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Ways startups can cut down cost

27 Sep, 2016

Running a startup is not easy. Along with making a name for yourself in the field of your choice, you need to work harder than the established companies is order to prove your worth and get clients. While startups have a lot of difficulties that they need to overcome, one of the biggest things that people normally overlook until it is too late are, the costs. It can be expensive to get your startup running so you need to be cost effective in everything that you do.


If you are not sure how to do this or if you need help in reducing costs, here are few things you need to incorporate into your startup to make life a whole lot easier.


Work from home

When you are just starting your business, you don't need to automatically rent a space or have a fancy office. This costs a lot of money to maintain and run every month and it is really a colossal waste of money. Until you build a good enough clientele and your team extends to a point where you simple cannot afford to work from home, there is no point in getting an office right at the beginning. Work from home, get freelancers who work from home and get a good internet connection. These save you a lot of money.


Freelancers

If you are just starting out, you cannot afford to start hiring people from the word go because you cannot pay them. Instead of getting someone full time, just go for freelancers whom you can contact whenever there is work to be done. This means that you can pay them when there is a cash flow and won't have to worry about payment when you don't have any work. It is a win-win situation.


Use free tools

You don't have to have the biggest tools for marketing and research and nor do you need to upgrade right away. There are a lot of free tools available in the market for tracking, marketing and more. This can help in the very beginning and until you have an actual need for more sophisticated software, you can save some money by using these.


No meetings

Unless you are meeting your client, you don't always need to call a meeting with your workers in different places. You will end up wasting time and money on the same. Rather, use simple devices such as Whastapp, FaceTime and Skype to communicate with them at once and save all this unnecessary spending.


Social Media

Rather than pay for leverage in social media, just ensure that you spend some time understanding how the social media world works and leverage the trends and the current news into your business. This will bring you a lot of traction without you spending a dime.


If you follow these simple rules, you will actually end up saving a lot of money when you are running your startup.

 

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