The thrill that comes with working on your first startup is an incomparable feeling for entrepreneurs. There are so many exciting possibilities, and it's easy to feel that your grand new idea can take on the world. Unfortunately, statistics reveal that for many startups, this is not often the case.
In fact, an article on The Startup reveals that a whopping 90% of budding companies fail due to a variety of reasons, which include premature scaling, a lack of focus, or not enough manpower. This last pitfall is particularly dangerous for entrepreneurs who mistakenly assume they can do it all on their own. Indeed, our correspondent Raul Harman points out how wearing too many hats can leave you feeling stressed, which can influence you to make devastating mistakes in managing your startup.
Of course, it’s difficult to hire full-time employees for everything, as most startups simply don’t have the resources to do that. The best solution is to think about outsourcing to experts in the following areas:
Recruiting the right people for your startup and verifying ID is a crucial part of its success, which is the main reason why you should be outsourcing your HR. They will not only find you the ideal candidate for the job, but they’ll also go through the process much faster than a single employee in your team ever could.
This ultimately means saving time and money, as you are able to gather the team you need and avoid leaving positions vacant for weeks or months, which can cost you more in the long run.
Navigating the law and its restrictions and guidelines on startups can be a major headache for entrepreneurs. You could be focusing on improving your startup instead of trying to interpret fine print on a contract or read through dozens of paperwork on legal requirements. Legal professionals Special Counsel point out how contract specialists can take the burden off of full-time staff by providing much-needed legal support on both short- and long-term projects. Outsourcing legal services will help you avoid major mistakes that could harm your business. It will also leave you with more free time to concentrate on other aspects of your startup.
While it may be handy to have an "IT guy/girl" around, your startup may be better off with a professional IT agency that specializes in keeping your company’s tech up-to-date and competitive. Instead of working with one person, you’ll have an entire extended team of experts to help optimize your tech processes — and you don’t need them to be around full-time. Monthly or quarterly check-ups from outsourced IT teams will help you cut down on your budget while also keeping your tech infrastructure up and running.
An important part of boosting customer retention and satisfaction is excellent customer service. Plus, customer experience experts told The Huffington Post that good customer service encourages a client to spread the word to at least six other people. As a startup owner, it’s understandable that you can’t hire and train full-time agents to constantly monitor social media sites and take phone calls. Instead, it would be more effective to outsource this task to an experienced virtual assistant or customer service specialist, whose sole job is to monitor and respond to customer inquiries and even design a chatbot that can respond to clients 24/7, all of these things can help but we still suggest to read business startup books so that you know exactly where to start with your business.