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Budgeting Tips for Startup Businesses

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Budgeting Tips for Startup Businesses

By Startup Valley (416 words)
Posted in Startups on September 27, 2013

There are (1) comments permalink

Starting a business is an exciting time in your life, but unfortunately too few potential entrepreneurs are able to generate enough revenue to keep their business afloat. The key to a successful start-up is to keep your costs low while implementing a solid plan to make a profit. If you're thinking of creating your own technology or internet startup, consider the following tips:

1. Cut down on office space costs. You don't need a large office in a fancy area of town until you're at the point where you have to visit with clients on-site and/or hire a large staff. Until then, pick a smaller space. Some keep their businesses in buildings on the same property as their primary residence. In addition to saving on rent, a smaller space will also net you lower utility bills.

Furniture and office supplies might not sound like huge expenses, but they burn through the small savings of a start-up rather quickly. Until your business is well established, look for discount furniture at used office furniture stores and mass market chains such as Target and Ikea. As for office supplies, consider ways to reduce this expense by conserving paper and shopping for items on sale.

2. Consider an affordable marketing budget. Until you have all the kinks in your business worked out, it doesn't make sense to pay large amounts of money to draw attention to it. Start by developing your website, and use free advertising sources such as social media to get the word out about your company. Sharing your pitch on an equity crowdfunding portal like StartupValley is another ideal way to build interest and even raise funds. Take a few months to really develop a product through before making the investment in marketing it heavily.

3. Speaking of product, figure out how to make money from it. While there are stories about startups that simply attract a large number of users easily, it is not common. Take some time to try out different payment models and figure out how to capitalize on what you have.

Equity crowdfunding can take your business to the next level by acquiring funds from investors in return for shared equity in your business. Those who contribute to your startup financially should understand your vision and foresee all long-term company goals. Be sure to “like” StartupValley on Facebook for more news on crowdfudning, technology startups, events and more!

Comments (1)

GP posted on: October 10, 2013

This website assumes entrepreneur has a business background. This is quite rare among talented technology innovators. Talent in inventing a viable new technology is a specialty and does not automatically imply sound business knowledge. Case in point; Nikola Tesla - his polyphase electrical system was a huge success but he was essentially robbed by the financial sharks of his time and died penniless. This website is a good start but needs to consider adding innovative business tools for technology geeks who lack business acumen.

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