Science Magazine

Four Simple Ways to Reduce Start-up Costs

Posted on the 01 September 2019 by Gaurav Tiwari @wpgaurav

It's no secret that launching a start-up can be costly. Even today with more and more opportunities available to new business owners, particularly those starting up online-only businesses, getting together the funds to keep your business running successfully can be a monthly struggle. The easiest way to make sure that your business is able to grow is by keeping as many running costs as you can to a minimum. Here are some ideas you might like for keeping business spending low without compromising on the quality of the products or services that you offer.

Reduce Office Space Costs

If you are running your business from a physical office, then chances are this is going to contribute to some of your largest expenses. However, there are many things that you can do to drive the cost down and pay less when it comes to the maintenance, utilities, rent and more. You may want to consider relocating your office to a cheaper area if possible. Or, go even further and ask yourself, do you really need the office? Unless you are employing or plan to employ a team in the near future, then you may be able to get the same results working out of a home office. And finally, shop around for business gas, electricity, water, insurance and internet rates to see where you could be taking advantage of a cheaper deal.

Work with Freelancers

Although it may not be possible for certain business types, working with freelancers rather than employing full-time staff can drastically cut costs for your company. Compared to paying full-time salaries, freelancers are only paid for the work that they do, and since most will work remotely or from their own office, you can also save money on your work premises. Alternatively, you may also want to consider getting your family members or friends involved with your company - perhaps they have a skill they can share and don't mind helping you out for less than they would usually charge.

Shop Around

When it comes to essential business services like web design, content marketing, social media management, graphic design and more, then don't always go for the most expensive option simply because it seems higher quality. It's understandable that you would rather pay a professional to get better results than you could get on your own due to the ROI it can provide for your company, but there's no need to pay over your budget. Ask around - you may be surprised at the number of high-quality services you can get at a reasonable price.

Unless you are using the paid advertising options, then social media is usually a free of charge option for advertising and marketing your business. You can set up a business page or profile free on most popular platforms, and this is a very powerful way to connect with your target audience and spread the word about your brand. You just need to be committed to staying as active as possible on your profiles and engaging with your followers.

Did you find these tips helpful? We'd love to get your feedback in the comments below.

Four Simple Ways to Reduce Start-up Costs


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