With more people deciding to forge their own path in the world of business with every passing month, one of the most common statements you will hear is that startup costs are lower than they have ever been in the technological era. Anyone who has taken the plunge, however, will be quick to point out that there’s a difference between “lower than they used to be” and “low” per se.
New business startup costs can still escalate rapidly, and right at that moment in your fledgling company’s evolution when it is at its most financially vulnerable. Here, we offer some cost control tips that anyone can adopt without having to compromise on establishing your new brand identity.
Smart use of outsourcing and freelancers
Don’t feel that you have to do everything at once in terms of setting up fully-functioning accounts, HR, and IT departments. Some of the largest multinationals outsource many of these roles, so there is no reason you can’t do the same thing. It could lead to some important business relationships that will prove invaluable in getting your business off the ground.
Likewise, you will need to pay close attention to areas like digital marketing and SEO to really establish a footprint for your brand. There are numerous freelance consultants out there who can create SEO optimised content better, and cheaper, than you could hope to do in-house.
The everyday expenses can really add up. From office consumables to insurance to computer software, it pays to shop around. In the first example, most businesses sign up to a supply deal with their local office supplies company without really assessing the costs. This can result in paying well over the odds for everyday consumables such as printer ink. Check all the options – as a case in point, these Printerinks ENVY 5540 cartridges are available online at almost half the normal price.
Everyone knows how important it is to budget, but still, many startups fail to do so. The rationale is that in the early days, it is just not possible with so many unknowns. However, this is looking at it from the wrong side. Arguably, the uncertainty makes budgeting more important, not less.
The key is to create a budget plan that is formal and precise, but that factors in areas of flexibility. By having this type of budget in place, you are far less likely to overspend and put your entire business in jeopardy.
Dare to be different
This is not simply seen as the entrepreneurial age because starting a business is cheaper than it used to be. It is also because the technological era gives so many opportunities for doing things differently. Don’t be afraid to adopt a non-traditional approach to your startup. You can try the educational approach to marketing your business.
This might be in terms of utilizing virtual or shared office space, or perhaps by adopting a BYOD ethos within your new business, or your approach to marketing. Invest in relevant content your audience will find useful. It’s a perfect approach to build authority in your industry. HubSpot, KissMetrics, Buffer, and Zapier offer amazing resources on their blogs that educate customers about their niches. In the 21st-century business world, the possibilities are endless, so dare to be different!