Startups on a Budget | How to Prioritize

A startup (also known as a start-up company or startup business) is any new initiative trying to make its way in the world. They usually come about as the result of someone or a group of people running with what they feel is a fantastic opportunity. The moment they begin to put their envisioned plan into action it becomes a startup. More often than not, the biggest issue with new startups is budget, or a lack thereof. It can be a frustrating dilemma. The more the fledgling startup has to stress over budget and funding, the less time there is to invest in what really matters. So how do some startups on a tight budget succeed while others fall by the wayside? In this piece we address that very issue.

Let us take a look at four ways that can help you to grow your business on a shoestring budget. There are no guarantees that your first startup will succeed. There are, however, ways to make success more likely.

The four valuable lessons that every new start-up business should know of are:

  1. Work with WHAT you know before working with WHOyou know
  2. Stay focused; never lose sight of your vision (you become what you think)
  3. Know what you have to do, but only act when the time is right
  4. Think "outside" the box or forget there even is a box

These are all simple concepts but simple doesn't make them easy if you're unaware of them.

Work with WHAT You Know Before WHO You Know

Any business is only as good as the people who work for it. Just one wrong individual can upset the entire applecart. It's crucial to choose the right team and give them recognition for their contribution. This is fundamental to any successful operation. But before you look at who joins your team you first have to know what it is 'exactly' you're doing. It's impossible to give direction if you don't know where you're heading. Your first job is to understand your business model back-to-front. Do you? Once you do, and the timing is right, scout for the talent you need to help move your venture forward.

A lot of startups begin at home, and in some cases this is fine in the short term. But the home location is not the best place to get motivated, inspired or to meet others who share similar ambitions to you. It makes far more sense to build a business in a business-like setting, a place where fellow thinkers and doers are all around you. Coworking spaces are perfect for this purpose. They're flexible, economical and meaningful. Savvy startups at Office Evolution Hackensacklook at professional coworking spaces as an investment, not an expense, to their future growth. Networking in shared environments work!

Stay Focused; Never Lose Sight of Your Vision

Henry Ford once said; "Whether you think you can or think you can't – you're right." And he was correct in his observations too. A lot of startups fail not because the idea was a bad one, but because the individual or team lost focus, confidence and direction. Microanalysis is what causes paralysis. It's not possible to focus on the bigger picture if nitty-gritty details bog you down, it's just not. Yes there are things that need attending to in the here and now, but no, they shouldn't absorb all your time and energy. Too much microanalysis stalls forward planning and sows the seeds of uncertainty. The day you start to doubt your ideas, and think you can't follow through with a thing, is the beginning of the end. Never lose sight of your vision. And never stop looking for ways (stepping stones) on how you plan to reach your main goals.

Know What to Do and Act When the Time Is Right

Patience is a virtue. A common mistake by new startups is that they're far too keen to move way too quickly. If conditions are right then that's fine. But if you move too fast out of impatience, then you're heading for failure. The time to progress is when everything is set to carry the business forward. The early days of any new venture are all about setting a solid foundation. A good foundation gives you a clear strategy, resources and a solid infrastructure from where to proceed.

You never want to damage a growing reputation, upset clients, or weaken a product or service because of impatience. The key to success is to move forward with a plan and a good level of certainty. If you fail to prepare you are simply preparing to fail. Only you can know what questions to ask yourself before moving your startup to the next level. Again, working in a shared office environment is a great way to stay plugged into reality; it helps to keep you highly focused and level-headed.

Think Outside the Proverbial Box

It's true that thinking inside the box is the safer alternative, but then so is "working for the man." Thinking inside the box is also the less rewarding option in the long term, not to mention the least exciting or innovative. Startups that succeed beyond their wildest expectations always think outside the box.  They do this because they can; they have that freedom of choice. A great company will only be able to maintain its greatness, though, if they continue to think outside the box and offer something different. They must always offer something that people want but can't get from their rivals.

This is a mindset. To some, thinking outside of the box comes quite naturally. For others, it's a train of thought they develop. Either/or, if you want to succeed and stand out from the pack, then you too must always think outside the box.

Summing Up

For most new startups the biggest concern is one of limited resources and finance. You might have heard the saying: you have to spend money to make money. But it's not so much spending money that's the problem, it's wasting it. It's important to understand the difference between investing and unnecessary expenses. How someone approaches these things determines their path going forward. Some people never move outside the spare room in their home, bouncing around with ideas that never lead to anything much.

Environment can play a huge role in the way an individual or small startup group thinks and acts. The shared office and virtual office solutions at Office Evolution offer a range of options—such as working in an open coworking business lounge or a private office. Our professional environment offers members not only space and equipment, but also solutions and community. There's the buzz, the environment, the dynamics and the people. These things and more besides all contribute toward the kind of space where dreams hatch into realities.

If you would like to know more about how we may be able to help you, then give us a call today and explore your options with us.

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At Office Evolution Hackensack, we provide virtual office and private office solutions. We offer meeting rooms, offices, a coworking lounge, a shared reception, a business address, and virtual receptionist services. We have many options and price points, and all terms are flexible. Plus, you become part of a community of like-minded professionals.

Whether you live in Teaneck, Bergenfield, Maywood, Teterboro, Hasbrouck Heights, Moonachie, Little Ferry, Rochelle Park, Dumont, Bogota, River Edge, New Milford, Hackensack, Englewood, Paramus, Tenafly and other communities nearby, choosing Office Evolution Hackensack in New Jersey will help you be more professional, productive, and profitable.

Contact us today to set up a tour.

Written by: Office Evolution

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