Starting up a new business is an expensive task, and with so many things to pay for you will of course be looking for places to save costs and make cutbacks. After all, when your company is yet to get started and turn a profit, you don’t have heaps of cash to be throwing around as you wish.
However, there are some areas that you most definitely shouldn’t scrimp on, as doing so will hinder you and in some cases could jeopardize your business so much that it fails before it’s even got properly started. Here are three examples of things you should try to save money on.
Branding is often overlooked by new businesses, however it’s absolutely vital to get right. With so much competition and similar companies to you out there, it’s your brand that will help you to stand out. It’s your brand that will attract certain customers to your business over others, allowing you to compete with more established firms. Brands are also loved by customers, as they know they’re investing in good quality and reputation. They know that if something goes wrong, it will be taken care off efficiently and they won’t be left out of pocket. To build your brand you need to think of your unique selling point and base it around this. You will need to have things like logos and graphics made so they’re consistent across your site, app and communication such as emails and invoices. Speak to a branding expert who will be able to bring your vision to life and provide you with all the right information to boost your brand and make it a success.
One you have a solid brand built, your next step is promotion and marketing. Without this, you will never reach the right customers. There are lots of creative marketing methods you could consider from video marketing to hosting events. You could attend a business expo, you could utilise social media and for some businesses, ‘old fashioned’ methods like posters, billboards and flyers can be useful. You need an expert to let you know what the best methods for you are, so set some money aside in your budget to hire an experienced marketing professional or outsource to a third party company.
The cost of having a website designed, hosted and maintained can shock some first time entrepreneurs. Done properly and by a professional they’re certainly not the cheapest, however a good business website is a seriously good investment. Think about it, your website is the digital embodiment of your company; it’s what most people will first see of your business and so of course it needs to make the right impression. Don’t try and save costs by DIY-ing it, while website designers can make it simple for those who aren’t trained they will never give your business a true professional edge.
Are you in the process of launching a business? If so, are these three things costs you had properly considered?