For virtually every startup there’s nothing more valuable than time and money, and of course, saving money as a startup can be tricky. With numerous aspects of the company needing to be mapped out and planned for, recruiting and hiring, procuring and maintaining the necessary funding, and so much more, your time is critical and saving money is imperative. That’s why so many companies are looking for work closely with PEO organizations, as they have the experience and knowledge to guide you while saving time and money.
We know that you’re super busy of course, so we wanted to put together a quick tip list to help your startup save both time and money. Take a look at these 8 tips and your startup could be saving in areas you have yet to consider.
1. Consider Crowdfunding
Just about every month there are news stories regarding this or that company raking in big bucks with crowdfunding. While you might not be the next million-dollar campaign, it definitely doesn’t hurt to try and leverage interest in your product, services, mission, or just the company itself.
Furthermore, you might just get that extra funding you so desperately need at this juncture.
2. Negotiate with Vendors
Contrary to what many may have you believe, most of the time the initial quote you get from vendors is not the final word. When it’s boiled down, they want to stay in business as well and chances are good that they’re dealing with the same economic factors that you are. As such, many are often willing to negotiate lower prices with you as opposed to losing you as a customer altogether.
3. Outsource, Outsource, Outsource
From salaries and insurance to the office space to house them, employee costs can be a huge factor in your startup’s budget. Sure, you may be able to keep insurance costs down by limiting the number of full-time employees but if you really want to save, you should leverage partnerships with HR outsourcing services and other such companies.
4. Embrace Telecommuting
Telecommuting may not be a viable option for every company but for those that it is, it’s a great way to cut down on the office space required for your organization. Having a good portion of your staff working from home reduces the expense of necessary office space and the associated costs that the space comes with.
To make things more office-esque, try using branded telecommuting equipment and office supplies.
5. Embrace the Cloud
These days it seems like everyone is in the cloud and while you may balk at this solution at first glance, cloud-based solutions help businesses forego a lot of the required, and expensive, hardware as it uses cloud-based services to host data. Cloud-based software from providers such as Staffmate and Salesforce charge per annual user as opposed to companies having to purchase and maintain expensive in-house hardware and software.
6. Look for Event Sponsors
If you plan to host regular seminars, job fairs, or galas, look for possible sponsors to help offset the costs. Vendors are a good place to start but don’t hesitate to approach other local businesses that will exchange monetary support for advertising throughout the venue.
7. Utilize Interns Where You Can
Hiring and utilizing interns instead of full-time employees helps reduce expenses, including salaries, benefits, and office space. Combine this strategy with telecommuting for even more savings.
8. Use Low-Cost Alternatives for Advertising
These days, thanks to internet marketing and advertising, it is indeed possible to forego traditional methods and save money while still reaching your target audience.
With these few tips and a little planning, your startup can indeed save both time and money.