Starting a business and finding the right path where to spend money or not is a difficult task. That’s why startups often fall into the trap of spending money on things that aren’t that important it’s just one of the many mistakes that entrepreneurs can make.
Sometimes startups spend a money unnecessary that you need to be a cheapskate whenever you encounter a potential cost. So it’s essential to know the difference between valuable and non-valuable things.
Today we are you about 10 things on which startup must have to spend their money.
1. A business plan. There’s a lot of controversy regarding business plans, but in my opinion, knowing where you’re going and how you’re going to get there isn’t optional in business. You can spend in your business planning.
2. Market research. Never spend money on production before you know that you have customers ready to buy. Knowing what your market needs and how you can meet that need are essential for success.
3. A CFO or accountant. A good CFO or accountant can save you more money than you’ll spend on him or her by holding you accountable for spending and helping you plan your investments and understand your return on investment.
4. Buying lunch for those more important than you. An awesome life lesson from the richest man in Asia, this tip is all about networking. The cost of a single lunch is worth far more.
5. Legal advice. While unnecessary services cost you money you can’t afford, nearly all startup entrepreneurs require some level of legal advice. Whether it’s basic incorporation paperwork or understanding liability issues, pay for good advice from the start so that you aren’t stuck with the big bills of legal settlements later on.
6. Tax professionals. Doing your own taxes wastes countless hours that could be better spent on your business. Hire a tax professional, get the advice you need, and rest easy in April.
7. Customer service. It’s been said that sales without service is like putting money into a pocket with a hole in it. Customer service is an extremely profitable portion of your company, and it pays to invest in it.
8. Marketing and branding. Again, this business need can be done well and it can be done poorly. Don’t waste money unnecessarily, but do spend wisely on targeted, measurable campaigns.