Creating a startup is cool, but creating a successful startup is even cooler. Cash is typically in limited supply, but there are several ways you can save money with your startup.
You’d be surprised how many people blew their potential with their startup by burning through money way too fast. Whether throwing all their cash behind an elaborate office space or paying employees way too much and making way too little in return, it’s easy to watch all that money burn up.
So how can you save money with a startup? It’s easy, really.
In fact, these next ten tips can actually assist you with utilizing more cash when you’re trying to get through the basics of a business. Who knows, you might just last longer following these steps and making a name for yourself. And don’t be afraid of a little humility along the way — that’s just the nature you’ll need to save money with your startup.
1. Save money with your startup by finding other work.
This may not be an option for all involved with a starting business. Perhaps the execs want to keep the engine running at full speed.
However, it never hurts to have some secondary work happening in an effort to keep the revenue from going down. If you’re trying to save money with your startup, a second job isn’t the worst thing to have on hand.
2. Quality, not quantity.
Think you’ve got that ideal product figured out for a startup? Hey, great. But remember, Rome was not built in a day.
You want to focus on getting your quality just right before you mass-produce, lest you find mistakes and have to pay an even bigger price later. Remember, slow and steady wins the race. You don’t see the tortoise packing a rocket-fueled shell to get things done.
3. Deal with businesses that offer a discount.
You’d be surprised how many discounts get offered by partners to startups. Some of them will offer significant discounts if you order supplies or other items in bulk.
Heck, you can probably store a breakroom with enough snacks for a month rather than buying them weekly. It never hurts to have extra supplies, rather than spending and spending to keep them piled up.
4. When you must travel, don’t go extravagant.
You’d be shocked how you can save money with a startup simply by avoiding booking at the Doubletree Hotel or someplace on the New York strip.
Instead, this is a good time to consider affordable alternatives, such as Airbnb’s or even smaller hotels. Sure, they look tacky, but you’re not going to hang out in them on business trips anyway. (Just make sure the Wi-Fi is solid, at least.)
5. Rent an office space alongside others.
While having your own office space is groovy and all, it’s shocking to see how much of your finances get burned by high rent rates.
With that, if you’re just getting started with your business, look around and see who’s got office space to share. Make sure you’ve got space to work, of course, but find something that’s a little cheaper on the market. You’ll thank us later.
6. Grants aren’t just for college.
Let’s say your finances aren’t exactly the greatest, but you still want to save money with a startup. Easy – check out the available grants.
No, they’re not just limited to universities. You can look around and find grants across state and city governments, as well as higher-up companies. You’ll need to meet the terms provided, but it’ll help you with finances in the long run.
7. The environment is your friend.
At first, some may scoff at the idea of “going green” and using environmental resources in your office. However, considering how you can save money with your startup, they just might be worth looking into.
Consider recycling, which can land some cashback in your pocket, as well as refillable ink cartridges and other little helpful things around the office. You might just last a little longer!
8. Sometimes a trade works better than cash.
Trading goods for other goods? Hey, we’ve seen it with pirating in the past, as well as certain businesses long ago. So why not use the practice again to save money with your startup?
Work with other companies to offer services and/or goods in return for other things that you can use around the office. Beats paying top dollar for them down the road, right?
9. Oh, hello, social media!
Why paying top-dollar for marketing is a key business choice for some, it could be just out of reach for others getting started. So why not look for free marketing instead?
Using social media tools is definitely a plus, and you can also create a reputable business entity with a video push across YouTube and TikTok as well. Just avoid dancing, because there are already enough dancing videos going around, thank you very much.
10. Look for big company partnerships.
There are a ton of programs being offered by big companies right now to help out startups. Amazon’s business services, U.S. mail, credit card companies – a lot.
And if you want to save money with your startup, the first step is knowing who to partner with so you’re not stuck with large bills later. Like grants, finding the right ones can really pay off – and you’ll have tons of supplies to work with as well.