Important tips start-ups need to keep in mind

One of the main problems a great deal of startups tend to face is the fact that getting funding at the initial stage is no easy feat. The first deal with an investor almost feels like the birth of a grand new plan that is bound to work out eventually.

Now with a good flow of investment coming, you may just be fooled into thinking the hard part of your journey is over. Well, sorry to burst your bubble but this is just the beginning. Not only have you raised the bar as far as expectations from others are concerned, but there is also the pressure of pushing your company to greater heights.

On that note, here are a few vital points to keep in mind during the journey :-

• Make a proper plan for all your expenses: Once that first bit of investment comes your way, it is extremely easy to go head over heels about it and spend most of it without even realising. No matter what the scenario might be, you will certainly need to keep a beady eye on each and every one of your expenses, however small or big.
  
  Just remember that it all adds up in the end. If you plan to gear your startup for the eventual long haul of becoming a recognized company in the future, there’s just no way you can afford to be lax about your spending.

• Keep an eye out on ROI: This is something that you will have to keep a constant track of. ROI is the key to the growth of your startup from its very beginning to the time where it is able to break even. Whether it is product development, marketing or hiring, you will certainly need to calculate your ROI.
  
  Another fact is that investors do keep ROI in mind and will have a lot of expectations from your startup based on your ROI to boot. Having a good ROI will pretty much guarantee future funding as well.

• Thorough goal setting: This is one of the few and sure shot ways that you can gain the much needed confidence of your respective investors. Just think about it. After all, your main aim should be to get as much done as possible in the first 2-3 months time period.
  
  Keeping this in mind, you also need to be careful and not bite off more than you can chew. This includes setting goals that are ultimately impossible to fulfill. Be crystal clear about what exactly you want to achieve, do things slowly and systematically and then move forward. Most importantly know what factors exactly to outsource. For example you should definitely outsource the concept of payroll service providers as only they would be able to provide that particular point of view which differs from yours.  

When all’s said and done, It would be worthwhile to remember that at the end of the day, you are still a startup. Just a small drop in the ocean and there is still a long way to go. As a company that has just started out, you will need to do whatever it takes to stand out from the rest of the faceless competition. Knowing what to outsource and what not to is one of the first steps in the right direction.