Entrepreneurs think that the biggest hurdle to starting a business is finding the capital. Without money, you won’t be able to recruit, invest in technology, and keep the money for a rainy day. The truth is that figuring out how to spend the cash is far harder.
For one thing, one wrong investment could signal the end of the road for the company. Another factor is that you haven’t even considered what you are going to buy with the cash. A lack of research is a sure-fire way to make an error.
To help you out, here are the best places to splash the cash.
How to Spend Your Business Budget
Because $10,000 isn’t a lot, you’ll need to cut costs from the beginning.
However, slashing expenses and buying products at the same time is contradictory. Well, it is unless you are outsourcing tasks to third-parties.
By hiring an external customer service company, for example, you can increase resources while tightening the purse strings. It is possible to outsource over 50% of business processes, but you should be clever with your choices.
When you hear entrepreneurs say “we use yourvirtualofficelondon.co.uk,” it’s because professionalism is easy to fake. Marketing, on the other hand, needs to be a collaborative effort between an expert and a client.
This is a tricky one because some of it will need outsourcing to an agency. After all, there’s a good chance that you aren’t an expert and there may be gaps in your knowledge. However, areas exist which businesses can complete in-house without spending a fortune.
Social media experts are all over the internet these days. SocialChain is one plenty of your peers will use.
Still, you don’t need to follow suit because Twitter and Facebook are manageable from the office. Appoint a small team and you should have a solid online presence within a short timeframe.
Nowadays, every business relies on the internet. Downtime, also known as being offline, is critical as it reduces the firm’s bottom line.
As the saying goes, time is money. Hiring IT technicians and computer specialists is a savvy move as there will always be someone in the office who can fix a problem.
Relying on an outside business could result in further waiting times. Also, they can respond to cyber attacks as and when they appear. Again, agencies can take ages to fix a problem and that’s an issue when a hacker is trying to steal sensitive data.
Lawsuits come thick and fast, which is why it’s nice to have a backup plan. But, don’t forget about the beginning of the journey, either.
Formulating a company is a tricky process which may leave you personally vulnerable. A sole trader is liable for costs and damages incurred by the business, for instance.
Hiring a lawyer to guide you through the setup process may save you from accumulating millions of dollars of debt. Spending a small percentage of $10,000 to avoid paying out millions is a wise investment in anyone’s book.
You have the power, so how are you going to spend your business budget of $10,000?