3 Expensive Things That Are Worth Investing In Your Startup

For so long we’ve been discussing and posting ideas about building a startup under a budget we never really haven’t gotten a chance to go over the things that you might be better off spending an extra.

I know! I know!

You’re a newly minted startup, and money is tight. Always!

The next payroll is around the corner.
Office space rent.
Professional Consultants fee.

Moreover, the list goes on!

However, some expenses are essential even though it’s costly. If you are on a race to the unicorn club, you better to not step over a dollar to pick up a dime. So, here are 3 high expenses that are worth the investment.

1) Hiring The Best Talent

I mean, it’s obvious! Good talent doesn’t come cheap.

They will not only get the job done but put in all the efforts to make it better. They’ll share your drive and continuously try to prove themselves. It’s just how they are wired. Going beyond! Plus ultra!

Building a startup isn’t a cakewalk. You will fall, quite often.

When you do, you need a team that can pull through. Falling isn’t the mistake. It’s an opportunity to build yourself better than ever. However, having a mediocre team that freaks out or folds is!

A great team member will demand a top salary, but that isn’t the only way to help attract talent. You could offer things like:

• Equity or Profit sharing

Like I said, good talents come at a cost. However, sharing your equity isn’t something that you should be doing unless you’ve set a clear path up ahead. That’s a cart you don’t want to jump on so quickly. Another option is to share profits. This can help drive engagements and keep them vested in the company and its growth.

• Good benefits

Some startups might not be aware of this but signing up with a Professional Employer Organization can unlock a world of benefits that you didn’t have access to before.

2) Awe-inspiring Culture

Your company culture is a reflection of what your company stands for!
Creating a “Culture” requires effort, frequently investment. When you provide a work environment that your employees enjoy, it can improve their performance, loyalty, and help attract great talents.

We’re in 2018, the age of millennials and if there’s anything they care about more than a fat paycheck is the company’s culture which they can proudly brag about with friends and on Twitter, Instagram.

In the end, it’s what we need. More branding.

I’m not talking about cool office space or expensive equipment. You cannot afford that, at least for now! Instead, you can focus on bi-yearly team retreats, free lunch etc.

Team retreat is one of the best ways to lift up the curtain and get to know the person behind their Title. It’ll help build relationships between employees on and off screen.

3) Hire “The Accountant.” Not just an accountant

I firmly believe Founders should wear lots of hats and employees should find ways to utilize their time to the maximum. However, one role that none of us should try to mimic is the accountant.

Bookkeeping is complicated and tiresome. It’s a no-brainer to entrust to someone who enjoys doing it, and who does it better than you.

It can be challenging to set aside the necessary funds for your taxes, and even more confusing to identify all the places where you can make valid tax deductions. Don’t anger the IRS. Don’t throw money down the drain. Hire a good accountant.

It’s that simple, and it’s worth it.

Startup life is an exciting adventure, and there is nothing in being an extra careful about your expenditures. However, holding your business back by being scared to invest will only cripple you in the long run. It’s a journey with a staggering amount of leaps of faith.

Cheers,
Prithvi