The MOST Inexpensive Ways for Successful Startup
by Ankita Tripathy Startups Published on: 02 February 2018 Last Updated on: 21 October 2024
With the boom in the start-up economy, the entrepreneur stride has flooded the market space. Many young aspiring entrepreneurs want to try their hands at a tech-based business.
Being tech natives, every newly minted MBA wants to try their luck on a mobile app, a cloud-based service, or a social media platform. But setting up a startup from starch takes a lot of work. Further, the situation worsens if you are not a software developer or a network architect.
Let’s face it: starting from scratch is tricky; you must master the art of managing shoestring budgets. The fundamental question in the pipeline remains as to where to start.
Commercial real estate to be within reach. Finding an affordable office space becomes tedious.
Know The Best Ways for Successful Startup:
From a practical standpoint, know the cheapest way to kick-start your tech start-up:
1. Get The Right Structure
Many business entities are available to initiate your start-up, considering various criteria like the tax structure, minimum investment, number of people, legal obligations, etc. The most convenient structure is the one that opts. You have the following options :
- Private limited company
- Limited liability partnership
- One person company
- Sole proprietorship
The cheapest of the lot is a sole proprietorship. But if you wish to look out for investors, you must opt for a private limited company where you can lend your equity.
Once the entity type is selected, select a business name and register your domain name.
2. Hire – Fire Smart
Keep the team small, crisp, and precise. Too many minds won’t do any good. Instead, it will end up making a hole in your bleak finances. As a result, you can always hire from a talented pool of interns or campus placements instead of an expensive resource.
While recruiting, be a true hacker. Apart from focusing on the core competency, soft skills and the vigor to learn and grow are emphasized.
The more quickly you hire, the more quickly you should fire. Take your time with the weak links in your start-ups. It’s any day better to fire before your next hire as it adds no pressure to hit the financial milestone.
For the ones who prove themselves, offer them equity to make them motivated and committed.
3. Opt for Co-Working Spaces
Based on your team size, evaluate your space needs and the budget.
Co-working spaces, which are blooming in every hook and corner, have provided a cost-effective way to procure premises without getting into expensive real estate.
Determine a suitable location in line with your customer base and accessibility. Therefore, once the location is specified, you need to select a suitable co-working space in line with the following:
- The cultural differences in the coworking space
- Work environment, is it still traditional?
- Essential Amenities
- Work Quality: Good lighting, Air Quality, Comfort, and Impressiveness.
- Networking Opportunities
- Marketing-aided facilities.
Bonus Section: Some More Tips For Successful Startup
These aforementioned inexpensive tips can help a business grow. However, growing your business is a challenging task. Several factors need to come together to get the ball rolling.
Here are some more creative business ideas that can help you successful startup business to newer heights. However, this is not a ranking list. It is more of an informative list that needs to be approached accordingly.
With that note, let us dive right in!
Invest In SEO
Investing in SEO is one of the most inexpensive means of promoting your business. SEO is the newest wiz in the entrepreneurial landscape. Search Engine Optimized content is shaping the landscape.
Search Engine Optimization is not just relevant for blog posts. SEO is appropriate for visibility as well. SEO content can help you successful startup businesses to grow effectively by improving online visibility.
Therefore, start investing money in SEO operations for better returns, such as a higher customer retention rate, a better understanding of traffic, etc. All of which will help you successful startup business effectively.
Build Socials
The next piece of advice that we can give is to build a robust social presence. Businesses are slowly moving towards a more virtual setting.
In other words, businesses of all scales are making active endeavors to have a robust internet presence.
This internet presence would make your businesses visible in the entrepreneurial landscape.
Therefore, you should focus your efforts on building a proper internet presence. This would bring brand awareness, monitor customer engagement, etc.
Network
As an up-and-coming business, your aim should be to build a network.
A proper network can help your business grow and work with other companies. Therefore, networking is something you should invest your money in.
The best way to network with clients or business partners is to attend networking parties, events, or conferences. As an entrepreneur, you must take every chance to become more visible in the business landscape.
Just be ready to carry the conversation and demo your product on the fly. This would improve your socializing skills and help keep the conversation going.
Reach Customers With PR
PR or Public relations is the oldest trick in the entrepreneurial handbook. This is an essential tool and must not be taken for granted. PR is one of the old-school marketing techniques. However, it is still effective and is known to produce results.
Therefore, build a rapport with people who can give you a platform to showcase your product.
This could help you get the visual boost that your company needs. Get a hold of journalists and try to secure advertisement spaces. This would enable you to create a loyal base of customers.
And It’s A Wrap!
Starting a business can be risky, especially when the finances are low. But with three points, you can surely put yourself on the path to entrepreneurship.
However, for added benefits, we have also listed some more points in the form of honourable mentions so that you can truly become one of the most outstanding entrepreneurs.
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