The typical lean startup has limited funds that need to be carefully distributed in order to be successful. You can’t just buy the same hardware or recruit the same employees that other larger companies use because you simply don’t have the funds. With such a limited budget, it can be hard picking the right things to invest in, but we’ve managed to condense it into seven important things that all startups should be investing their money into.
1. Business Niche
Without a niche, a business can’t survive. Whether you’re selling to a specific audience or creating products that no other company is offering, make sure you find yourself a niche so that you can have a voice in the industry. Forget about chasing the coattails of other larger businesses—focus on something that makes your business identifiable and personal to you so you can stand out.
2. Well-Designed Website
Make sure you hire a competent website designer. Your website acts like your storefront and needs to make a good first impression. Don’t use templates, don’t start a business without a website and make sure someone trusted is working on it to ensure it’s a high-quality website with all the features you’ll need.
3. Remote Employees
Spreading out work is an efficient way to run your company faster without risking capital. However, hiring local employees is far more expensive than hiring remote employees. You don’t need to pay them a heavy salary because they mostly work freelance, and you don’t need to rent an office to house them either—they simply work from the comfort of their own computers or laptops at home.
4. Clever Logo
Building a brand? Make sure you build a logo. Make this something iconic to your business and meaningful so that your message resonates with your audience.
5. Cloud Services
Cloud services are going to save you plenty of money and they’re worth the investment. For example, you can use a cloud service to help do your accounting. This removes the need for a dedicated accountant (at least, during the early stages of your company) and also opens up options like remote working and backups thanks to cloud services.
6. Business Protection
Be it on-premises protection such as CCTV or a hardware firewall and plenty of antivirus software, make sure your business is protected at all costs. If your products are incredibly popular, then make sure you also hire a lawyer to protect your trademark or else you’ll risk losing your hold on the market in favor of cheap imitators.
7. Social Media
Lastly, don’t forget about marketing. Utilizing top social media platforms is arguably the most effective and efficient way to grow a company on the web. A single Tweet (if planned correctly) can reach thousands of eyes and get hundreds of likes and retweets. If there's a demand for your products, then you can be certain that social media will pick up on it and spread it like wildfire. Social media usage is one of the basic skills that all entrepreneurs should have and practice whenever possible.
I hope you enjoyed this article about the most important things that a lean web-based startup should invest in.
Interested in more articles about starting a frugal business?
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Published by Michael J Schiemer
Owner of Bootstrap Business
Money - Marketing - Motivation
Digital Marketing | SEO | Social Media
Mike Schiemer Builds Better Business
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