Today is the day when you finally decide to start your own company. You have been waiting for this moment and now you are ready. You have your friends supporting you, your family helping you and the best business plan is in your hand. But, most important above all this is the capital for the business you are about to start. Have you thought that through? Some of you have, some haven’t. You cannot neglect the fact that the money segment is the most crucial part in any kind of business. There are various ways you can save smartly and spend on the right things for your start-up in order to avoid the biggest fear – “DEBT”. Do not fret of humble beginnings, you will eventually get where you have to be. Always keep in mind, if you want your business to be successful and reach great heights, one should focus on minimizing the cost wherever possible. We have jot down 5 ways to save your money smartly for your business.
Your Home Is Your Office
Running your business from your home is the best way one can save up on the extra rent, or buying of commercial spaces. Your main goal should only be on how to grow more and more income for your business, your work can be done anywhere. If your house cannot be your office space, then ask a friend for a spare room so you could work at ease. Make sure you are living in an area or have rented out your flat in a place which is easy to access and locate. It makes it easier to hold meetings or have customers/clients/suppliers dropped in.
You are the Boss/ Accountant/ Employee
You are definitely playing a multi-tasking role here. Why? Because you are running a start-up and you would not want to shell out salaries already! You might as well do your own taxes, you are your own boss so you can make all the major decision, and you are the employee who will do other things as well. Basically, you are a super hero! You may not have all the information available on how to file your taxes, but you have Google, or get some help from a friend who can guide you correctly in order to fulfill this task. But, do not wait till the last moment as rushing into this can cause errors.
Hire Part Time/Freelancers/Interns
If at any point you feel the workload gets too much and you have that extra money that can help you out with your work, don’t hire full time employees, instead opt for freelancers who can work from home, or part time employees who come in for a few hours or interns from colleges who come in for a real-world experience and not the money. This will help you on saving that extra salary that goes in hiring full time experienced employees and providing employee benefits etc.
Automating Your Mundane Tasks
Do you see a person manually opening shopping mall entrances? No right? They have installed sensor door which makes it easier to enter and exit. So, let’s leave the technology to do certain tasks shall we? In other words, when there are certain tasks that humans can’t or shouldn’t do to save up on time, we can make use of automation to run certain systems and processes. Similarly for a company, one should opt for free software, or free applications to complete the task quickly. Basically making use of what is available and what is best for you and your business.
Collaborate or Barter
Doing barter as a start-up is the best way where both parties would benefit and more over you will conserve your cash. You could exchange goods for goods or services. These are one of many ways you can survive in this fast-growing industry. There are also many up-coming individuals that are ready to collaborate to gain exposure and experience. For e.g. you are a start-up magazine agency and you need a photographer for a product shoot, you tie up with him to do photography for all the items and in return you could write a small write-up on him to promote his business. This way it is a win-win for everyone.
Mohan is a Junior Associate at Swag Swami, an online E-Commerce portal for funky T Shirt in India. He is also an avid gamer who spends his free time logged into Steam. He also practices Yoga and meditation regularly and teaches Yoga at the Cosmopolitan Center in India.