Be A Savvy Startup: Save Money From The Get-Go

Starting a business is not for the fainthearted. Whereas once you were an employee, earning a good wage with excellent career prospects, you were also caught up in the rat race and eager to escape your three-hour commute every day. Now you’re turning your passion into a fully fledged money-making enterprise, and you love every second of it. However, you also have your frugal wits about you and understand the need to save every penny possible when setting foot into the big wide world of entrepreneurship. Take a look at these ideas to save you cash from the get-go.

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Overheads

If you don’t need external premises yet, don’t waste your hard earned cash trying to locate an office space. If you can work from home, at least for the initial few months, you could be saving yourself thousands in rent. You could also save money on your Internet connection, electricity bill and lighting by charging a percentage of this to your business and splitting the cost effectively for tax purposes. You may need to look into your home insurance to make sure items are covered for business use, but the savings you make using your humble abode as a workspace rather than leasing somewhere else will still see you reaping the financial rewards.

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Staffing

If you require staff as your venture begins to take off, think carefully before you hire loads of people. Only take on the employees that you need and try to secure a close-knit and cohesive team. Pay above the minimum wage if you can. This may sound like a false economy, but if you can afford to pay above the market rate, you will secure a more skilled worker for your enterprise.

When it comes to payday, use an online check stub maker which is more convenient and a whole lot cheaper than investing in expensive software. You can create the pay stubs and get them emailed to you in moments. This way, if you realize after a few months that you need to let some staff go as your business isn’t growing as quickly as you were expecting, you won’t be left with a piece of expensive salary software languishing on your desktop.

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Advertising

You need to be visible to make your business work, especially when you’re trying to break into an industry that is highly competitive and crowded. Don’t go down the expensive AdWords route yet and don’t consider outsourcing your online marketing before utilizing social media for all its worth. Get your Facebook page and Twitter feed updated, and regularly post high-quality content that your customers will read and share. Use email marketing to send out discounts and promotions as well as guiding the recipients to your blog. Offer to guest post on industry blogs that you know have a high readership to get your brand noticed. Only when the traffic starts to roll in, and the revenue and orders increase should you consider using some of your cash to enhance your advertising prowess.

Although you need to speculate to accumulate when starting a business, you need to make sure you spend in the right areas and save the pennies where you can. Striking the right balance will make you more likely to be one of those business startups that flourishes rather than fails.

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