6 Money Saving Start Up Tips

Keep Your Costs To A Minimum With These 6 Tips

Startups can seriously consume your cash. For this reason it is extremely important to manage your cashflow and only spend on things that are absolutely necessary.

Here are our 8 tips for keeping your startup costs down.

1) Don’t invest in a physical office space – Go virtual

A virtual office makes a lot of sense for a new startup. For a start, you are likely to be spending a lot of time on the road rather than sitting in an office. A virtual office will give you many of the benefits of a physical office space without a lot of the headaches. Also, with a virtual office you will probably be able to get a much better class of address in a better part of town. Virtual offices cost only a fraction of the cost of a physical office and don’t come with all of the bonds or set up fees.

2) Employ freelancers rather than permanent staff

Let’s face it, when you are starting out you will be unsure of exactly who you need to run the business anyway. With freelancers you can pay for what you need and not pay during the times when you don’t need them. If you use a site like Freelancer.com you can also get workers for only a fraction of what you would pay for permanent staff.

3) Don’t buy servers, use the cloud

Setting up your IT infrastructure can be expensive however much of this equipment can be rented via the cloud. It may be described as “cloud” however for a lot of this equipment you can still have exclusive use. Most suppliers don’t have long cancellation clauses and most can add additional resources on quickly.

4) Get a telephone answering service

A telephone answering service makes sense for a number of reasons, firstly, you don’t end up missing all of those important calls that end up being sent to your message bank. Secondly, an answering service costs only a fraction of what it would cost to have a full time employee.

5) Shop around for a phone deal

Phone packages are continually changing and telecoms companies are bundling a whole load of services together at discount prices. If you review your telecoms contracts every 12 months or so you should be able to come up with some good savings.

6) Make use of a virtual assistant

Don’t try to do everything yourself. A virtual assistant can take care of all of those pesky admin tasks while you focus on getting more business. The cost of a virtual assistant is small when compared to trying to do it all yourself.