A recent article, 5 Ways That Entrepreneurs Throw Away Their Funding by Allison Page says that today, startups are lucky enough to have access to more sources of funding, thus they oftentimes waste their cash on things that have nothing to do with improving the product or scaling the company.
Here are three things you should avoid when spending your cash if you want to create a business that thrive for the long term.
1. Investing on lavish office furniture and equipment
Spending your funds on buying luxurious items/stuff to brag about even before your company finds product-market fit is not a wise move.
As a startup, you can find fully furnished offices for rent near your place so you have no worries and distractions of having to buy, set up, staff, equip and maintain an office.
2. Extravagant lifestyle
Don’t ever waste your initial funds by flying first class, staying in expensive hotels or having meals at luxurious restaurants.
Every dollar counts, so if that means renting office space by the hour, sharing a little walk up apartment with three roommates, flying economy class or ramen noodles for a meal, so be it.
3. Buying an expensive domain name
Avoid spending big amount of your initial funding to acquire the “perfect” domain name for your business. Remember, consumers are going to buy your product because it’s good, not because the name is cool or unique.
Instead of wasting dollars to expensive domain name, hire the talent you need to introduce your product to market.
Careful spending on things that really matter is one of the factors to have sustainable business growth. So, if you’re looking for workspace solutions for your startup in Lake Mary to ensure the right set-up for your business today and multiple options to support future growth, YourOffice Lake offers you a wide choice of office and workspace solutions: flexible office space Lake Mary, team office space lake Mary and virtual office packages. You’ll have access to a complete array of office support and concierge services as well as state-of-the-art business technology.
How do you spend your startup funds to help you succeed? Feel free to share your thoughts and comments below. You can also visit us on Facebook and Twitter.