20% of small businesses fail within the first year of opening, with 82% putting it down to cash flow problems. Starting up and running your own small business can be an exciting time, but there are some things that you should shell out on to offer a good and professional service and other things that you can do yourself to save some cash, while ensuring good business growth.
Things To Fork Out On To Boost Success
It’s often worth spending money on a professional and efficient service that will make your business look good and function better. One of the big things to invest in is having your website designed by a pro. This will ensure that everything essential is included on your website and create a positive image for your business. Other things to bear in mind when hiring a web design team is whether they offer a continued service to update your site and give technical support and you should check out their previous work and how successful they are. You may also need an accountant if this is something that you’re not experienced in. Your company’s finances are critically important to ensure staff are happy with correct wages and your outgoings are managed well to avoid overspending.
What Not To Spend On
Think about the things that you can do yourself to save you money, even if it will take you some time to do them. While it’s likely you need someone to design your website, you’ll be able to easily manage your own social media pages, which is a good way to boost your online presence. This is usually a more effective and cheaper way of advertising your business when compared to print media or hiring stands at functions. You can also save money on how much space you’re paying for. You don’t need to buy or rent a space bigger than you need when you’re starting out, such as an office, restaurant or café. This will save you money and you can move to a bigger space once you’ve outgrown a smaller one and when your business is bringing more money in to pay for it.
You should try to do as much as you can yourself when starting and running a small business, but you shouldn’t compromise on the overall result. It’s always a good idea to hire people with specialist skills that can make running and growing your business easier and more effective if it’s something you can’t do to the same standard.