4 Ways to Reduce Spending When Starting a New Business
Starting a business can be a very exciting experience. However, it can also be overwhelming.
This isn’t meant to dissuade you from pursuing your entrepreneurial goals. It’s meant to help you position yourself to achieve those goals. If you’re prepared for the challenges that starting a new business tends to involve, you’ll be less likely to get discouraged during the early stages of growth.
For example, to start virtually any type of business, you will need to invest some money. This is a reality of which you may already be aware. That said, the amount of money you need to spend to help your business grow may not be as great as you think. There are many ways to reduce costs that you might not have considered. They include the following:
Embracing the Cloud
“Embracing the cloud” is not a yoga pose. As ethereal as it sounds, the cloud is actually nothing but a network of servers owned and maintained by a cloud storage provider. Instead of purchasing your own servers, which would be prohibitively costly for a new business owner on a tight budget, you can store your data in the cloud, avoiding what might otherwise be a very substantial expense.
You need to strike a somewhat difficult balance when starting out as a business owner. On the one hand, you may not have the budget to hire full-time employees right away. It’s fairly common for new business owners to handle a wide variety of tasks before they can justify hiring staff to unburden themselves. On the other hand, if your business continues to grow as you would like it to, you will eventually reach a stage when it is impossible for you to handle every task involved in running your business without assistance.
That said, a business’ growth comes in stages. It’s unlikely that you won’t need any employees one day, and suddenly need several full-time workers the next. Initially, you may only need occasional help.
That’s why it may be best to hire freelancers when first bringing new team members aboard. When you hire freelancers instead of full-time employees, you can get the most out of your investment because you’ll never have to waste money paying an employee an hourly wage or a salary during times when they simply don’t have any work to do.
It’s also worth noting that research indicates more people are freelancing than ever before. You’ll have little difficulty finding contractors to fill the roles that may need to be filled as your business develops.
Buying Office Supplies in Bulk
This is a simple tip that can nevertheless save you a lot of money if you remember to apply it regularly. Although the degree to which you may need to purchase office supplies will depend at least in part on the nature of your business, odds are good you’ll need to buy at least some supplies on occasion. Strongly consider purchasing them in bulk when you do. Often, suppliers will offer discounts when customers make large purchases at one time.
Even if you put forth a genuine effort to provide your customers with quality products and services, your business can’t thrive if people don’t know it exists. That means you’ll need to devote some time and effort to marketing.
However, marketing can be less costly than you might assume. For example, you could submit guest posts to online publications if you have strong writing skills. Many publications accept guest posts from industry authorities, offering “payment” in the form of links back to their websites. This is a low-cost way to establish yourself as an expert and get your business’ name out there.
Just remember, these are only a few ideas. There are actually many ways to successfully run a business without spending more than you can afford to. These tips will merely help you get started.