You have to spend money to make money – anyone who has started their own business can attest to this fact. But that doesn’t mean that you can’t significantly reduce your startup costs with a few relatively simple steps. Read on to find out more.
Purchase Used Equipment
Depending on the nature of the business you are starting, you might be able to dramatically reduce your costs by buying equipment second hand. Of course, there are some businesses that will need to buy brand new equipment for safety reasons. However, most startups can save a lot of money by purchasing second-hand computers, printers, and other office equipment.
Whenever you are making purchases in preparation for your business to formally launch, it is always worth considering whether you really need to buy new.
Find the Right Energy Supplier
One of the often forgotten about costs for any business is their utilities. If you are going to be running your business from dedicated premises, you are going to need to sort out heating, water, gas, and electricity.
The best way of doing this is by utilising a price comparison website. For example, the price comparison website Utility Bidder compares a number of leading suppliers like Engie to find you an option that is affordable without sacrificing quality or reliability.
Use a Virtual Office
With VOIP and cloud computing technologies, both being so advanced in their current state, a physical office is no longer an automatic requirement for any business. Now, it is perfectly possible to substitute a physical office premises for a looser virtual arrangement.
You only need a couple of pieces of software, or indeed just the right platform, and you will be able to replicate all the benefits of being in the same room together. Once you have developed a reliable system for communicating with one another remotely, you can work just as efficiently for a fraction of the cost.
Haggling is becoming something of a lost art-form. We are all now so used to begrudgingly paying whatever is asked of us that most of us never even consider haggling. It’s not something that big corporations tend to indulge, but in terms of your B2B relationships, it is always worth exploring whether your partners have any flexibility with their pricing. Alternatively, you might be able to organise a quid pro quo and pay using something other than money.
Go Open Source
Another often overlooked cost facing many startups is that of software procurement. Even if your business doesn’t make its money through the use of the software, you are still going to want to make word processors, email clients, and other office essentials available to your workers. You can save a lot of money in this regard by simply searching specifically for open source alternatives to expensive software. You might be surprised by just how much you can save.
Once your business is up and running and you are receiving a steady income, you can always upgrade your equipment and supplies. But when you are looking to first take flight with your business, it pays to keep your costs as light as possible.