Starting up a business against any economic backdrop – let alone the current one – is a difficult task. Whether you’re backed to the hilt by investors or you’re operating on a shoestring, the primary concern is to keep costs to a minimum without cutting corners. This means that you need to get as much long-term value for money as possible, rather than opting for a short-term solution.
The Internet offers a number of cost-effective solutions to the majority of money-driven problems, offering greater initial flexibility and lower start-up costs. Let’s take a look at four methods of conserving your cash in the early days of starting up a business.
Also See: Top 5 Web Start Ups of 2012
Cost Effective Ways for a Start Up Business
1. Location, location, location!
With rental, the cost of amenities and furnishing, finding the right premises for your business can be one of the biggest initial financial commitments you’ll make. The premises you choose will depend on the type of business you’re running but, unless you’re running an eBay business, you’ll need somewhere to meet and greet clients that doesn’t look suspiciously like your living room!
As you cast your net for premises, you’ll encounter the wonderful world of sales-pitches; agents will be looking to sell you space for rent. It pays to remember that, although they might appear to have your best interests at heart, they have their own agenda, and that’s making money. Avoid falling for pitches that sell you what you don’t need. If you only need one desk, don’t buy into a fully furnished office space or pay for call center hardware when you might be able to rent online software that gives you the same facility but at a fraction of the cost.
As you cast your net for premises, you’ll encounter the wonderful world of sales-pitches; agents will be looking to sell you space for rent. It pays to remember that, although they might appear to have your best interests at heart, they have their own agenda, and that’s making money. Avoid falling for pitches that sell you what you don’t need. If you only need one desk, don’t buy into a fully furnished office space or pay for call center hardware when you might be able to rent online software that gives you the same facility but at a fraction of the cost.
2. Free trials
There are plenty of services out there that offer a month’s free trial without any obligation to commit once the trial period is over. There are products available online that offer favorable terms for start up businesses, giving you the capacity to buy what you need, as you need it – meaning you can expand as the need arises.
3. Keep an eye on the numbers
While you’re busy juggling your initial start up costs, you‘re going to need to watch what goes out and what’s coming in. Most start up business owners simply don’t have the resources to pay for an accountant. But there is plenty of good accounting software on the market, such as the packages available from Intuit Pay that give you a virtual accountant who’s on call whenever you need him and without the extra charges for using his services. Payment solutions such as this mean that you can adapt your payment and purchase structure in accordance with the way your business develops and avoid any hefty penalties as a result of not balancing the books.
4. Go second-hand
Just because you’ve got an office, it doesn’t mean that you’ve got to furnish it with brand new equipment. Charity shops, second-hand stores, auctions and eBay offer cheap ways to furnish your office, yet maintain the high standards you’re setting yourself. At the end off the day, the money you’ll save from buying used equipment can be channeled into more important start up requirements.
About Author
Jason Hurlington writes about technology
& business tips. His topics stretch from business tools to the
latest payment solutions.
Jason Hurlington writes about technology
& business tips. His topics stretch from business tools to the
latest payment solutions.About Jimmie Luthra
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