Anyone who is starting up a new business rarely has a plethora of money that they are willing to throw around. After all, that’s why people start businesses, to sell a product or service in return for profit. As you grow your business, you will have access to more financial resources which you can use to pay for upgrades, but when you start out, you need the bare minimum.
Lowering your start-up costs will help reduce the stress and financial burden as you embark on your new journey as an entrepreneur. Here are some of the ways that you can do it.
Work from a coworking space
Office rental is a considerable expense when starting a small business. There really isn’t any reason that you need to rent out an entire office, especially at the beginning. There is always the option to do so further down the line as you scale up and add more staff. Coworking spaces are a fantastic option, allowing you to rent out the desks you require to work from at a fraction of the cost of renting your own office.
On top of that, you can find a coworking space Glasgow which has conference/presentation rooms, lounges and terraces and cafes for you and your staff to use. You can use your coworking space for your business address for as long as you need to.
Outsourcing is the best way to save money on staffing costs when you start a new business. Hiring full-time, salaried employees is a huge expense, and often not necessary when you first start your business. Identify what your specific needs are, and find freelancers and contractors who you can outsource the work to. You can find a variety of freelancers on platforms like Upwork, who specialize in different areas, meaning you can choose the perfect fit.
Outsourcing is an excellent option for accounting and finance, marketing, social media, IT and even customer service. You will only need to pay them for the hours they work, meaning you’ll save on staffing costs, plus you aren’t required to offer benefits/health packages, which are another added expense.
Once your business grows big enough, then you may want to consider hiring full-time, permanent staff, but it’s not a required expense when you first start-up.
Do as much as you can
Taking care of as much as you possibly can yourself will save you tons of money when you first start your business. Balance is key, and you don’t want to overwhelm yourself with tasks and end up burning out. That said, learning a bit about invoicing, doing accounts, digital marketing, and basic design will help you out as a business owner. Having basic knowledge in all of these areas will allow you to do many general tasks, at least in the beginning. Some of these tasks include scheduling and posting on social media, writing content for your onsite blog, sending invoices to clients, paying invoices for freelancers, and creating graphics for your social feeds.
There are tons of online resources where you can learn these skills for free, or close to it, with platforms like Udemy or simply by watching YouTube tutorials.