Operating a startup business is tough. Startups tend to run on very narrow margins, often going a year or even several years before making a profit. Hours can be long and working conditions challenging.

Still, plenty of people have success operating startups, and running your own business can be a uniquely satisfying endeavor. Here are some tips to help you be successful in the business process.

Hire Well

The importance of high-caliber employees at a startup cannot be overstated. Effective employees can creatively help you run a new business, anticipate problems before they become severe, and serve as loyal assets for a new business.

While saving money is essential when operating a startup, do not skimp on hiring! A good hire will ultimately save you more than it will cost. Look for employees with relevant experience, or who demonstrate unique creative aptitude that will be a fit for your business.

Above all, regularly communicate with new employees, and do so openly. Fostering an inclusive and open atmosphere will allow your employees to be more confident and freer in their interactions with you.

Effectively Market Your Business

Strong marketing is essential for new businesses. It allows you to draw in new customers and expand your original market. In many cases, it can be done relatively cheaply, and be highly effective.

Consider what marketing tactics will be most effective for your startup. Online marketing can be great, and advertising through social media websites — like Instagram, Twitter, and Facebook — can be low-cost and high-reward. In some cases, more traditional forms of advertising — like TV and radio — can be extremely helpful in reaching your target demographic.

Be Careful With Money, But Flexible

Money is almost certainly bound to be tight at a new startup, and responsible fiscal management is essential to finding success. That said, you must “spend money to make money,” as the saying goes. Operating a startup thus requires fiscal discipline — carefully managing expenses, budgeting effectively, and taking similar tactics — while also being willing to spend money in areas where it can benefit the business.

Make it a habit to regularly review your budget, to determine what’s working and what isn’t. Ideally, you can develop a rhythm for spending and an intuitive sense of where you should invest.

Ultimately, there are many paths to running effective startups. The tips above may be useful as you work to plan out your business.