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Startup Tip: Spend wisely or you will close down in no time

One of the reasons why majority of the startups fail is because they make wrong decisions. Some overspend, some over recruit and many other reasons. These are some of the questions you need to ask yourself before you make a decision as a Startup:

Do you really need ten people or will two or three do for now?

Do you really need $50,000 or is $5,000 enough for now?

Do you really need six months or can you make something in two?

Do you really need a big office or can you share office space for a while?

Do you really need a warehouse or can you rent a small storage space?

Do you really need to buy advertising and hire a PR firm or are there other ways to get noticed?

Do you really need to build a factory or can you hire someone else to manufacture your products?

Do you really need an accountant or can you use QuickBooks and do it yourself?

Do you really need an IT department or can you outsource it?

Do you really need a full-time support person or can you handle inquiries on your own?

Do you really need to open a retail store or can you sell your products online?

Do you really need fancy business cards, letterhead, and brochures or can you forego that stuff?

You get the point. Maybe eventually you’ll need to go the bigger, more expensive route, but not right now. There’s nothing wrong with being frugal.

This article is adopted from the book REWORK by Jason Fried & David Heinemeier Hansson.

This book is available for purchase on KabulReads: https://kabulreads.com/products/rework?_pos=1&_sid=f14d2ed0f&_ss=r

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