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Starting your own business can be one of the most liberating things you could ever do in your personal or professional life. There’s nothing quite as exciting as stepping out on a limb and bringing your dreams to fruition. However, it’s vital to be conscious of your funds when getting your business ofF the ground – the last thing you want is to run yourself into debt before you’ve even opened shop. Here are five practical ways to save money when starting a business:
Office Space
Office rental is a massive expense for a startup business. Between rent, technology, furniture, maintenance, and utilities, you can easily rack up thousands of dollars – before considering any business expenses.
Rather than commit to a lengthy lease, alternatives such as serviced office solutions, shared workspaces and hot desking can provide the amenities and flexibility you need at a fraction of the cost. Without the costly overheads and fixed contracts associated with traditional office spaces, you can focus on growing your business while reaping the benefits of a professional working environment in a prime location.
Use Free Software
As tempting as it may be to pay upfront for the fancy accounting software you’ve had your eye on, there are plenty of free alternatives out there that do just as good a job. Realistically, when your business is in its initial stages, there’s no need to fork out for the additional bells and whistles that a paid software subscription offers. While you’re finding your feet, do some research on free software that’ll assist in running your business, or turn to the good old-fashioned spreadsheet. You can buy that premium subscription when your company is firmly established.
Trade Your Services
Starting your own business is all about being smart and strategic with your funds and how you use them. One of the best ways of saving serious dollars in the initial period of your venture is by bartering with other small businesses, or people in your existing network. Know someone who does excellent web design? Offer to supply them with some of your goods or services in exchange for a website overhaul. This is a crafty way of cutting costs and strengthening business relationships, which can help you further down the track.
Outsource
The internet offers a wealth of opportunities for new business owners that weren’t accessible two decades ago. One of the most significant advantages is the vast pool of freelancers at your disposal. Instead of hiring a full-time content writer to produce your website copy, why not search around online for a freelancer to get the job done? Hiring services only when you need them is one of the best ways to save money as a new business.
Learn to Negotiate
As you learn the ropes in the world of business, you’ll find that good communication is one of the most useful skills to acquire. Rather than accepting the wholesale rates your suppliers or vendors have quoted, try your hand at negotiating better terms. Plenty of vendors will be accommodating to you if you guarantee a long-term commitment with them. If not, shop around to find the best deal – every penny counts when you’re just starting out.
Starting your own business can be a significant drain on your personal finances. However, it doesn’t have run you into the ground financially. As long as you’re strategic with the decisions you make, you’ll be able to get your venture thriving in no time.
