5 Tips On How To Spend Less Money On Your Startup

So how do you save money on expenses where you can, while still ensuring the financial success and longevity of your burgeoning business? To learn how to intelligently allocate your limited startup capital, keep reading.

#1 Economize Your Marketing & Content Management

Rather than immediately employing a marketing manager, manage your marketing yourself or recruit an intern to do the same. Online hosts like WordPress and website-builders like Squarespace make advertising your business easy, and these cost-effective platforms do a world of good for your business’ exposure on the web.

Don’t forget social media platforms like Facebook, Instagram, and Twitter, where you have the potential to reach thousands of customers with witty captions and pictures or attractive product promos (all without necessarily paying a cent). Also, never underestimate the power of word of mouth, which brings in people who don’t use digital devices as much.

#2 Take Advantage Of Free Accounting, Payroll, Document-Storage Apps

As an entrepreneur, it’s essential you keep on top of your tax and payroll responsibilities. Try using online accounting software and applications, cloud-based apps to store digital files, and employee-management tools. These applications are all either free or available for a very small fee, and tutorials for them can easily be found online – keeping your expenses down in the long run.

#3 Optimize Your Office Or Retail Space

When you’re just establishing your business, no one will expect you to have a business HQ that rivals Google’s. Your top two priorities are functionality and cost-effectiveness, so be thrifty when choosing the office or retail space itself. Rather than renting an overpriced office floor, consider investing in shipping container structures, which are cost-effective and trendy.

Practice economy when choosing office equipment and furniture. Look for reputable second-hand tech websites and office sales to buy affordable, usable computers. Many tech stores also sell their open display stock for a discounted price at the end of the season. Second-hand or flatpack furniture is also remarkably easy to come by, and cheaper than ordering bespoke pieces. To save money, you may have to open your mind a little and release your dreams of Pinterest-like perfection. After all, it doesn’t really matter, if your tables or chairs don’t match – you might even start a new office design trend with your eclectic style.

#4 Think Carefully About Your HR

Each startup owner must ask themselves a tricky but a vital question: what tasks can be completed by a virtual assistant or system, rather than a human employee? You must ensure that all your paid employees are doing skilled, horsepower work that gets the business to its next stage of development. Carefully craft your job descriptions and be selective about whom you hire. Don’t spend your money paying workers for jobs which can be done through other means.

#5 Spend Money To Make Money

This tip may seem strange considering you’re here to learn about saving money – but it’s important that we conclude by affirming a staple business algorithm. You can’t bring in revenue without spending the necessary cash to make your product or service attractive to clients. Be wise about what you invest in: ask yourself, is that extended business trip to meet a client truly necessary, or could you have a sufficient meeting via Skype? Keep in mind also that quality produces quality. In the long-term, your initial investments will return your money and more to boot.

 

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