Young Upstarts

All about entrepreneurship, intrapreneurship, ideas, innovation, and small business.

Saving Money When It Comes To Your Startup

As a startup business owner, you’re very much in the business of making money. You aren’t going to make any such profit, however, if your expenses outweigh your incomings. For this reason, saving on all of your venture’s necessities should be one of your top goals.

To perform this all-important task, you’re going to have to scrimp and save whenever you can, you’re going to have to shop around for the best deals, and you’re going to have to choose how, when, and where you work very wisely.

To see what you need to do specifically to save when it comes to your startup, make sure to read on.

Stay home-based for as long as you can.

For as long as the size of your business and the way in which it operates dictates that you can remain home-based, do it. Stay at home, as there’s nothing to be gotten from moving into an office space when you really don’t need to, no matter how desperate you may be to give your startup the ‘office seal of approval.’ Paying rent and other house costs, even when you pay for extra electricity usage, is always going to be cheaper than renting a commercial space.

Source the equipment you need carefully.

Whether you work at home or in a commercial office space, you’re going to need some equipment if you want your startup to be a success. This doesn’t mean that you have to splash out on top-of-the-range models, though. Be careful with the equipment that you source, and make sure you don’t put yourself in financial hot water in order to pay for it.

Being careful, in this instance, means shopping around for the best discounts and deals. This also means not being fooled by companies into paying for extras and add-ons, when you can quite easily find suitably cheaper alternatives elsewhere. If you own and use an Epson for your printing needs, for instance, don’t be too quick to buy accessories from the company itself, and, instead, check out the cheap ink for the Epson XP-342 found at other reputable outlets. You’ll find yourself getting the same products, only for half the price.

Learn how to barter goods for other goods.

Bartering is the act of giving goods in exchange for other goods. By learning how to do this, and do it well, with others, you’ll find yourself conserving a boatload of cash.

A simple way to barter is to offer your services to another company instead of paying them for whatever is you want from them. If you own a web design company, for instance, you could set up a basic website for your bartering partner instead of giving them cash.

Don’t hire full-time employees.

If conserving cash is really your top priority, then you can’t be hiring full-time employees. By doing so, you make yourself liable to have to pay out for numerous different things, not only their wages — you could find yourself paying out for employee insurance and you could find yourself having to contrite to pension schemes. Instead, hire freelance staff.

To save money when it comes to your startup, consider taking into account the advice laid out above. It may help you to give your startup the boost it needs.

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Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.

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