Starting a business can be expensive work but while you’re trying to start a new business, it’s important to be as frugal as you can and to try to keep the deficit between in-goings and out-goings high. Here are a few ways you can do that.
Run your business from home
There’s no need to spend a lot renting expensive office space if your business is purely online. Save money and run your business from the comfort of your own home, until office space becomes absolutely necessary. When office space does become necessary, remember not to try and run before you can walk. Opt for the basics, and save the Google-esque office for when you’re making the big bucks.
Buy used equipment
Similarly, technology and equipment such as laptops can eat into your budget. Opt for used items to save a few pennies, while still getting the job done.
Avoid using agencies
Agencies are famously expensive and usually quadruple the price of getting anyone else to do the work. If you need a lot of work doing, consider hiring either full-time or part-time staff members. Or, if it’s only a couple of projects then look for freelance specialists instead. Their rates are pretty much guaranteed to be much fairer than if you go to an agency giant.
Make the most of free platforms
Whether it’s free trials for digital tools, free platforms like Hootsuite or free photo editing sites, make the most of what you can get for nothing. Social media can be a particularly powerful tool and doesn’t cost a thing to put your business out there.
Remember you have to spend money to make it
It’s important to be frugal but don’t tighten your purse strings too much. Trying to get away with spending nothing at all is not realistic and you have to spend money on things where it matters; like a good website and good people.