Saving has always been in the culture. People tend to concentrate on savings more than they tend to invest and which is why savings posses a great importance in society.
This just doesn’t applies to individuals but to businesses too and when you are a startup then you actually know what every penny means to you. Thus you try to save it for the best. But, have you ever thought about the money that you expend? Bet not. As a startup when you look closely into your expenditures and the reasons associated along with the ROI, you will discover that only a partial amount of your expenditure actually worked for you and the rest is as good as a bad debt.When spending or investing in any of your ideas or essentials of your business, you need to consider some minor things which usually go unnoticed. They really are small in nature but their effects last long, may it be in favour of you or not.
Let’s have a look on those elements and understand how they work as catalysts causing those outcomes.
Doing Everything On Your Own
Majority of Startapreneurs fall prey to this. The ideology behind this is to save money by doing most of the work on their own, which doesn’t really work that well. The reason is, not every person posses all the qualities required to get the job done. Some might be good at managing things while others may be good at Marketing or Tech. Entrepreneurs need to analyse and accept their limitations. Entrepreneurs think that they are saving money by doing this, but are they actually?
When one set sails doing all the work on their own, they get an impression that they are saving money but in reality they are not. When someone is good at managing things and time, they schedule and manage everything perfectly but never really end up achieving results that they envisioned initially.
When doing all the thing on their own, they might end up spending money and gaining no results. For instance you might think that you can cope up with marketing. You will draw your strategy, plan things and a path to go about it, allocate budget for the same and then execute the plan. Now, understand when doing marketing initially you are always fascinated and have high spirit. When analyse that things are not working out, you tend to make yourself understand that how difficult it is, it’s not a one day game and so on. But, eventually after sometime you start realizing that the things are not going the way you planned it and the budget you allocated isn’t reaping out any benefits.
Now, how would it had been if you had allocated that work to someone who knew how to do it and had some experience doing it? Wouldn’t it had been easy? Where your part would had been to manage the person and your business whereas the other person would have looked after your Marketing.
This is the peak challenge faced by every Startapreneurs.
The Technology Part Of Your Business
Technology is inseparable from business nowadays. And to be in the race even you need to cope up with the latest technology trends, understood. But eventually some end up overdoing it.
Majority of times Entrepreneurs want to compile all of their idea at once in one thing. This means saving cost isn’t it? Why do small, small things over and over again when it can be done in just one go.
Well many think the same way but here’s the thing. When you do the things in chunk and present it in front of your audience, you get to know more about your thing from your audience than you originally thought of and then if required you can move ahead with incorporating other features and stuff to your thing. Wouldn’t it be a good choice to know what your audience thinks about your thing and learn what they want/ need exactly? Doing all the thing at once may be cost saving but it’s risky too. As you might end up investing everything at once and that one thing might not fire at all.
The other thing is doing Tech yourself. Well, if you are a techie and have knowledge about it, then it OK. But, if not, then I suggest you to leave for the experts to handle. When you decide to do tech and when you are not aware of it, you end up investing a lot of time and energy and during this period of time only one thing happens “Your Business Suffers”. Some think it’s a brilliant idea to use readily available tools but the reality is you never achieve what you asked for and moreover those tools aren’t for free as well. So, you end up investing into unwanted things as it’s of no use unless made use of it and neither does it works as an asset.
Marketing Is The Easiest
Some might think so but it’s not, not at all. Marketing seems as if it can be handled by anyone in the room. But, understand Marketing stands on its supporting pillars. Marketing is unlike any other thing in business. To achieve success in marketing you need to do a lot of ground work. Before even planning a Marketing plan for any business there are a lot of factors that need to consider. A good Marketing plan is drawn when you have considered every single aspect into your calculations right from competitor analysis, market behavior, timing, demand, channels defining target audience, influences, case studies, etc. They are the pillars of Marketing. You get them right, you get marketing right. Once done past all of these, then you can sit across the table with your colleagues and discuss/ draw the Marketing plan and subsequently allocate a budget.
But, even to do all of this you need to know the how to go about it and the right tools of the trade. Someone with no awareness will end up spending money for nothing.
Before doing anything just one question to yourself “Is it my cup of tea”? If not then leave it for good and allocate yourself to something which you are capable of doing like no other can. These are very small things but which go unnoticed, but their effect on you and your business lasts for long. Now, do you want those effects to be good or not it completely depends on you.