Startup companies will be up against more established industry rivals. Despite their knowledge and ideas, a limited budget could prevent a new enterprise from successfully competing against larger businesses. Fortunately, there are things you can do to carve your place in the industry without spending a considerable amount of money. Check out the five ways to cut your startup company’s overheads.
Create Your Own Business Cards
Do you want to design your own business cards without the expensive graphic design price tag? It is now possible to design business cards for free with the help of Adobe Spark, as you can choose from an array of design options, select the size, shape and theme, and can create your brand by incorporating images and texts.
Outsource Your Tasks
Do you have a million and one tasks but don’t have the budget to hire additional staff? Consider outsourcing projects to talented freelancers. Rather than paying employees a set salary, you will only pay for a piece of work, which can significantly reduce your overheads, especially when starting out. What’s more, you will have greater control of your budget, as you will only hire freelancers on a per job basis. So, it is ideal for those looking to hire copywriters, web designers, HR professionals or administrators.
Buying both hardware and software can cost a considerable amount of money for new businesses, which can eat away at your budget. One way to minimise your IT overheads is to turn to the cloud, as it can eliminate the need for servers, boost your security and can automatically save your most important files. What’s more, you will receive the most up-to-date versions of a program, so you will never be left behind when it comes to technology.
Flexible Office Spaces
Choose from a flexible office or co-working spaces to save a substantial amount of money throughout the years. Many cities and towns allow small companies to work in a clean, convenient office space with other companies, so you will not be tied down to a long rental agreement or lease. Many also come with an internet connection, reception services and modern facilities. To use the space, you simply need to pay a monthly or annual fee, which is a fraction of the price for a lease.
Review Your Outgoings
Stay on top of your finances by continually reviewing your outgoings. For example, could you hire a professional accountant for a more affordable rate? Maybe you could switch to a cheaper, more reliable web hosting service. Perhaps you are spending too much money on Facebook ads and not enough on PPC or Instagram. Aim to identify where your money is going and identify if you can find a more affordable option without compromising on quality. Set one day aside in your schedule every few months to review your bills and find ways to cut costs where possible.
Have you got any tips for reducing business overheads? Write a comment below.