In a city as fast-paced as New York, people don’t have time to spend on anything they don’t feel is important. This is never more obvious than when you are trying to start a new business and get noticed by investors and potential customers. Do-it-yourself (DIY) is part of the startup culture, but it’s important to remember that being the founder of the company doesn’t necessarily qualify you for certain tasks, and if you do them, you’re likely to harm to your new business. As a newly formed company, it’s important to save money – but you can avoid these three DIY pitfalls without breaking the bank.
Logo and Design
New York City is a cutting edge place – a bad logo or an outdated website design can be the difference between sparking interest or being overlooked by potential investors and customers. Your logo is usually the first thing people will look at, and it will be on everything – from your business cards to your website to your email signature. Having it professionally designed is crucial. While you might think you have a good eye for design, unless you are a designer yourself it is unlikely that you will have the right tools and know-how to create a unique logo that embodies your company. Designers know how to make your logo, colors, and brand appealing to customers in today’s marketplace.The same goes for web design. Choosing a website from a ready-made template will not make your brand stand out, will quickly appear outdated, and doesn’t tell customers that you have anything new to offer them. Even if your site is a simple landing page with contact information, having it professionally designed will ensure it is memorable and uniquely presents your brand.You don’t need to spend unreasonable amounts of money hiring a professional designer, thanks to websites like Crowdspring and Elance. These sites allow users to explain the concept they are looking for, and get offers from various professional freelance designers. Crowd sourcing is growing ever more popular and is a great way to choose from many options while staying within your price range.
Taxes
If there’s one thing you want to make sure you do right as a company, it’s taxes. Personal taxes are a headache at the best of times, and taxes for small businesses enter a whole new territory. You will need to make sure that any capital you raise is taxed correctly, that you are keeping track of expenditures and can apply for all applicable deductions, and that employees are being taxed and paid accurately. For instance, not knowing the difference between an employee, a private contractor, and a paid intern can get you into trouble come tax time. While you might have done your own personal taxes for years, it’s best to hire a professional to take care of the accounting for your business if you want peace of mind and to avoid potential headaches down the line. This could not only ensure you are following the law, but could also save you money as NYC has some often overlooked deductions for small businesses.
Office Management
It’s common sense that, as an entrepreneur, if your business is truly going to take off, it will need you to personally invest a lot of effort and work. Sometimes this means making sure that you have the time to invest in the business. As a startup founder it might be tempting to do a little bit of everything and be very hands-on, but if you are spending most of your time on items which are necessary but have a low return on investment (ROI) you might be hurting your business. Hiring an office manager (even if the “office” is still the local coffee shop) can help you keep track of and accomplish items that are important but which don’t require your specific attention. Make sure you prioritize what is needed to make your business succeed and focus on the high ROI items while leaving the low ROI items in capable hands. Just make sure that you hire the right person for the job and don’t fall into one of the five biggest mistakes of startups.