Why This Is Important
Identifying and acquiring the foundational equipment and materials for your venture is a vital step in getting a business off the ground and operational. The initial choices made when starting a business can have long-term impacts on operational systems, so it's crucial to select tools that offer flexibility as your venture grows.
How To Do This
Create a prioritized list of essential equipment and technologies, including hardware, software, physical space, and materials. Research cost-effective options, including used or refurbished items, open-source software, and shared resources. Develop a phased plan for acquiring these tools as your venture grows and finances allow.
Tips
- Consider corporate sponsorships/partnerships that allow you to receive donated equipment.
- Leverage free trials of software to test out tools before committing.
- Leverage volunteers and (paid) interns as much as possible.
- Explore coworking spaces or maker spaces for access to shared equipment.
- Consider leasing options for expensive hardware to conserve capital.
- Regularly reassess your needs and eliminate unused tools and subscriptions to save costs.
- Broker partnerships to barter, split, or share resources and materials with other innovators and organizations.