Note: This is a guest post by Joe. The author’s views are entirely his own and may not reflect the views of Deepanshu Gahlaut’s Blog.
Launching your own startup is one of the most exciting things an ambitious person can do. In today’s digital world, it’s easier than ever to take your ideas and transform them into something profitable.
Whether you’re creating a brand-new piece of software or a world-changing tool, there are endless services and solutions to help you.
One of the biggest issues that startups face is figuring out how to handle the initial costs of setting up. After all, even highly digital companies still need to pay for things like computers, cloud storage, and other extra essentials.
The good news? There are ways that you can keep your costs low without compromising on positive business outcomes. Here are our top tips to get you started.
1. Rent, Don’t Buy
If you need a physical office for your startup where your team members can work together, you don’t necessarily need to go out and buy real estate.
Renting rooms in coworking spaces can be much more lucrative. This way, you can allow your team members to work remotely, reducing overhead costs whenever possible. However, when you need to come together for an in-person meeting, you still have access to the spaces you need.
It’s not just office space that the “rent, don’t buy” mantra works for, either. You can also take the same approach to essential office equipment. Renting advanced pieces of technology, like conference phones, virtual whiteboards, and even 3D printers can save you a lot of cash when you’re launching your business.
You can use these tools for as long as you need to, then hand them back when you’re done. This means that you also don’t have to worry about the costs associated with storing and maintaining extra tools.
2. Let Team Members Work From Home
We mentioned above how valuable remote working can be when it comes to saving startups money. In today’s digital landscape, where we can all communicate through instant chat and video conferencing, there’s little need for a brick-and-mortar office.
The majority of your employees can work from home, which means that you don’t have to pay for desks and computers.
Even if your core employees need to invest in an office, you can still save money by allowing other workers to operate from home. The less real estate you need, the less rent you have to pay.
You might even find that you can save money on crucial talent when you allow contractors and freelancers to work remotely. Paying for a graphic designer that works from home is often a lot less expensive than investing in an in-house team. The same goes for freelance accountants and marketing experts.
With a number of cloud-based tools available today, you’ll not only be able to work from wherever you are, but also reduce the need for paper, printers, ink, and other office supplies, as well as for storage space such as filing cabinets.
3. Learn How to Maintain Your Equipment
Saving money is often difficult in a society that’s so used to throwing things away. Many companies have a habit of working on devices until they start to falter, then instantly replacing them with something newer and faster.
However, you can make all of your equipment last longer if you learn how to care for it properly.
Maintaining critical pieces of equipment, like printers, computers, and other essentials, reduces the risk that you’ll need to replace them too quickly.
Even learning some simple tips, like how to replace smaller components or improve the performance of your operating system when your computer starts to lag, could mean that you reap more of a return on your investment.
Make sure everyone in your team knows how to look after essential pieces of equipment properly. This could even include asking your teams to download parts of security software that might protect them from breaches and malware.
4. Share More
Coworking spaces are quickly becoming some of the most popular working environments in the world. People love these locations for a range of reasons. A coworking space can be a versatile way to access office real estate without investing in your own building.
These spaces also provide people who would typically work remotely with a way to interact with other people in their industry.
A coworking space is a fantastic place for networking and getting new ideas on how to grow your company and discover new opportunities for your startup. Many coworking locations also come with shared access to several office tools that you would have had to invest in individually.
For instance, when you have a subscription to a coworking space, you can use computers, desk phones, meeting software, cameras, and even virtual whiteboards, all without having to buy them yourself.
You can even connect with similar businesses who have the need for the same piece of equipment, so you can share the cost of purchasing one.
5. Make the Right Investments
Finally, remember that you’re not going to be able to cut costs on all of the tools that you need to run your startup. If you’re going to be using a particular piece of equipment every day for the next several years, it doesn’t make sense to hire it every month. You’ll need to bite the bullet and buy.
However, you can reduce your risk of overspending later on by making the right purchase initially. Research the options available, and don’t rush into the wrong choices.
Make sure that you know whatever products you’re buying are going to stand the test of time. The more time you spend researching, the more confident you’ll feel in your choice.
Make the Most of Your Startup Budget
Launching a startup is a great experience, but it’s also a challenging one.
You’ll need to learn how to make the most of a limited budget, which often means thinking outside of the box. The good news? With the five steps above, you’ll have plenty of foolproof ways to keep costs low without compromising on business performance.
Joe Peters is a Baltimore-based freelance writer and an ultimate techie. When he is not working his magic as a marketing consultant, this incurable tech junkie devours the news on the latest gadgets and binge-watches his favorite TV shows. Follow him on @bmorepeters