It’s a very exciting time for any person to officially launch a start-up company. It’s even more exciting when a person has some funds to work with early on.
No matter how much money a person has to play around with, it’s important to be smart with that money instead of frivolously throwing it around. This is one thing that Ali Habib Mayar stresses with every single person who asks him advice.
So where should a person look to invest wisely? We asked Mayar to advise us on five ways to smartly spend money in the beginning to set up for success later on.
Look professional
Whether it be a standard or strictly online business, everyone needs to look the part. This is the best way to be taken seriously, and to build up a strong client base from the very beginning.
Don’t be afraid to spend a little bit of money on looks in the beginning. Not only will a solid look last for years, but it helps to build a brand and credibility from the very beginning.
Set up a solid foundation for marketing
One of the most common mistakes people fall into with start-up funds is spending too much money on unproven marketing strategies. It’s better to do a lot of research first, and then invest wisely from there.
Marketing is huge with any start-up, since most people are dealing with very few, if any, contacts. It’s impossible to grow without great marketing, so spend wisely and don’t be caught up in trying to do too much at once.
Build a strong, reliable team
It’s hard to get super specific advice as far as team building is concerned, as every start-up will need different amounts of people. However, it’s important to do the proper due diligence when making hires and bringing people on.
A common thing that is seen a lot in start-ups is working with friends or family members. This is good as long as everyone is productive. If it doesn’t seem like it will work long-term, it’s better to make that decision early on than to let an unproductive worker drag on. It’s going to hold back a company quite a bit.
Spend on tech that helps with productivity
Technology should always be used if it increases productivity with a business. Every single modern business relies on some form of technology, so don’t be afraid to invest in it. It might be somewhat costly upfront, but it will save time and money down the road.
Keep detailed records
To stay on budget, records should always be kept on where all the money is going. This allows a person to identify problems before they get out of hand and have a better understanding of where a business stands at all times.
It might seem tedious at first, but most people are glad they keep detailed records from the very beginning. It helped a lot when the Ali Habib Mayar website was launched, and it’s just good business practice in general.