Saving Money While Starting A Business
Starting a business isn’t cheap. You will find yourself having to spend money on things that you never expected and you will just see expenses piling up. But that doesn’t mean that you have to pay for everything. There are ways that you can save money or even do things for free while starting your business. Being cost conscious is really important when starting a business. Everything that you saved goes towards your profit, making your startup more successful faster.
Be tech savvy
Utilizing technology, especially the internet, is one of the best ways to market your company for little to no money and grow a solid customer base. When building a website make sure that it is mobile friendly. Many companies aren’t originally building their website on a mobile friendly platform. If you do so you start off way ahead of your competition. According to collegestartup.com, “businesses who have a mobile ready platform and do mobile payments are going to be very successful in the future.” Currently mobile is a $1.8 billion industry. By 2018 it is expected to become a $189 billion industry. If you don’t build your website on a mobile friendly platform to start off with and have to convert it over eventually you will be losing money that is unnecessary to spend.
Capitalize on free marketing
Instead of spending thousands, if not more, money on marketing campaigns just market your company on social media! Build your company accounts on every popular site including, but not limited to, Facebook, Twitter, Pinterest, LinkedIn, Instagram etc. Be active on these accounts- friend people, comment, like, post regularly. Do research on the best engagement tactics and how to get the most followers. This is a very easy way to get your company’s name in front of potentially millions of people. You can even spend a few dollars on a promotional campaign on Facebook, Twitter or Instagram to get in front of new people. Once your company becomes established and is making a solid amount of money then you can consider paying for marketing campaigns.
Bartering and trading is one of the best things that you can do for your bottom line when starting a business. Talk with your suppliers and negotiate a long term buying discount with them. Basically, buying things in bulk over a long period of time should allow you to get a cheaper bulk rate. Trading is another great option because you aren’t paying anything, except the cost of producing your product or service. But you are also getting something in return. Make sure that if you decide to go down this route, though, that you draw up a clear contract with all of the terms of the agreement beforehand. Never be afraid to ask for something. The worst that can happen is the other person says no, which you may be expecting, but they might also say yes. Nothing ventured, nothing gained.