January 22, 2020 | Mason Roberts
Starting a business is challenging, by every meaning of the word. It is a venture that will take an incredible amount of effort and time to truly succeed in. There will not be any quick solutions. You will face struggles more often than you are probably happy about. If you are sitting back thinking, “Oh, that won’t happen to me”, think again. Actually, more than half of startup businesses fail in their first few years.
This is not to scare you away, it is just the facts. When you think about it though, why do so many businesses fail? What did they do wrong that others did right? Well, a leading reason is poor financial decisions. This is where many business owners drop the ball, resulting in bad outcomes for their establishment.
If you are thinking of starting a business, you may be asking yourself what you can do to steer clear of these results. You want to be different from the rest that has failed before you. Well, what you should be sure that you are doing is spending intelligently.
Don't put yourself in a corner by spending money on things that will not benefit you in some way. You should be carefully considering what you are spending your funds on before doing so. This is not the time where you want to be throwing your money around aimlessly. Have a plan, and roll with it. Stick to what you have diligently thought out, and you should be in good shape for success.
Here are some things you should be spending your business funds now:
1. Marketing
People often overlook the importance of marketing. They think the bare minimum should do the trick. Often times a business owner will post a few things online, spread the news through word of mouth, and think that they did the best they can do. Well, if you want to stand a chance at being as successful as you’d hope, you will do more. This is a great place to spend a little extra on. First off, though, you must identify your target market. This is who you are trying to market towards, after all. Ask yourself some important questions about them. Who are they? What is their age group? What are their hobbies? Where do they get their information?
Answering all of these questions can really put you on a good path. Where you may have felt a bit overwhelmed when thinking about how to go about marketing before, you will feel a little more confident now. You know who you are trying to reach, and can really decide which route of marketing is best now. For example, if your target market is fairly young women, it may be best to reach them on the social media platform, Instagram. Instagram is a platform that countless young women take advantage of daily. This can be anywhere from completely free to very cheap, depending on what you do to make your posts intriguing to the viewer.
Also, you can put up billboards or flyers in a location that they are sure to see it. This is where learning their hobbies comes in. In doing this, you can put up information about your business where they will see it. This is a definite way to stand a chance at reeling in new customers through investing in your marketing outlets.
2. Design
Your design, or aesthetic, of your business says a lot to a customer right when they walk through the door. They will make a snap judgment on the smallest of things. From the lighting to the layout of the furniture, it can make or break your business for many. This is a great place to loosen your purse strings a bit. If you feel that you are completely oblivious to an intriguing design aspect in your business, look into hiring an interior designer. This can be an extremely effective and helpful investment for you.
Also, do not forget about the importance of graphic design. Now more than ever, the internet is taking over. This means that you should have a website for your business that pulls your customers in, rather than turns them away. I know from past experience that when I visit a website, I want it to speak volumes for the business. I want it to be well organized, and appealing to the eye.
I also know, though, that I would not know the first thing about making a well put together website. If I were in this situation, I would definitely spend the money I need to in order to hire a strong graphic designer. A graphic designer can also put together a beautiful logo for your business. Spending some money on any type of designer, whether it be interior or graphic, will be extremely effective in your business development.
3. Technology
Technology is how everything operates now. Also, it shows no signs of slowing down. Where everything was done by hand years ago, almost everything is done on some sort of device now. While it does cut production time in half, no matter what you are using it for, it can get a bit pricey. When deciding which piece of technology to invest in, you should consider what you need it for. For example, if you are considering in purchasing a device that will make the checkout line go much smoother inside your business, you may need a few more computers.
With the computers, though, you will also need the right program to make sure it solves your issues, rather than make more of them. Technology can be tricky. This is why many people still seem to boycott it, rather than giving in to the inevitable change. When making the decision, you must be sure that you are choosing the best option for your business. Nothing is worse than spending an obscene amount of funds on technology, only to suffer through plenty of problems with them. Make sure you make the right decision to ensure that everything runs smoothly.
