Useful Money-Saving Tips Suitable for Startup Mode
Getting a business off the ground is an important first step once the planning and fund-raising aspects have been completed. Once you know how much cash is in the bank for business expenses ahead of future sales or another funding round, it’s time to economize to make the funds last. This can be the difference between having to take on debt or give up another 10 percent of the company due to spending too ambitiously in the early weeks and months. Here are some ways that a startup can save money.
Edit Images Using Free Software Apps
You don’t always need an expensive Photoshop software package to edit photos ready for publication on your company’s website. There are plenty of mobile apps on iOS and Android that let mobile users adjust photos to remove red-eye, deal with blurring, handle overexposure, and other teething issues with hastily-taken shots.
Whether you wish to use a free online editor like Pixlr.com or an app where you can process existing photos on the Android OS, it’s easy to do. There are also plenty of iOS apps that offer filtering features to adjust how photos look or to edit them outright. The editing tends to work better on a larger canvas, so an iPad is perhaps a better choice than an iPhone for detailed mobile photo editing. Click Here to learn which apps would be suitable depending on your mobile platform of choice.
Remote vs Office vs Outsourced Staff
When in startup mode, conserving available funds is important to give your business more time between funding rounds and giving away part of the ownership into the bargain. One cost-saving measure is to consider the benefits of using freelancer’s vs remote workers. Freelancers are available per task, if necessary, rather than hired as full-time employees. Remote workers don’t require an office to come to five days a week which can be beneficial too.
Office staff work well and have reasonable productivity levels, but it does force a move to the initial office space earlier than some might prefer. This isn’t always a bad thing, but it must be factored into the financial calculations. For this reason, it’s a good idea to weigh up all staffing options carefully first.
Consider Previously Used, Not New
Most startups want to dazzle visitors with everything being new and fancy. This is an expensive proposition for a company that hasn’t turned a profit yet. Whether looking at office chairs or work desks, cabinets or drawers, there are certainly places where companies can economize on what they need to get the office looking ready.
When you consider how many companies start and later fail, there are plenty of places that receive almost new office furniture and other items at knockdown prices when the failed businesses had their liquidation sale. Avoid overspending in places where potential clients won’t care and respond to anyone questioning the cost-saving move to provide competitive pricing against the competition.
One of the biggest mistakes of new businesses is spending too much in the early days. It can be a mistake if sales fail to materialize as quickly as the financial projections indicated and this will cause hardship as a result. By moderating the cash burn rate, startups can avoid encountering problems later.