The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
New business owners often struggle to manage everything on their plate at once. From strategizing the marketing plan to making strong hiring decisions, new business owners are often stressed and unsure of where to spend money on so their business can succeed.
Seeing as 90% of startups fail, it’s more apparent than ever that having a strong business plan is key to becoming a successful new business. Being smart with your limited budget can be the difference between a thriving startup and one that has to close up shop.
The key places to spend money can be simplified into three main categories: marketing, operations, and finance. To be a successful startup, you need to optimize your spending in these three areas to invest in the things that will give you the highest return on investment for your cash. Focusing your money on areas like building a strong team, strategic branding & marketing, and having good insurance will help ensure your business is set for the long-term, but there are several other areas where spending is crucial as well.
Whether you’re allocating money towards important areas like market research, tools & technology, or a skilled accountant, making sure your money is in the right place is absolutely essential for your startup to succeed. For a full guide to what to spend money on when starting a business, check out this infographic by JW Surety Bonds.