3 Keys to Getting a Better Deal for Your Startup
Making the most of your money will be crucial to your success.
As a startup, chances are, you are strapped for cash. This means you should always be on the lookout for the best deal. Whether it is to provide food for your office or to get to your next meeting, making the most of your money will be crucial to your success.
For employees and CEOs, finding the best deal often lies in the up and coming on-demand economy. What started as a way to hail private cars on Uber, has turned into a growing industry fueled by companies like Wolfie, which enables you to search and receive deals in real time.
Startups should be using startups to survive. As an example, on a recent business trip to Manhattan, I used Wolfie to find a great deal on a local Italian restaurant. What would have been an expensive meeting, turned into a half-off lunch because I utilized this platform.
If you’re like most entrepreneurs who are trying to make the most of what they have, utilize these three keys to make your money go farther than ever:
1. Don’t use the big guys.
Though it may sound counterintuitive at first, startups are often willing to give other startups a deal on their services. Even without the buying power of bigger companies, startups focus on growth, and therefore use most of their resources towards this metric.
As a example, Via, a new shared-ride hailing service in Manhattan, competes with Uber by paying their drivers more. Uber had a similar launch strategy when it first starting, yet as they’ve grown, their wages have decreased. Since Via is new and focuses on growth, they’re able to spend more to pay their drivers in order to expand.
2. Look for pain points.
When a business is lacking customers, they will be more willing to make a deal. As a startup trying to make the most of what you have, look for companies that could use your business. This will not only make the business focus more on your work, but will also probably come at a cheaper cost.
Wolfie utilizes this pain point that many businesses face. Every restaurant and bar has off times. When a user sends out a search for a Italian restaurant in an odd hour, businesses can address this pain point by offering a deal to the Wolfie user.
3. Think long-term.
A key to negotiation is going in with a long-term vision. Businesses prefer building lasting relationships, and if you can start a deal with that in mind, chances are you’ll be getting a discount.
For Baarb, a new platform enabling people to intelligently book travel, this is their exact plan to take on larger travel sites. Their platform focuses on building long-term relationships with customers by building unique travel profiles and custom recommendations through machine learning. The days of generic travel planning will soon be gone!
Though there are aspects of your business that are worth hiring a professional for, there are others that you should actively be looking for deals on. Being a lean startup involves knowing where you’re putting your money. Focus on finding ways to make the most of what you have, and growth will follow.
Entrepreneur Leadership Network Contributor