipment or hiring an IT professional isn’t necessary. You can find low-cost computer software and storage. Many of these products are designed to meet the needs of a new business like yours.
“With Google or Amazon, you can get all the application storage and computing power you need without even thinking about an IT staff and big up-front costs for computer servers and applications. All costs are month to month, with scaling options to match the size of your business.”
Getting your innovation ready for the world doesn’t have to be a scary process. By being resourceful, you can make it an adventure culminating in a successful startup company. If you have any questions about getting your business started, please contact us!
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