3 Keys To Saving Money When Starting Out In Business

saving money in business
Learn how to save money in your startup. Image: Flickr

Beginning a business is tough even under the best of circumstances. Furthermore, you can’t be certain that it will flourish before you try.

Nevertheless, you can launch and develop a thriving business by being creative with your limited funds and by being smart with your start-up capital. Although saving money isn’t easy when starting out, it’s possible with these strategies.

1. Staffing

  • Crowdsourcing

It costs approximately $4,000 to locate and hire a new worker and once you’ve done so you’ll have to spend money and time on sick leave, training, insurance, and vacation time.

For this reason, numerous companies are considering crowdsourcing, which has transformed how small businesses compete in today’s marketplace. Crowdsourcing entails hiring skilled professionals to work remotely at a lower cost than traditional employees do.

You’ll discover that some of the best experts out there, particularly in today’s employment market prefer to work for themselves. Such professionals will typically post their portfolios online and you can employ them for a specified period depending on your needs. Adopting this approach for your business administration, technology, or marketing needs will allow you to decrease your expenses considerably.

  • Request Assistance

Ask friends and family to assist you with the new business. You should also spread the word concerning your business via your network. You may find that family members, particularly retirees, will often be thrilled at the chance to help another family member grow and build a valuable business.

  • Interns

At times, it isn’t practical to engage the services of a remote worker. For instance, when filing has piled up or you require other hands-on tasks done. Although most businesses use “temps” for these tasks, agencies can be costly.

Instead, contact your local college and inquire about using interns for the task. You’ll find that college students agree to work free or at a small fee, particularly when they are obtaining school credit.

2. Marketing

Marketing is a fun aspect of beginning a business: selecting a logo, choosing colors and graphics for your website, designing business cards etc. However, being caught up in patterns and colors doesn’t generate money though marketing materials are significant.

It’s also important to note that your business model may change over time. Consequently, it may be prudent to start simple when it concerns marketing materials. Fortunately, there are ways to market your business free including:

  • Social Media

Make sure you take advantage of the different social media platforms to publicize your business. You need to set up pages on platforms such as Facebook and LinkedIn, which will help you post content regarding your services and products while allowing you to differentiate yourself from competitors.

Don’t forget to go through all your contacts, including family, friends, and the business cards you’ve kept. Thereafter, send connect and friend requests, inviting everybody you know so you can build an online presence fast.

  • Cost efficient Website

You certainly don’t need to spend thousands on a website. At the initial stages of a startup, you simply need a simple but effective site that informs people about the services and products you offer as well as your business.

You can access numerous website development tools and packages online at no cost. These tools will enable you to develop a professional site that can be functional in hours. However, take care not to create the wrong impression with a cheap looking website.

3. Location

  • Affordable Space

You might be tempted to rent a flashy office space in the center of town, and while this can at times impress prospective clients, it will decrease your profit margins considerably.

Begin your business with an affordable space on the outskirts of town. Alternatively, you could consider running the business from home to decrease costs.

  • Lease or Share

If you don’t wish to operate your business from home, consider sharing office space or leasing in the short term. You’ll find that most of these facilities provide secretarial support, for instance answering the phone.

Final Thoughts

When starting out, it’s easy to run up business costs. However, these strategies will prove invaluable in helping you save.

Dailey Bookkeeping Services is a Xero Certified SILVER Partner and a QuickBooks Online Certified Advisor, so if we can help you with your startup needs, just give us a call, we would love to help you!  The owner, Jacqueline Dailey is a Certified Public Bookkeeper, an Advanced Certified QuickBooks and QuickBooks Online ProAdvisor, a Sleeter Group Certified QuickBooks Consultant and a Xero Certified Silver Partner. We work remotely so we can work with any company located in the U.S. If we can help you with this process or provide you with custom reporting, please give us a call. If we cannot help you, we will refer you to someone who can!  Feel free to visit our website at http://www.daileybookkeeping.com.

Leave a Reply

Your email address will not be published. Required fields are marked *