One of the things that stop many people from starting a new business is the amount of money they need. When you consider the cost of building a website, purchasing equipment, and perhaps even paying rent, the expenses add up. However, there are numerous ways to reduce startup costs if you take the time to research and plan. Doing so may make your dream of owning your own business easier than you think.
Build Your Own Website
There are many online resources that can help you build your own website at very little cost. Investigate them thoroughly and do not start until you have read the tutorials so you know what you are doing. Your site might not be as flashy as one that a website designed might produce, however, it will have cost you a lot less money. The important thing is it will give you an online presence, which every business needs if they are to succeed.
Utilize Social Media
The only investment needed in social media is your time. With billions of registered users, there is a huge market out there full of potential customers. You just have to know how to reach them. Be positive, answer any posts or queries directed to you, and connect with your followers. This can take a lot of effort, but it is exactly why so many large companies have business pages on social media.
Use Freelancers
There are several things involved in running a business that you might be knowledgeable about. Even if you know them all, there will come a time when hopefully you are so busy, you will not be able to fit them in. You do not need to employ people to help you though. Not only would you have to pay salaries, you will also be bound by employment laws. Instead, consider contracting freelancers for some of these duties. The beauty of freelancers is that you only pay them for the work that they do.
You will find freelancers in every field, from writing to bookkeeping and social media management to legal matters. Some businesses, no matter how large they get, never stop using freelancers. It works out much cheaper, making them more profitable.
Start In A Foreign Country
There can be advantages to starting your business in another country. Somewhere like Ecuador is ideal as their currency in the US$ and their tax rates start at just 5%. Just make sure you are familiar with the various rules and regulations of the country you work with (for example click here). The whole process can be carried out online, and you need a minimum investment of just $400 to start a limited liability company in Ecuador.
It is things like this that make it no surprise that even some of the large multinationals have their headquarters in other countries, as there is not usually so much red tape either.
Forget Premises
You really need to consider if your startup warrants a physical workplace, especially at the beginning. Do you really need to pay rent for office space for example? With so many people working remotely, consider if this would work for your business. If you need to meet occasionally, you can make arrangements at that time, or even use virtual software. Rent can be a huge drain on any business and is something you need to avoid for as long as possible.
Check Out The Freebies
For most products in the software market, there is a free similar version online as well. Check out the free ones before committing yourself to any contracts that are time specific. The free version might have a couple of features less, but often they are the ones you can do without. Software such as Trello, Canva, and Picmonkey are all free and will save you paying for the likes of Photoshop or Microsoft Office. Use the same principle when it comes to apps. Do you really need to pay for them?
Consider Used
The costs of office furniture and computers with their accessories can cost a lot of money. Because of this, it has become quite a trend to scour the used markets for bargains. Places such as eBay and Craigslist might be ideal places to find them, but you should also look at the classified ads in your local newspapers. Another alternative is thrift shops. A desk is a desk at the end of the day, and as long as it does its job that is all that matters.
If you do have to buy something new, ask for a discount. You have to remember that the store wants your business. Be prepared to walk away if they will not give you a deal because the next store just might.
Save The Trees
Paper is not cheap and you can save a lot of money by being a paperless business, as well as being environmentally friendly. There is no reason why everything cannot be done online, and there are plenty of free management systems that will help you to achieve this. Save the trees as well as some cash.
Ditch The Landline
Landlines are being used less and less these days. With such things as WhatsApp. Facebook Messenger and Skype, all of which are free, why pay the cost of a landline that will not get that much use. It used to be expensive to call a mobile phone and many people avoided it. However, the costs have come down and now no one gives it a second thought.
Do Not Get Overwhelmed
It is very easy when you start a new business to become overwhelmed by the amount of money you have to spend. Use these helpful tips to reduce startup costs and get your business off the ground.
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