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As a young entrepreneur, the last thing you want to do is to strangle your savings account to launch an endeavor. We 100% understand the stress that that situation can bring upon you. With that being said, here are ten ways that you can cut costs in your start-up business/organization! Enjoy.
1.) Utilize the public library. We need to stay educated. But with education comes a high price, right? Well, not necessarily! In most cities and towns located around the nation there is at least one public library. The public library is FREE and it provides you with thousands of pieces of literature that most will spend thousands of dollars on.
2.) Outsource your repetitive work needs. Why hire on full-time employees with average skill sets in multiple categories when you can outsource your specific need to an expert in the field who does freelance work? You’ll save hundreds, even THOUSANDS of dollars over time and will even see greater work production and quality. This will also save you in having to establish additional salaries and will only force you to pay out when additional work is needed.
3.) No meeting with clients= no need for an office. There is no sense in paying rent fees for an office if you’re never meeting with clients. You can either work from home, Panera, Starbucks, etc and save THOUSANDS of dollars over a period of just a single year. Most places even offer free WiFi and can provide you with meeting rooms at zero cost to you!
4.) Oh, the beauty of Google Docs. Google docs are perfect! This is a free way to collaborate on projects, stay organized, and can be accessed from anywhere with it’s cloud storage (no network needed).
5.) Carefully plan your business traveling expenses. Using webinars, Skype for video conferences, etc. can dramatically cut down on the costs you typically spend on traveling all over. This also saves your precious time; which also equals money!
6.) Ask for free stuff. What’s the worst that can happen besides hearing “no”? You’d be surprised on the number of free services and helping hands you’d get by simply not being afraid to ask for it. Remember, being a cheap skate in the start-up stages really isn’t being a cheap skate at all; it’s being smart.
7.) Find some college interns. Finding some hungry, driven college interns to help you out is a great way to get things done. By doing this you benefit in task execution and they benefit from it by gaining experience, possible college credits and another source to add to their resume.
8.) Cloud storage over paper filing. The best thing you could possibly do for your storage needs is to use Dropbox. Face it, using paper files gives you a headache, consumes your time in creating new folders and costs you an arm and a leg to constantly be purchasing more file folders and cabinets. On the other side of this, cloud storage options makes information accessibility much easier for your employees.
9.) Eliminate unnecessary costs. Make sure to review all of your monthly subscriptions and commitments. There is no reason to pay extra for things that you aren’t utilizing to the full capacity. Plus, you’ll be surprised on the number of things you probably don’t utilize AT ALL.
10.) Do things yourself. Why hire on extra employees when you can do most of the things yourself? Sure, it may take a little more of your time, but it will save you thousands of dollars annually on additional salaries. There’s a time and place for additional hiring, but if you’re in the infant start-up stage, that time isn’t now.