Three Tips to Save Costs for Your New Startup

Entrepreneurs are lucky to have lived in an Internet era. Today, it’s so easy to start a company. And with a very low budget at that. Information is everywhere online and there are online tools as well that are either for free or at very minimal expense for a startup. Here are some helpful ways you could make your budget go a long way.

Do it legal the first time

If you are going to give birth to a company, make sure you have the proper documentation or “birth certificate.” You can start as a single proprietor business, a partnership, or a corporation. The best part of it all is that you can actually register legally for a few dollars using online services. So now, you have absolutely no excuse not to do it.

But please do keep it simple and streamlined, like an LLC or limited liability corporation, for example, which protects your personal assets while avoiding high fees of C-Corporations.

Have your own plan

Every business can benefit from a business plan. It does not have to be elaborate. It can be a lean startup plan. And it is not just meant to present to investors. It’s meant for you to have a clearer direction and milestones to put you on the right path. Even people and companies who go to Kickstarter for crowd funding their endeavour need a pre-launch, launch and post-launch plan.

You can scour the Internet for sample formats and tailor them for your needs. The important thing is you get something written in black and white so you have something to go back to when you feel lost or stuck.

Protect your intellectual assets

Anything proprietary, like your company name, brand name, company tagline, inventions, brand logo, products, music, etc. can be easily protected by registering online. Don’t be one of those horror stories that lost millions because of failure to register and protect your intellectual properties.

On the other hand, before you also use such names, phrases logos, etc. make sure you counter to check that they are not registered to any other person or company. Having the domain name available in GoDaddy does not necessarily mean that no one owns that name. So go do your due diligence and save yourself lots of headache and cash.

Now go ahead and fulfil your entrepreneurial dream without spending too much. Just remember, while it is relatively easy to start any company today more than ever, the real challenge is how to sustain it and never give up until it has become profitable.

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