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Monday, November 9, 2015
Thursday, November 5, 2015
"Wise Words"
The 6 Startup Expenses You Need and the 6 You Don’t
Money is not funny. Especially when it
comes to your own company. It’s no news that after the bootstrapping
stage, startups often fall in the trap of spending their preciously raised funds on things that are not that important – to the point at which they run out of runway and eventually find themselves as another failed startup.
However, don’t rush into choosing the
cheapest options possible and cutting down the costs to the barely
survivable minimum for the sake of impressing your investors. In fact,
some expenses are not only unavoidable, but necessarily.
6 Important Startup Expenses
- Market research. Never cash out until you precisely know what your customers are ready to buy. Knowing the ins and outs of your target market and having a clear vision of your ideal buyer persona is a must for any startup. Understanding what the market needs, how tough is the competition and what pricing strategy will work best is an essential component of success.
- CFO or accountant. As we are talking about optimizing expenses here, you need a person to keep a close eye on your business finance. A good CFO will save you more money than you pay them by holding you accountable for spending and analyzing your current ROI and ways to increase them.
- Legal counseling. Paying for professional legal advice can save you heaps of money in the perspective in terms of potential legal settlements later on. Have doubts about certain legal procedure? Do splurge on a lawyer.
- Marketing and branding. The biggest nightmare of most startups is when no one comes on the big launch day. That can be a real life scenario if you invest poorly in your marketing. Certainly, you should not waste more money than you can afford (ask your CFO about that), but consider hiring a reputable company or stashing creating an in-house team with the best professionals.
- Customer Support. How do you plan to retain and assist the customers you’ve spent time and money acquiring if you have zero people to cater them in a timely manner? Doesn’t sound really clever, right?
- Technical Support. Never play it cheap when it comes to choosing your hosting provider and creating a stable website. There’s nothing worth than losing customers because your payment form glitches or your website is down during a particularly high traffic peak.
6 Startup Expenses You Should Avoid
- Expensive software solutions. Most tools and software these days have cheaper, free or heavily discounted alternatives. Don’t rush into buying yet another trendy product until you are 100 percent sure it is essential for your company’s further growth.
- Fancy office space. Sure, you’d love to move to a bigger, brighter space and stock it up with loads of cool furniture, art prints, and elements of Scandi design. However, the moving and furnishing costs can quickly add-up. Don’t rush into building an office of your dream until your company has a proven traction record.
- Non-measurable outreach efforts. Whether it is influencer marketing or personal branding, once you see that the strategy is not bringing any consistent measurable results, stop spending money on it. Instead, invest in those marketing channels that already gained you some feasible outcome.
- Hiring staff before you are ready. Sure you’d love to have more people on board to share the joys of building a company together, but if your business isn’t ready, you’ll just waste the money. Outsource and hire out-staff freelancers to work on permanent basis till your business advances steadily.
- Expensive equipment. Yes you’d love to have an ultra-tech office, but now may not be the best idea to heavily invest into new gadgets. Purchase things you actually need, rather than those you want.
- Spending money before you’re even sure you’ll make some money. Don’t
rush into spending large sums before you are making enough to cover it.
Live according to your means is a golden rule both for personal and
business finances.
Tuesday, October 13, 2015
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Tuesday, October 6, 2015
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Wednesday, August 5, 2015
Is the AT&T-DIRECTV Deal a Precursor to Increased FCC Control of the Internet?
In its Open Internet Order that became effective on June 12, 2015, the Commission asserted that it would forebear from using its Title II pricing authority and would not mandate specific Internet prices. Critics of the Order did not buy this and argued that it was just a matter of time before the Commission would use its section 201 and 202 regulatory authority (which it refused to forebear from) to prescribe “just and reasonable” prices as a backdoor way to control Internet prices.
Unfortunately for those who were hoping that the Commission would stay out of Internet pricing, the AT&T-DIRECTV merger includes a requirement that will be in effect for four years that is a clear instance of the FCC prescribing ISP pricing. Here is the relevant condition imposed by the FCC:
Read more here...
Tuesday, May 19, 2015
Living and working in paradise: the rise of the 'digital nomad'
Fed up with spending the 9 to 5 in a stuffy office? Anna Hart packs her Mac and follows the trend for extreme remote working - in Bali
This is one of a rapidly increasing number of co-working spaces, where
freelancers, sole traders and small companies rent desks and share
printers and coffee machines. But even within that hip, fast-evolving
realm, Hubud is an outlier – and its 250-strong community believes that
this highly covetable office environment is the workplace of the future.
The diversity of this group also signals another change: that more and
more jobs are becoming portable, possible to do at a digital distance –
not just web designers and freelance writers but fashion designers,
photographers, models, marketers and even a remote-working GP.
As a freelance journalist, I have long been a convert to co-working spaces. I work from Netil House
in Hackney, east London, where I share a studio with a jewellery
designer, an arts curator and a photographer. Cycling to work, choosing
my working hours and studio mates, I feel like I have got it pretty
good, particularly compared to the years I spent working long,
inflexible hours in a staff job. Or I felt good until I heard about
Hubud. Because if going it alone in a co-working space is the first step
towards freedom for the growing number of frustrated, ambitious young
professionals, phase two is complete “location independence”; also known
as “digital nomadism”.
Read More Here...
Read More Here...
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