When your startup business is in its infancy, money for even the necessities can be difficult to find. Although you may be frugal and manage your business funds extremely well, it is always important to look for new ways you can conserve funds on company expenses. Here are six creative ways to save money in your startup business.
1. Outsourcing Can Save the Day
One of the most ingenious ways to save money in the digital age is to use outsourcing. Small tasks that are temporary and don’t require a new hire are an excellent example of ways outsourcing can help. Accounting, payroll, and customer support can be outsourced with little problem, and sending out this type of work can often save big bucks over hiring part-time specialty personnel.
2. Pre-Owned Office Equipment Is Great
Setting up an office does not have to be cost debilitating. In fact, you can save a great deal of money when you shop at a used office equipment store. Why purchase a new file cabinet when you can find a pre-owned version for a fraction of the price? The same with computer monitors, office chairs and desks, and an office phone system. Don’t pay full price – shop used.
3. Create an Internet Business
If you want to save money on office space, equipment, and building insurance, why not consider creating an internet business you can run out of your home in a spare room? Although not all companies can run efficiently or effectively out of a single room, there are some types that can. If you don’t have a lot of inventory to ship, if you create small orders as they come in, or if your business relies on intellectual property, a home-based company may be just what you need to save a ton of cash.
4. Build a Website ASAP
Many people dread the task of building a website, and others don’t trust anyone to build it for them. Therein lies the quandary of the small business for startup business owners. If you don’t know how to build a website, use a platform online that specializes in helping small businesses get off the ground. Some of those same companies even help build online stores and inventory calculators. If you need help creating a part of your new company, you can probably find help on line.
5. Partner With a Big Business
You may know someone that owns an established company or even someone that works in big business. If you do, try to meet with the PR director and see if you can partner with them in an effort called communal advertising. That means that anytime they advertise their products or events, you would get a small space on the pages, sites, or brochures. Partnering with big business can save you hundreds of thousands of dollars in advertising costs in the first five years alone.
6. Use Your Time To Market
Find groups that need your services, products, or goods and spend time chatting in the discussion groups online. It can be one of the best marketing tools you find as you discover what other people in your business line are doing to improve consumer trust, attract customers, and drive their search rankings. You don’t have to be a hard-selling-zealot to generate interest, just offer useful information and ask questions when you need to.
There are hundreds of ways to save money when you start a business, and most of them can be difficult amidst all the enthusiasm of finally bringing your dream to life. Try using the six tips above and watch your bank account grow.