Most business owners are driven by the entrepreneurial spirit, a desire to build something of their own and make a difference in society. Unfortunately, your grit and passion alone can’t do much unless you have capital. That said, when funds are limited, you can take the following cost-cutting measures to set up your business without risking going bankrupt.
Buy Used Equipment
It’s understandable if you want the most advanced computers, top-notch furniture, and the best espresso maker that you can find in the market for your office. However, when you are starting out, you need to get your priorities right. There are a slew of things that you can buy from previous owners instead. For instance, quality furniture remains intact even after years of use. Similarly, you can buy used laptops that are just a few years old at ridiculously low prices. This will saves you thousands of dollars in the long run.
There are plenty of websites like craigslist where you can buy used stuff online. You will be surprised by the kind of variety in products that websites like sell.com and letgo.com offer these days.
Use Cheaper Branding Tools
Regardless the size of your business, you should always take branding into consideration. Branding is important for every business. However, you don’t have to splurge your money when affordable options like tailor brands are readily available at an extremely affordable cost.
There are also some fantastic freelance branding designers out there who can help create your brand identity.
Hire Remote Employees
It’s no secret that human resources are one of the biggest expenses that you have to bear. However, you don’t have to hire all the employees on a full-time basis. There are certain roles that can be assigned to remote workers and freelancers at much lower costs. For instance, rather than appointing a full-time assistant, you can find a virtual assistant on websites like freelancer.com or Upwork.com that can help you with tasks like responding to emails, taking calls, updating your calendar, etc. These remote assistants usually cost a lot less than full-time workers.
Since your business is new, it’s possible that you won’t get enough work from your clients in the beginning to keep your staff occupied at all times. So, you can create a small team of freelancers who can work and be paid on a per-project basis. This kind of flexible work-arrangement is win-win for your business and the workers (freelancers) especially when it comes to money. However, finding good freelancers is slightly different than finding full-time professionals. So, it’s a good idea to read a guide or two on hiring a freelancer online.
Use Free Marketing
The web is incredibly vast which means that it’s the perfect place to market your brand. In fact, it’s much better than traditional marketing that includes newspapers, TV ads, etc. as it gives you greater control over your target audience. With tools like social media managers, analytics, etc. you can ensure that your content reaches the right demographic for best results.
Not only is digital marketing super powerful, it’s also quite cheap when you do it yourself. You don’t even need to be an expert to put together some basic marketing campaigns as there are online tools and resources to help you. For instance, you can start by setting up professional company pages on appropriate social media channels like Facebook and Twitter. You can also create a blog on which you can publish fresh content on a regular basis to attract organic traffic especially by implementing advanced SEO techniques. In other words, the opportunities are plenty as long as you are willing to do the work and learn new techniques and trends.
Don’t Let Your Dreams Die Due to Financial Constraints
Here is something that you should remember throughout your journey as an entrepreneur- ideas are powerful, but they are also priceless. You don’t need tons of cash to set up a business that disrupts an industry. The Internet is full of valuable information that you can help you achieve all your goals without breaking the bank. So, if you ever run into a roadblock that poses financial challenges, then do some quick research online on the matter. You are likely to find a solution that works for you.