Is your budget a rude awakening from your entrepreneurial daydreams? Don’t put your startup ideas on the shelf just yet. Nowadays, budget-savvy entrepreneurs can find solace in the abundant resources available for minimal costs.
With free apps, company discounts, and potential tax deductions, there are options to keep your pre-investor startup costs down so that you can finally start the business of your dreams.
Forgo a Lease
Budget-savvy entrepreneurs can save a lot of money on startup costs by working out of their residential space. When you work from home, you save yourself from paying all of the associated costs that come along with renting a brick-and-mortar location. That doesn’t mean you can use your home address as a business address, though. A home address for your business hurts your image, so you’ll need a different solution.
Instead of posting your home’s location on the Internet, protect your privacy by using products like the iPostal1 virtual mailbox for all your startup’s correspondence needs. A virtual mailbox uses a real mailing address, enabling business owners to safely and credibly list a company mailing address. You can also view your mail remotely via phone or web, so you’ll never miss a beat while you’re building your business. You can learn more about virtual mailbox services from here.
Spend What You Need to But Not More
It is tempting to pour your money into all the gadgets that can bring your business growth. But when first starting, it’s essential to focus your monetary resources on the things you need in the current moment. With time you will be able to afford more resources and continue growing your startup business.
Be sure to test your marketing for optimal engagement before spending the big bucks on your outreach strategy.
Apply for Grants and Tax Deductions
Take a look at grants offered to startups in your area and apply for them. These financial assistance packages are helpful resources for startups that need extra income to invest in their business.
You may also be eligible for some tax deductions based on your spending in your first years of business. In some cases, you could qualify for deductions if you are using your residential space partially as a workspace.
Use Free Resources
Sign up for email lists to snag how-to guides or secret tips to the trade for free. There’s no shortage of valuable free information on the Internet. You can also find necessary tools like design software, management programs, and time trackers.
Companies sometimes offer discounts to startup companies, so budget-savvy entrepreneurs should always ask for a deal when purchasing products for their company.
Go as Green As You Can
Whether your pre-investor startup operates out of an office or home office, being energy efficient and eco-friendly will save you money. You probably cannot afford to install solar panels in your first year of business, but being mindful of paper, electricity, and water usage will help to keep the bills lower.
Outsource Where Needed
An amateur can accomplish as many tasks as an expert, but an expert will perform tasks faster and better. Time is money, so whether it is design work, data entry, or content creation, if you or your team cannot complete tedious or time-intensive tasks efficiently, consider outsourcing to an expert in the field.
It may seem like an unnecessary expense at first, but if you pay an amateur per hour, you will see the cost-saving benefits.
Look for Investors
An essential step of a startup’s success is looking for investors. Whether you pitch on Shark Tank or to a local bank, perfect your elevator pitch so that you can effectively communicate why the world needs your product and persuade investors to back you.
Before You Go
Budget-savvy entrepreneurs are always on the lookout for high-quality products at the lowest price. Use resources like outsourcing, grants, virtual mailboxes, or the Facebook marketplace to find ways to reduce the costs involved in your pre-investor startup.