Founding a startup is one of the most rewarding things that you will do. You take an idea that has been on your mind into its fruition, and you (hopefully) watch as that idea becomes a successful business. However, there are many hurdles to get over before you get to where you want to go, and one of them is that dreaded word, money. How can you cut the costs in your startup, whilst still ensuring that it is as successful as it should be? We’ve noted down 5 ideas here.
#1: Become a jack of all trades
If you want to save money when you first start up your business, then you need to be a jack of all trades. Sure, you should act as the brains of the operation, but you also need to be OK with answering the phone and emailing clients, as well as sorting out the accounts side of things. This is invaluable business experience, so see whether you can pull off the various sectors of your startup.
#2: Work from home
One major cost for all new businesses is office and rent costs, and you can cut this out as a startup if you work from home. Think about what you actually need to make your business a success. If it’s just a laptop and a bit of determination to get you to where you need to go, then there may be no point in paying out a lot for office space. Think about this one properly if you want to save some cash.
#3: Buy savvy
Another thing to consider is what you’re actually buying for your startup. From cheap printer ink to second-hand office furniture, there are plenty of ways that you can cut the cash here. Instead of going for new, expensive items, have a look around on sites like eBay and see what you can find. You may not be able to have the office of your dreams straight away, but you will in time!
#4: Market your brand well
Marketing is an area that many businesses waste money in, because they simply don’t understand their audience. If you’re going to market your brand in the right way, then be sure to carry out some A/B testing so you know for sure that you’re spending money in the right places. The advertising used for your startup could make or break it, so really spend some time thinking about this.
#5: Learn how to haggle
When you first start out with your business, you’re going to need to be able to haggle with people. There are things that you won’t necessarily be able to afford, but by being persuasive you’ll be able to bag yourself a better deal on them. Perhaps you can offer your services in return, or you can simply get the price down by doing your research properly. It can be difficult, but it’s certainly worthwhile!
Good luck saving money in your startup, and making a success out of it!