Tips and Tricks for Every 2019 Startup Business Owner
It’s an exciting time for startups, what with the surging stock market (knock on wood) and all. There’s also high levels of interest in new companies, thanks to the exposure provided by the Internet.
But the Internet also creates challenges for new business owners; there’s more competition, and one or two negative comments on a business review website like Yelp can be lethal. As a business owner, you’ve got plenty on your plate. If you want to make 2019 a profitable year for your startup, it’s important to keep tabs on the latest strategies.
Here are some tips and tricks for all of you new business owners who are starting up a company in 2019.
Utilize Modern Office Spaces
An office is one of the biggest costs for any company, let alone a startup. What’s difficult for startups, so far as office space is concerned, is that the size of the staff may grow significantly in a short period of time, especially right after the initial hiring processes.
It’s easy for startups to find themselves stuck in an office lease where the office doesn’t have space for all the new employees. This is where coworking spaces could be useful.
Thankfully, there are some modern office space ideas that you can take advantage of. Companies like WeWork provide shared office spaces for small companies. The spaces are customizable so you can configure them however you like, and it’s easier to upgrade to a larger office space if your company grows.
WeWork also provides a highly communal environment, so it’s a good way to foster a tight-knit employee culture at your startup.
If you’d still prefer to lease your own office, consider using an open office plan. The open office was pioneered by tech companies in Silicon Valley.
There are no cubicles and very few partitions between departments. Instead, employees sit next to each other at large tables, with many large tables placed in an open work area. With an open floor plan, you can fit more employees into a smaller space and save money by not having to lease a larger office.
Be cautious about this approach. Originally, Silicon Valley companies preached that the open plan was a great way to foster communication between employees. However, numerous studies have suggested that employees are less productive and more stressed in open floor plans. Do your homework and make the decision you feel is right.
If an office is out of your budget, consider launching a startup business from home.
Get Reliable Technology
Some startup companies buy cheap technology to keep costs down. Low-quality equipment will cost you more money in the long run because they’re more likely to fail—resulting in you having to buy new equipment and losing productivity. It’s best to get high-quality equipment that’ll work well for years before you have to get replacements.
Startups spend lots of money buying computers for the office. Laptops are your best bet. Laptops are compact and can fit in a variety of workspaces, and they’re easily maneuverable. Employees can also take the laptops outside the office on business trips or if they’re going to complete work from home.
Try and buy the same laptop model for the entire office. If an employee must go from one computer to the next, their muscle memory at the keyboard won’t be interrupted. There are plenty of different laptops on the market.
Do some research on the best laptop for business use and choose the one that best fits your budget.
Don’t Expand Too Quickly
Life in the Internet Age moves fast. It’s tempting to try and grow your business as fast as possible, but this can be disastrous. Even if your company earns a steady cash flow, you’ll want to be patient and make sure that you can keep it stable through all four quarters of the year.
Take caution with your hiring practices at a fast-growing company. Too many employees joining the company at once may result in inadequate training and poor communication.
Ideally, you’d want your employees to understand what other departments are doing and which employees are contributing to each department. It’s difficult to foster that sort of environment when there are a few new faces every single week. Don’t hire too fast unless absolutely necessary.
Office spaces can be unified more than ever before, thanks to social media and relaxed office standards. A unified staff is a strong and productive staff. As your startup grows, be sure not to sacrifice that for the almighty dollar.
Now you’re ready. Here’s hoping for a prosperous startup in 2019! If needed, read these entrepreneur quotes for encouragement.