And don’t forget to wow people with a professional company website. Nobody trusts an amateur-looking website. Your website will be viewed more than anything else, so don’t take the risk of making a shoddy impression with inferior graphics and web design, even if it does save some cash in the short-term. Graphic designers and web developers may be a little expensive, but the reputable ones will expertly build your site, increasing your brand equity and potential customer base in the long-run.
Your creativity and enthusiasm for business may be sky-high, but rein in your ambition in the early stages. While company image is important, if you aren’t client facing every day, your office space doesn’t need to be enormous or expensive. If your budget is limited, consider working from home or better yet, work from your garage. Don’t forget the tax benefits associated with creating a home office space and working from it regularly.
Entrepreneurs are famous for being multi-talented, excelling in many aspects of business such as sales, marketing and project management. However, if you are unsuccessful in one particular area of your business, don’t be afraid to outsource it or seek expert advice. Even if you are simply looking for somebody to provide you with advice on filling out your business tax return, seeking professional guidance may cost a little, but it will save you money in the long run.
Little changes to the way you work can make a big difference. Saving energy may not be something you are concerned with at first, but getting into good energy saving habits will not only save you money at first, it will teach you to be energy efficient in the long term.
This will come in handy when you have an entire workforce’s energy use to pay for. Switch off lights when you’re not in the room, leverage natural lighting from windows, curb water use and monitor central heating and air usage more closely.
As you scale your business, you will want to employ people with the same sense of vision and proficiency as yourself. However, startups can often be a risk for seasoned employees since there is no proven record of success. While it is tempting to ignore staffing needs, budget to recruit the best person for the role, which may mean posting on free job sites (e.g., Craigslist) or hiring a recruitment agency for more strategic roles.
While you do need to ensure some positions are filled with talented people who you can trust, not every job within your organization will require years of experience who will also demand a higher wage. Hire for potential instead. Consider hiring an apprentice who has the capacity to learn. This is perfect for an industry where you need to teach an entirely new piece of technology or idea.
This article has been edited and condensed.
Michael Hough is the Director of Quantic UK, a business who specializes in freelance and contractor accounting, offering services in a number of areas, which include but are not limited to – wealth management, tax planning, mortgage and pension advice. Connect with @QuanticUK on Twitter.
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