5 Tips for Saving Your Startup Money

Aug 25

5 Tips for Saving Your Startup Money

The digital age is also the time of the entrepreneur. Many business owners have discovered success with launching their own startups online. However, recent statistics have shown that at least 44% of startups will fail within the first three years. With that being said, it is critical to make every dollar stretch as far as possible. Here are five tips on how to save your fledging biz money.

1. Shop Around

From affordable air solutions for data centers to IT and website services, getting a startup off the ground will cost you more money than your business will bring in. That’s why it’s so important to shop around to get the most bang for your buck. Remember, you typically get what you pay for – so don’t always choose the cheapest guy for the job.

2. Utilize Social Media

One of the biggest advantages of social media for small businesses and startups is the free advertising that you can create. Get a lot of buzz around your brand by cultivating an online community across several social networking accounts, including Twitter, Instagram, Facebook, Google+, Pinterest, and YouTube. This way, you’ll be saving money on advertising and marketing while still successfully targeting your specific audience and customer base.

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3. Only Hire When You Need Help

One of the tough parts about owning a startup is that if you fail, that falls on your own shoulders. Save money by keeping your biz small and taking a DIY approach. You should only hire help when you need it until your business starts bringing in the dough.

Sometimes, you can barter and negotiate for other peoples’ services. Trade your skills or products for ones that you need. Instead of paying for goods in cash, make a fair trade and exchange your business’s goodies for other ones

3. Set a Business Budget

A simple way to stay on track financially is to set a budget for your business. Map out everything your new startup needs, including costs for web design, office supplies, marketing, and more. Don’t spend more than you can afford. This will only put you deeper into debt.

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4. Keep in Small

This goes along with only hiring help when you need it most. In the beginning, don’t splurge on a huge corner office or fancy computer supplies. If you have to, work out of your second bedroom or garage to keep costs at a minimum.

Going into business for yourself can be scary, but it can also be exhilarating. Just remember to help cut corners on spending and save your startup as much money as possible by setting a budget, keeping it small, and when possible, bartering for goods.