Starting your own business can be very exciting. There are many things that you would want to achieve and experience. The adrenalin and the many ideas usually come rushing in that one would not know where to begin. This part is often very productive but it can also be a time where many mistakes can happen especially in terms of expenditure.
It is easy to go overboard at this stage of your business venture. There are so much things that you would want to buy that you think would make your business more successful. However, you have to think things thoroughly. You do not want to wake up one morning to find that you have gone over budget without enough money to continue your business. You have to be smart with your expenditure, find out what your operation needs right now rather than what you want.
Office space and office equipment, these things are necessary and play a big role in any business. The bright side when setting up a business is, you do not have to spend a lot of money for all these. If you can maintain an office in your home and will still be able to provide quality service or products, then do so. Make a list of what you currently possess: a computer, a desk, a printer? It would be better if you can make do with what you have so you can minimize your initial expenses. If you need to spend on equipment, just get the essentials. A smartphone for your sales person and an old cellphone for your girl Friday will be a good way of maximizing your start-up budget. Your goal is to set up & grow your business, not just make your team & your office look like a multinational corporation. If saving up on office space and office equipment is your concern, you may want to consider having a virtual office (MyOffice, your virtual office solution for small businesses. Find out how you can have an office & staff for only P1T/month).
Conferences, seminars and training programs provide information and ideas that you can put to good use. Try to join or attend a few of them but not all of them. Trying to be a part of it all would just be like going to events that can be a financial cost rather than a financial benefit in the end. Instead, be on a constant look out for different seminars or training programs available online. Some are even offered for FREE! (Bureau of Micro, Small and Medium Enterprise Development provides FREE entrepreneurship briefing sessions). Identifying seminars and training to attend ahead of time gives you the full advantage of being certain that it is the seminar that you NEED. Not to mention the fact that you can avail of “early bird” rates or discounts.
Another pitfall that you might want to avoid is in the hiring of the wrong people. Hire only the ones that you need right now. This will require a separate article altogether, but so for now, here are a few points to consider before you go on a “hiring spree”: (1) is it time to hire? (2) Do you have time to commit for this process? Hiring in a rush leads to bad hires. (3) Last but equally important as the rest, “Great minds think alike”, hire someone who has the start-up frame of mind. (Suggested reading: 4 Points to consider in hiring millenials)
If you are capable of doing the job yourself then do so in the meantime. The rest of your team should also learn how to multi-task. Your accountant can also be your receptionist, or, your sales person can also act as your messenger at times. These are just some of the things that you need to remember so that you don’t end up closing your business even before you even start.
Click here for a related reading from Forbes.com.
Summary provided by MyOffice, your virtual office solution for small businesses.