You have found your investor. Your idea is clear to the investor and you have got the funding. But do you know, what to do with your fund money?
Once you have the initial investment secured, it’s essential that you spend it with care. Down below, I have compiled a list of approaches you can practice to ensure productivity
Exercise Prudence- Be careful how and where you spend your (investor’s) money and maintain clear records. Don’t overspend.
Make a list of your various expenses and categorizes them. Keep tabs on your expenditure.
Spend money on finding your “DreamTeam”. People who vibe with your ideas and have the same level of commitment as you. People who are energetic and innovative, and who are willing to understand that working in a startup is initially more work, less play/pay.
Get the load of loans( If any) you had previously taken, off your back.
Research and development- (Data Analytics)
In this data-driven age, useful and relevant information into your industry is the key for maintaining growth. Spend money on improving your prototype; with Data-analytics.
Your aim should be designing a product that is unique and delivers quality solutions. In designing creative marketing campaigns that offer insights into your company goal , and how your product is better than other products in the same category.
Train your sales talent early on, so that they are comfortable with your target audience in time for when the sales processes will start.
Spend some money on conferences and other such marketing events to increase awareness about your product and company.
Get together the best management team. Even if it means spending more than you expected.
Keep your employee morale up by offering recognition and bonuses for extraordinary performance.
Invest in good infrastructure. A good office-environment conducts excellence.
Hire a good SEO team
SEO is a cost-effective process that help you in improving the visibility of your website or web page in a search engine’s unpaid results. It is a content-heavy process and requires a dedicated effort; but its worth it!
Upgrade your Qualification
It’s great to have a team of hard-working and dedicated people. You can use your funding to help them grow by encouraging them to take additional qualifications, adding value to their skills and your business.