A startup taking off from the ground requires a lot of resources at its disposal. Also, at the time of beginning, the startup has to take every step very cautiously in spending money on things that matter the most. But many entrepreneurs are not aware of all the investments that they need to make in the initial phases of setting up a startup and thus they end up with over spending or failure because of the lack of funds.
This post mentions the most important areas where a startup should make its investments in the initial phase the business:
First and foremost, whatever you do, make sure you are putting yourself online and can be accessed via a website or an app. The second thing is that if you are launching a website, confirm from your developers if it’s responsive enough to support mobile devices, too. Although latest websites are created to be supportive with mobile devices by default but confirming this from developers will remove all your doubts.
Many businesses need apps so that customers using mobile devices and accessing things via app, can also reach them. Here, they will hiring mobile app development professionals. If yours is not a critical business model like if it’s not an e-commerce or enterprise app, you can go with open source mobile app development technologies. These technologies use hybrid approaches and require minimum investment in the building of an app.
So the primary investment should go into building an online presence either via website or app or via both.
You will need people and teams to execute all your work processes. You will need hiring employees whom various work-roles in your organization would be assigned. If it’s costlier to hire full time employees, you can hire part-timers to get the work done or freelancers who would charge competitively to make your things fulfilled. You can hire people on project basis and pay them for particular tasks or assignments.
The work will begin when you would have online presence via a mobile or via an app as well as suitable work force but then you will need project management. To better manage your project, you use platforms like DeskAway and Wrike which are online places to meet, discus project related things.
No matter how useful or interesting your product/services are, people would never know about them if they are not informed. This will be done by advertising. Yes, when you put ads via suitable mediums, people learn about your company, brands, and your offerings. Advertising is one of the most important things every startup needs to do to succeed in the market.
Content isn’t just the king but it’s, in fact, an emperor now. The whole online world moves just because of content. So this is why you need to market content, too. You need to promote your website as well as your brand with techniques called, SEO and digital marketing.
In case your website is selling products / services online, you will need to implement payment methods accepting online payments. There are several local payment gateways available which business implements in their websites and apps.