Startups face a wide range of challenges. It’s tough to gain recognition, win clients over, start getting those first few orders in, and make the business actually financially viable.
It might be tempting to try to cut costs by doing as much as you can by yourself. But, considering that 46% of businesses fail due to incompetence, a DIY startup might not be the best business decision.
Do you really have all of the necessary skills to take on the more complex functions of the business?
Let’s look at a few areas where it’s better to hire professionals instead of risking it own your own.
A good accounting program like Quickbooks makes it simple enough to capture your invoices and sales. You can even link it with your POS system and download bank statements, and the system will automatically assign the entries.
These software programs make it simple enough to get your company’s data captured. You can use them to pull up all sorts of reports and keep track of profitability. That is if you take the time to use them. Truthfully, if you’re rushing to catch up on your paperwork only when you get the chance, you’re bound to make mistakes or miss whole entries.
If you don’t have the time to keep up your bookkeeping, you could be missing critical information to base business decisions on. In this area, it would probably be better to hire someone to assist you.
If you’re pretty good at capturing all your invoices and sales, that’s great. You can save yourself a bit of money by doing that yourself. When it comes to tax returns, however, it’s still a good idea to have a professional look over your books.
They will be able to advise you about legal deductions that you might qualify for and they will ensure that all the right information is submitted for your taxes.
There are plenty of software programs and sites that make it simple to create a website, even if you have no coding experience. These are simple enough to use, but are they the best idea? If you’re happy to create a cookie-cutter site, with few customizable options, then sure.
These days, however, your website is an extension of your business’s identity. It might be the first and only contact that you have with prospective customers, so it’s important to make a great first impression. If your site isn’t good looking and user-friendly, you will miss out on a lot of business.
Search engine optimization is also an important factor. You want your site to rank well so that it shows up in searches. This is getting trickier. Unless you know exactly what you’re doing, it can take a lot of trial and error to get it right. That might be precious time that your business can’t afford to waste.
There are several ways to save money for your startup. But hiring professionals is not an area you should skimp on. If you do everything yourself, you could end up making simple mistakes that could land you in serious financial trouble. Moreover, doing everything on your own is exhausting. As a business owner, you can’t afford to risk burnout. It’s time to reconsider how much of a saving you are really making by doing everything yourself.