Watch How: Save Money for Startups & SMEs
Every big company started small at some point. Limited access to resources, capital, and uncertainty of the extent of liabilities for the business are some of the few challenges every entrepreneur has to deal with in the initial stages of the business. This is the reason why it’s crucial for entrepreneurs to get creative and come up with ways to save money for startups and SMEs.
InstaOffice brings to you 6 money-saving hacks for startups and SMEs to direct their financial resources for optimum utilization and growth of the company.
Join Hands in Advertising
Marketing efforts that reap results can turn out to be an expensive affair for a startup or an SME. Join hands with other startups and SMEs to advertise together. This will not only cut down on your advertising expense, but will also expand your reach.
If you want to build a website for your business, instead of spending money on hiring a web developer, try using a website builder. These platforms allow you to build a website and run your business through it even with low technical know-how.
Volunteer to Speak
Take up the opportunity to speak at industry events and conferences on your area of expertise. This will present you with networking opportunities as well as help with personal and business branding!
Hire Freelancers & Contractors
Avoid hiring a full-time resource for a job that can be handled by a freelancer or a contractor when your business is still new and growing. Rely on freelancers for sudden shifts in the workload. By doing this, you can save the money you would have to spend otherwise on onboarding and training sessions for full-time hires.
Having your own office space may feel well-deserved, but avoidable in the initial stages of the business. The liability of having to spend on space lease, furnishings & amenities, security while you still need to concentrate on the growth and viability of the business can be an unnecessary burden on the entrepreneur, eating into not just the money, but also the time and effort.
Join a coworking space in your city and save the unnecessary expenditure of managing an office space when you could be spending that time and money on making things happen for your business.
Hire interns that are smart
Open doors for fresh graduates and college students looking for work experience in your company. This practice could turn out into a win-win situation for both the parties. The interns would get the learning experience they seek, and you could get work done without having the business bear a huge expense.
It can definitely help being creative with money-saving hacks when your business is in the process of making a mark. If an idea saves money for your business, it’s probably worth the effort!
Watch this video on how you can keep your business from eating away into your budget –
For more work hacks, click here.