What isn’t needed when starting up a business?
It’s very easy to focus on what is needed when starting up a business and when looking to develop entrepreneurial flair, but some factors simply do not need consideration.
From having a basic idea or concept to sufficient levels of market research and feedback, these initial stages will be relevant for almost anybody looking to create and sell products.
But there are a number of outgoings that are simply not required in the initial stages of developing a company – meaning money can be saved in the long run.
Rather than worrying about factors which are not overly important, it means focus can instead be placed on developing the ideas and foundations of a business – the key to getting things off the ground.
When money is widely available it can be very easy to throw it at every problem; spending without very much consideration of the long-term risks involved.
As a result, winding up a company could be a much more costly process for those that have invested heavily, compared to those who tried to keep costs down, in the event that something doesn’t go as planned.
Is an office really required?
While working out of a garage or front room might not necessarily be how an entrepreneur visualises starting up their company, it can save costs right from the off.
There is little need for an office in the early stages as the tasks are unlikely to require one – good connectivity and a phone line are virtually all that is required in most cases.
With a number of internet hot-spots spread out around towns and cities, it’s also possible to work on the go from many different locations – there’s no reason why the coffee shop can’t be an office.
Do start-ups really need an investor?
Having money for a start-up business might seem like a great idea, but in the very early days keeping costs down should be a priority in case things don’t work out.
By not spending heavily, the risks are reduced and with access to a number of free marketing tools in the form of social media, spreading the word has never been easier.
It means that what little money is available can go towards the key aspects that are required when coming up with ideas and concepts – such as the costs relating to patenting products and the initial design stages.
Making a business visible online can now be done for less than at any stage in the past, thanks to sites such as Twitter, Facebook, LinkedIn and Google+.
By providing platforms from which to grow customer bases in a cost-effective fashion, entrepreneurs can focus on what’s really important – the gradual and steady growth of business.
By Phil Smith