(This is a contributed post)
For new entrepreneurs taking their first foray into the world of startups, the need to save money can become overwhelming. It doesn’t take much for overheads and other costs to explode and run away with you. While you may have a budget and have a close eye on the purse strings, simple and unforeseen circumstances can leave your financial projections redundant. The ability to weather financial storms will make or break your new business venture. If you don’t want to be one of the eighty per cent of new startups that fail within their first eighteen months of trading, take a look at these three simple ways that you can save money when launching your startup.
Spending your money wisely from the get-go will dictate your money ethos from the start of your business venture. While it is easy to be seduced by the hordes of shiny gizmos and gadgetry as well as the expensive brand new industry software, sometimes it pays to stick with the older and often more reliable kit. Purchasing second hand reconditioned laptops and hardware can be the ideal way to save your pennies when you first start your business. You don’t have to keep hold of this equipment forever, but it can tide you over until you’re in a more financially buoyant position to invest in new laptops and software.
Don’t try and hold onto every single business function of your startup. While it may seem counterintuitive, you can often save money by paying somebody else to look after your payroll, social media accounts or online marketing. By heading to a site like www.payrollserviceaustralia.com.au, you’ll see how they can free up your Thursday afternoon spent tediously crunching the numbers to pay your staff. Instead, you can work on your business vision, set up more client meetings or investigate funding opportunities. Utilising external experts means that you won’t have to find the skills in-house and you can rely on the expertise you need to direct traffic to your website or increase your sales conversions.
If you are starting small, don’t take out a lease on a few thousand square foot office when it’s just you working on your business for the time being. If you are a one-person entity providing a niche service, your home office may be all that you need. This will save money on a lease and overheads. As you expand and grow and take on new staff, you can choose to look for more appropriate alternative premises. Sites like www.thebalancesmb.com/ can help you decide how to configure your home office in the most productive way to allow you and your startup to hit the ground running. While working from home may sound like the easy option, make sure that you don’t have more than the odd pyjama day and that you don’t descend into days upon days of procrastination.
Becoming an entrepreneur if professionally and personally fulfilling. Ensure that you save money where you can so that your business can thrive in the future.