During the initial phases, scrappy as possible but that doesn’t mean you don’t even invest in the basic requirements for startups.
Some expenses are inevitable and no matter how much you bootstrap and how stringent you want to be, you have to take care of them for healthy business growth. The phrase it takes money to make money is oddly apt here. Growth needs investment.
Check out these five investments that you are required to make during the initial stages of business:
Spend Money on Help
Small business owners tend to play many roles at once right from being the CEO to being the janitor. Is that necessary? Absolutely not. You don’t need to take all the burden on your shoulders. Once your business starts growing, you should be able to find out where you excel and where you need help. You may hire help accordingly. When you do that you will be able to spend more time on your customers and on running your business.
Spend Money on Talent
Don’t ever go with the cheapest employees. If you get stingy while hiring you will lead your company to doom without fail. You are required to hire only the best and not the cheapest. If the best comes at a cheap price, you are in luck but brace yourself to pay more than you’d like. Remember that the employees you hire will directly or indirectly determine the success of your business.
Are you still willing to go cheap?
Spend Money on Payments
When we say payments we mean credit cards and cash. While accepting cash is free and feasible, accepting credit cards is more advisable because most people are using credit cards today for payments. You will have to pay for credit card acceptance, of course, but they allow for better sales and are very convenient because you will never have the hassle of handling too much cash and taking it to the bank all at once.
Spend Money on Marketing
Spend money on marketing without worrying that you are wasting it. Of course chances are high that your money will be wasted but that shouldn’t lead you to ignore marketing because marketing will help your business grow. Even the most successful businesses waste money when you talk about marketing. You just have to be sanguine about it and go for it.
Without marketing, the growth of your business will obviously be stunted.
Be smart, think, and research each of these points. Don’t ignore them because these are inevitable, vital, and helpful for the growth of your business.
Bootstrapping is important but being stingy is not called for at all. In the initial stages, times may be tough and stringent but there are costs that you simply can’t avoid including marketing and hiring good employees.