It can take quite some time for a business to get going in terms of sales, and this is because there are so many stages involved in creating a business that brings in a healthy return. Many individuals have to spend their hard earned cash on branding, product design, product development, marketing, a website, advertising and packaging, and this is all before they get any return at all.
Most startups fail because the high costs of each of these areas means savings are blown quickly, and that’s why you have to prioritise each of these tasks and find ways to save money on each of them. The power of the internet means there’s a lot we can learn online, and rather than hiring too many professionals early on, you can educate yourself. Successful entrepreneurs are those who find ways to reduce outgoings early on, and as soon as your income doesn’t cover your outgoings, you do have to quickly realise you’re in trouble because unfortunately there’s not always going to be light at the end of tunnel.
Web design agencies may be able to deliver the website of your dreams, but they may also leave you feeling a bit hard done by, especially if you don’t see some success straight away. The costs involved in web design are quite high, but that’s often the case when a lot of time and talent is involved.
What if you were able to create your own website and invest your own time rather than your money? Well you can. There are many third party platforms that make it easy for you to create your own website. It can be a case of picking a template and modifying it or adding your own content, but of course with these platforms like Squarespace and WordPress, there is a bit of a learning curve. Having basic HTML knowledge will also come in handy and it depend on how much time you have available to practice making a website, but it can help you save considerable sums.
That said, without any knowledge whatsoever on websites, creating your own is a big challenge. Sometimes the expertise you get from professional designers is worth the money, especially if they can create you a website which provides a return on investment.
No matter what industry you’re in, when you create a start-up business, one of the first things you’re likely to consider is whether or not to look for an investor. Bringing an investor on board can make sense, especially if you find the right organisation or individual who can take you to the next level, but sometimes this is a step too soon for small businesses, especially start-ups. Let’s say you have absolutely no start-up experience whatsoever. It’s highly unlikely you’ll get a good investment with your first try. It’s often a case of trial and error when it comes to choosing the right investor, so you may want to get some experience in the bag first.
You also have to think carefully about ownership. You are essentially selling ownership so can’t decide everything by yourself. The relationship with your investor matters a great deal, so rather than working alone you need to embrace teamwork. It’s also important to think about how scalable the investment opportunity is. If for example, doubling your sales means doubling your headcount, then some investors may be deterred and rightly so. They need to see healthy potential. There are many cases where people get the investment they need but they can’t succeed even with the funds they wanted so you do have to think carefully about where that money will be utilised but there will never been any certainty of success.
If you’re only just getting the ball rolling and there is a lot more you can do on your own with the resources available, then you should put as much time and effort into getting your business setup. It’s a sad truth that many individuals work for free 24/7 on companies where they do not hold more than a percent of the shares, so whatever you do, don’t be that person!