Last updated on November 29th, 2017 at 11:49 pm -
All new entrepreneurs can save a ton of money by cutting down on startup business costs. You’ll quickly realize that penny pinching is necessary when building a new business. Why spend more money when you don’t have to? To be honest, saying you will cut back on your startup business costs is easier said than done but that doesn’t mean it’s impossible. A little creativity will go a long way when trying to cut down on startup business costs. Here are a few creative ways you can cut down on your startup business costs right from the beginning:
- Build Your Own Website – This may only work if you are a tech-savvy startup business owner. However, there are many web hosting companies out there like Weebly and Wix that offer free website hosting and a block by block website builder that any tech novice can use. With web hosts like these, you can build a professional looking site in less than a few hours. You can save thousands of dollars if you setup the design for your website by yourself. You can also save on web hosting fees if you use the free version of these sites. While I strongly recommend using the paid version (because it looks more professional), if you’re really strapped for cash, using the free version temporarily can work.
- Get Expert Help on Fiverr – Fiverr is a great website for finding experts in many different areas that charge less than half the price of their competitors. For example, if you need a good logo for your startup business, Fiverr has many awesome graphic designers that will charge you less than $25 for a unique design. The same goes for website design. If you absolutely do not want to build a website on your own, you can hire a Fiverr designer to do it for less than $500 (most website designers are expensive and can cost as much as $5,000+). You can also get business cards, brochures, and letterheads designed on Fivver for less than $25.00.
- Do Your Own Marketing – There are a number of ways you can do your own marketing for your startup business. You can get your business cards and brochures designed on Fiverr and printed by Vistaprint for a very low price. I suggest using a free website like Meetup to find local networking events for entrepreneurs. During these meetings you are usually able to talk about your business and pass out your business cards and brochures. You can also promote your business online through social media platforms like LinkedIn, Twitter, and Facebook. Setting up social media pages for your business on these networks is an easy way to get quick exposure for your business.
- Let How to Use QuickBooks – Hiring an accountant to manage your books can be very expensive, sometimes too expensive for most startup business owners. Learning how to use a tool like QuickBooks will be a life saver. QuickBooks can cost as little as $15.00 per month. Not only will you be able to track your revenue and expenses, you’ll know exactly what you need to pay in taxes (and when). Once you start hiring employees, you’ll also be able to do your payroll using QuickBooks. The payroll component of QuickBooks is only a few more dollars per month.
- Buy in Bulk – If your startup business requires that you buy supplies and/or inventory, buying what you need in bulk can save you a ton of money. There are many vendors that automatically charge lower prices when you buy in bulk. However, if you are purchasing from a vendor that doesn’t normally do this, ask them for a discount if you buy their product in bulk.
- Self-Shipping – Why use USPS or UPS when you don’t have to? If your startup business ships products to customers, you can save money by delivering those products yourself; (of course this is only applicable to customers in your local area). Let your local customers know that you (or someone from your company) hand delivers your products to local customers. They are likely to be very impressed. Not only will you save on shipping costs, this can also be a great way to differentiate your business from your competitors.