Hiring key talent during the early days of a startup is important to set it up for success, however, most startups do not have the resources to afford this. Therefore, it is important for a startup to focus on making strategic hires that have a vision to grow with the company and understand the situation of a startup.
Startups with short budgets can compensate needed talent in other ways to make up for low salaries, such as offering stock options and equity in the startup. Another alternative is hiring part time employees or freelancers according to the startup’s budget.
Startups can also employ interns as an alternative to paid staff, which also gives the startup an opportunity to assess interns as potential future hires. Exchanging services can also be a cost saving approach to get things done such as offering the startups services to another business or expert in return for their service.