Setting up a startup business is probably one of the most exciting things you can do. Nothing beats putting everything aside for a dream. It really pushes you to deliver your personal best. It really pushes you to sacrifice for your passion.
However romantic this picture may be, you still have to live in reality. This, of course, means having to hassle with the everyday reality of having to pay the rent, meet payroll, and spend money on business costs.
What makes all this extra challenging is that for every red cent you spend on expenses, you are spending less on growing your business. For every resource you use up to set up your business, you have less left over to pay for growing your business.
Use these tips to help you shave the costs of setting your business up. Use these tips to help you save enough money to boost your business once it is set up.
Cut your budget in half
If you have budgeted $100,000 to set up your business, see if you can live with half of that. Regardless of what initial budget you may have set up, see if you can get by with just half. This might seem like a tough challenge, but you need to do it. If you solve this puzzle, you might have the funds left over so truly make your business soar. Also, keep in mind that many founders often think too big and this might lead to massive cost overruns. It might turn out that setting up your business will take much less than you originally estimated. Instead of paying for expensive retail space see if you can get by with using a custom Steel building.
Outsource as much as you can
One key area you can save in is daily operations and initial costs. Whether it is setting up a website or maintaining online operations, you can save lots of money by outsourcing these. Even if your startup business deals with online software, you can save a mint by outsourcing to countries who have lower labor costs. Never underestimate the power of outsourcing to save you a pretty penny.
Use crowdsourcing to trade funding for product discounts
Thanks to the rise of social networks, many keep activities are now being done by social networked sites. One of these is startup funding or project funding. You can take advantage of these services by trading startup funds for discounts or freebie products and services once your business is off the ground. This proposition might have been outlandish and unrealistic only a decade ago but people are cranking out all sorts of new music, new business, and new products by trading initial seed funding for discounted or free products and services in the future.