One of the first things people hear about startups is “tight budgets”. Budding businesses are always on the lookout for cost cutting wherever possible so they can invest in the right places. Building your dream right from scratch has its own challenges, a major one being the financial aspect of it. And let’s face it, “The second largest reason why startups fail (29% of cases) is due to running out of funding and personal money.”. It’s not uncommon for startups to struggle monetarily during their initial period, in some cases even after years. It’s only ideal to save from the beginning and which is why you’re here. So here are the 3 ways in which your startup can save resources effectively :
Be open to discounts
The better end of any bargain is always desirable, so why leave out your startups for that? Entrepreneurs at early stages of their business might be hesitant to negotiate for prices, but that’s no excuse to ask for the best deal. Always make sure that you’re getting the most reasonable price. As much as we’ve made fun of the “Walk away if you don’t get your discount” technique, let’s be honest, it works. Keep seeking out for promotional schemes, sale offers and other similar discount options. Going more often for bulk purchase also helps.
Don’t want to beg, borrow, steal? Then Barter
Bartering is not only flattering as a concept, it can actually work wonders for your startup. Offering your services in return for other services, takes money out of the equation and makes it simpler. Numerous startups trade their products and services to both build a supportive rapport with other businesses and save resources. This method has proved to be extremely beneficial for both parties. On a side note, even if you might not want this exchange to take place upfront, validate it with a written agreement.
Virtualize your office
Renting office space for your startup is an absolutely thrilling idea. You finally get to decide how your work environment would look, you can choose the colour of your walls, ditch those sturdy chairs for comfortable couches and say yes to good music. But let’s be real, this is expensive. You can pull up various advantages of having an office space from the internet, but each of those come at a price. As fancy as having an office might seem, it might not be the best investment option in your initial days. Moreover, there’s no shortage of online platforms which’ll help you connect with your employees. It’s best to wait for your startup to take off before building your dream workstation. Here’s how you can sustain your startup on social media.
There’s a bonus tip. Always test your marketing campaigns before full fledgedly funding them. And that’s where we step in. Our Marketing Acceleration Program will help you with your brand strategy, product positioning, brand architecture, content strategy, performance marketing and more, we will help you transform your startup. We understand startups from their very core and know how branding can get lost somewhere in the way during the initial days with product development. We value your vision, and would make it our own for your startup.