Being part of or founding a Startup comes with many challenges. One of the most difficult challenges is figuring out how to spend the money you have to grow and scale your business. You’ve spent months bootstrapping and pitching investors and crowdfunding. Now that you have some money, it’s time to figure out what to do with it.
Your first instinct is probably to spend as little as possible on items your startup needs. While it’s important to budget your finances well, there are some things that are definitely worth splurging on that will help your startup get off the ground faster.
- Marketing and Branding
Your startup is nothing without strong branding and marketing. Many startups use most of their budget in marketing campaigns to bring awareness and gain customers. When it comes to branding, don’t skimp on creating a killer logo that is recognizable to your customers and audience.
When people know your name and recognize your startup just by the brand colors, you know you’ve made it!
- Office Space
We all know the stories of great entrepreneurs who started working in their basements or garages. But now that you have some capital, it’s time to invest in an office space. Even if it’s just for a couple of people, it’s important to have to increase productivity and hold meetings with important partners or investors.
Let’s not forget the importance of startup office design too. Depending on your budget and industry, you should consider hiring a professional designer to come and design your office to promote professionalism and productivity.
- Customer Service
This may be one of the last aspects of your business you consider, but having a fantastic customer service team and process is essential for keeping customers happy and returning to your business.
Invest in a highly qualified team, training, and Software to stay organized and make your customers feel important.
- IT Team
Building a talented IT team is essential if your startup relies on software development or technology. Working with bugs in a software can be the ultimate frustration, especially when you’re selling a software to customers. Having a great IT team on your side will save you plenty of headaches and keep your startup running smoothly.
- Website
Your startup’s website should be one of the things you splurge on. Imagine your website as your storefront since most startups don’t have actual stores. Your website is what will attract people to purchase your product or service. So, having a well-made and designed website is crucial.
Don’t hesitate to hire talented graphic designers and copywriters to create content for the website. A UX designer may also be a great investment because they can design the website with the visitor’s experience in mind.
A better website will attract and convert more customers, so it’s definitely worth the investment.
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