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marco rabadan
marco rabadan
México

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ingenuity

ingenuity

marco rabadan
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Worthwhile expenses for startup businesses

So , you have finally initiated the process of starting up your dream business . As the paperwork comes together and bills start to roll in , you start to panic . It's time to 'BALE' . No , not 'bail' ? this is your dream after all . But it's essential to plan early for expenses which are worthwhile . Although it is far more fun to spend $1 , 200 on an ergonomic white leather office chair that feels like a cloud , you cannot overlook investments in the areas of Brand , Advice , Loyalty and Expertise . You have to pay for BALE .

? Brand : We would all like to think that the quality and of our product or service would simply speak for itself and all the consumers in the world would want it , but in reality , you need to make them see you . Think about waiting in an airport and looking out the window at the walkway leading out to the plane . There is a giant banner with the name of a bank . You only casually look at the sign , but in your brain that is one more connection you are unconsciously making with that bank , resulting in the next time you need a bank transaction , you will recognize it on your list of options . And in our advertisement driven market , we often associate recognition with quality , whether there is real reason to do so or not . Consumers need to get familiar with your name and logo . Give out free shirts , pens , cell phone accessories .

However , think back to the airport again . Look around you . Most people's eyes are not looking out that window , they are looking down at their phones . Social media is today's method of building an audience . Don't write it off simply because you don't know how to utilize it . Investing in a management platform may seem , but consider how much more focused your brand presence can be . Your ads are targeted , and often more engaging than simple banners or even TV commercials .

? Advice : In order to direct your branding , you need to know your market . Will your product or service with your target market ? You may be surprised at where the demand actually is , so avoid wasting time , energy , and resources trying to push a product in the wrong direction . One survey found that 42 percent of failed startups their failure to a lack of need for their product .

Also avoid being in moving forward without legal or financial guidance . It will save you a fortune if a mistake is made or a step is overlooked down the road . Pay what you need to secure good advice .

? Loyalty : Happy customers come back . Happy employees stay . You need the loyalty of both . So treat them well . Spend extra to provide customer service that excels ? this will forward your word of mouth branding and recognition . For your employees , spend extra to provide free coffee , an extra day off , bonuses . Be a good boss ? work with them , not over them . They represent your company , give them reasons to be excited about it .

? Expertise : You've occasionally done your own taxes in the past . You have set up a Facebook page . You fancy yourself pretty good with a computer . However , you are probably an expert in the area of whatever you are actually trying to sell , but probably not in the accounting or tech departments .

Don't anger Uncle . It can be confusing to identify valid tax deductions . Getting caught up in the confusion of the ins and outs of this can either send up red flags or result in throwing away money you could have claimed . Just get a good accountant . You'll thank them the first time the IRS calls with a question .

You probably can handle your own tech support . But do you really have the time ? Focus on your business and outsource at least some of your company's technological needs . When you are talking to potential investors , customers , or employees for that matter , you don't need last week's overdue server maintenance nagging at the back of your mind . Maybe you can build a website , but again , let a pro do it and have an exceptional website . You do your thing and let them do theirs !

Your startup is going to cost you money . Probably more than you hoped . Just make sure money is in the right places . By investing in smart areas early on , you will the long - term benefits that you knew your company could offer . Remember , it's great to dream , just don't forget to plan along with it . Spending money on the pretty office chair will come later . . . after you BALE .


Let's check what you can remember !

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