Money-saving Tips for Business Start-ups
March 12, 2014 9:48pm CST
Budget is always a concern for cash-strapped business start-ups. While your business is still in its growing phase, you need to save as much money as you can to sustain it. That’s why it is important to set a budget and stick to it to ensure that your business will stay in the market for long. Big companies tend to project their budget on a yearly basis but for start-ups, monthly projections are ideal. This is because small businesses still need a stable footing in the industry and sudden, unexpected expenses might upset any projections that are in place. As a business owner, prioritizing on the essentials can help you save money. Identifying the important needs of your business is a sure step in saving costs. Here are practical know-hows you can take to ensure that you don’t spend money on unnecessary expenses: Create your own website Even if your business is not Internet-based, it is important that you make your mark online. Having an official website is as important as having a physical business address. This is how potential customers can find you and learn about your business. However, instead of hiring a Web designer/developer to create a website for you, try using an open source content management system (CMS). There are various CMS platforms out there that you can use to create your own website. Whether you choose to use Wordpress, Drupal or Weebly as your CMS of choice, creating and customizing your own website is easy and won’t cost you a lot. These platforms have easy-to-use features that you can easily understand and purchasing costs for Web hosting and website templates are minimal. Just select a package that fits your budget. Partner with other businesses Believe it or not, partnering with another business can save you a lot of money. Does your business involve frequent shipment of goods? Most shipping companies require a minimum volume of cargo when offering free shipments. If you regularly ship low volumes of cargo, try partnering with other businesses that are in the same situation. You can save shipment costs by making arrangements with other business owners. Place your shipping order on the same date as the other businesses do to qualify for free shipping. Hire a temporary worker for short projects Getting a full-time employee for short-term projects is not ideal as this can lead to waste resources, especially during periods of downtime. You can maximize your time and resources by getting a temp instead. This way, you only pay for the time they worked on so you get value for your money. And you can set aside the extra money for other essential expenses. Join online communities You don’t need to spend so much on advertising. You can do this by yourself and for free by participating in online communities. Check for online groups that are in the same industry as yours and join the community. Put the business name and the URL of your website in your profile so that everyone can see it whenever they check your profile out. This can attract potential customers your way and provide free advertising for you. Of course engaging with the online community is crucial for Web visibility and brand awareness. Make sure that you create meaningful conversations with the community even if it’s not related to your business. Building a good reputation online is as good as creating word of mouth for your brand.