Managing Business Start Up Costs
Managing your start up costs is incredibly important to a new business owner. Get this wrong and you are in for a world of hurt; financially and otherwise.
Let’s start off by stating the key ingredients of any startup business, especially, businesses with low start up costs:
- A great and workable idea
- A written, straightforward business plan
- The ability to implement the plan
- Attention to details
- Follow through and persistence
Those who are on a budget, basically everyone, know that simply buying what your business needs is much less work, for you and your business, than not spending the money. Yet, when looking at the core of a startup business, a big budget isn’t required. You have access to most of what you need, without the need to even spend any money.
Start Up Expenses
When it comes your startup costs ask yourself the following:
- Have I tracked the start up costs?
- Did I categorize them properly?
Watch the video below to the see exactly what I’m talking about.
7 Mistakes To Avoid In a Business Start Up
According to the folks over at www.yourstory.com, startups need to be extra careful, even with the most minute things, because in this phase of the business, the process and the systems in place aren’t as optimized as they should be. Although there are a number of things that can go wrong in a startup business, we’ll talk about the 7 most common mistakes that new business owners make that are detrimental to a startup’s success.
- Accepting Too Much Responsibility. Are you doing all the work? Chances are then that you’re not running your business.
- Not Having An Online Presence. With the rise of technology – smart phones especially, having an online presence can be the difference between success and failure.
- Not Collecting Feedback From Customers. Use surveys and social media to find out what your customers think, what they want and what they hate. Adjust accordingly.
- Being Unresponsive To Your Employee’s Needs. If you’re employees don’t think you have their back, they won’t have yours.
- Give Up Vacation. Avoid burn out! Take a vacation and recharge your batteries. You’ll make better decisions.
- Making Decisions Without Enough Data. Making an important decision without the appropriate use of data is pretty much like gambling. It can be likened to you doing a toss coin to determine whether it’s a yes or no for your business.
- Selling Your Product’s Features and Not The Benefits. What makes your customers want your product isn’t the features of the product, it’s the benefit that they’ll get from having or using your product. Customers are more interested in how your product or service will solve their problems than in all the bells and whistles.
At 5 Step Business StartTM we have a passion for helping others succeed and love to provide material on a variety of subjects related to Starting Your Own Business. We are devoted to helping those who are interested in creating any successful venture of their desire whether it is to improve their marketing strategies or gain more understanding about improving their financial situation in lifey. Our advice for entrepreneurs young and old is to follow your passion while being creative and unafraid to express the truth that is YOU.