While starting a business requires a ton of hard work, it doesn’t necessarily have to require a ton of liquid capital. The Internet and innovative technology is the main reason that starting a company doesn’t have to be a major risk. While not all, a ton of entrepreneurial pursuits are taking place in the tech industry, specifically app design and increasing device functionality. If this is the case, the most important aspect of your startup is going to be your resources and your intellectual property.
Keeping your intellectual property yours is a major part of success for your business and your business’s future. Even if you haven’t executed your idea, you should document every exchange of details regarding it. Stay on top of all patents and copyrights, it will make selling you business a lot easier in the future. You’ll also thank yourself in years to come when you don’t hit a brick wall of a lawsuit.
Depending on the expertise needed to help grow your company, there is a ton of free and cheap workers out there. College students to be more specific are willing to work for basically nothing if it’s going to be something they can put on their resume. You can easily reach out to college professors and ask them to pass along your company’s information and the work you need done. Although they have little experience in the real world, students will work extremely hard to get ahead. Consider hiring an intern to write your press releases or aid in website design.
The best work can be done in teams. Gather a group of smart individuals that see the company the same way that you do. Be smart in the beginning stages of the business. The founders should of course negotiate equity and split the cost of intellectual property rights. Going from there, take advantage of innovative part-time workers. College students will give you all they got and more, just to receive praise and a recommendation letter in the end. Structure it as a learning experience for those looking for experience rather than leveraging cheap labor. This way it’s a win-win.