When you’re just starting up a new business, a little bit of money can go a long way, and it’s best to try to stretch it as far as possible. Good business sense is about knowing when to spend, and when to tighten the purse strings. While you can’t be completely frugal, it’s great to know where you can save a bit. Here are a few ways to make your pennies stretch further that you might not have thought of.
Try your hand at bartering
If you require work that can’t be done in-house, resulting in a plan to approach another local company, why not try to offer service for service, rather than money. This means that if they carry out your work, you can offer them work of a similar cost in return, meaning money never has to change hands, but you’re both supporting each other. It can be a great way to build valuable business bonds, and keep your cash to yourself. And negotiation practice is always good for business too.
Use open source
There is plenty of software that a new company needs to use for their bookkeeping, accounting, or employee records. Rather than forking out for expensive software from the giants, why not go ahead and take a look at the open source or cloud options available, and save yourself huge amounts of money.
Going green can seriously save your company cash, as well as save the planet. Whether it’s as little as swapping your expensive halogen lights for cheaper LED lighting and saving loads on your electricity bill, every little helps. If you fancy taking it even further, investing in solar panels for your business can not only save you money in the long run, but you could even see returns on your investment - bonus!
Give opportunities to youngsters with promise
Staffing is going to be one of the biggest costs of most companies, even for tiny startups. While you might want to hire the best of the best, the truth of the matter is that your initial funds will only stretch so far. With lengthy interview processes, you'll be able to determine which young applicants show the most promise, and then you can grab them! Their starting wage will be lower, and they’ll be able to grow with your company.
Cut office costs
Second-hand furniture can bring a really cool, chic look to an office, and save you loads of money in the meantime. While it’s sensible to spend a bit more on office chairs to ensure comfort and avoid back problems, the rest of the furniture can come in second-hand. Avoid spending more than you need on cleaning products, and just be mindful of outgoings - it’s easy to spend hundreds of dollars when you’re just not thinking about it.
Saving money for your startup is crucial for solidifying the longevity of the business, so smart saving is essential. Keeping a close eye on your accounts can minimize unnecessary expenditure, but some of these ideas will help too.