5 Clever Tips For Keeping Your Start-up Costs Low
Finding creative ways of squeezing more mileage form limited funds is the hallmark of a great start up. When starting a new business, there are inevitable start-up costs that could easily drain all your funds if not carefully managed. These things include buying of equipment and furniture, paying taxes, initial marketing etc.
This is usually going to be a very expensive period for any business and you probably won’t be making much profit, if any, yet. Clearly, finding a way(s) to keep your start-up costs low is going to be key to the success of your business. Lucky for you, we have come up a list of 5 time-tested and proven tips for doing just that.
#1. Run the operation from home
Making the choice of running your business from home doesn’t only save costs but is also very convenient and creates a very comfortable, quiet and safe environment which sometimes helps to get the job done faster.
This really helps to reduce the cost for start-ups as people who work from home get to pay lower taxes. And with a few basic tricks, they get to still enjoy the benefits of having an appropriate business premises. The main attraction of having an office in a prestigious area is that it gives the company status, and well first impression matters.
#2. Embrace online marketing
The world of business has emerged from where it was to where it is today due to the development of new marketing ideas, and the internet has been the main reason for this shift. Social media has created a platform for companies to reach worldwide audiences in seconds so if you know what you’re doing, this could be one of your most powerful marketing tools.
#3. Search for the best deals
This probably sounds a little obvious and everybody is meant to know this already, but it’s surprising how much money businesses waste simply by not searching for the best deals. You never can tell what great offer you might get simply by looking around and of course every single cent matters for start-ups.
#4. Hire temporary staff
Any business venture that has employees, regardless of its size, knows that human resources really are the life of the business. Even if you can’t afford to have as many full time staff as you might need, you could think of hiring interns, or part-timers on a temporary basis.
#5. Use free apps
There are many great and free, apps out there that could make life much easier for start-ups. A good example is QuickBooks accounting software, which helps non-accounting savvy people stay on top of business accounts and track daily sales effectively.
According to Mark Zuckerberg, “the only strategy that is guaranteed to fail, is not taking risks”. Inasmuch as we want to reduce costs, all businesses need to take certain risks and make certain sacrifices to survive and grow. Just be careful to take these risks wisely.
