5 Ways for Startups to Save Money
If you've finally taken the plunge and started your own business, congratulations! Whether you've just opened your company or have been running for a couple of years, it can be a scary and uncertain time, with lots to think about, and lots to spend your hard-earned cash on! Sometimes it seems like there is always something else which requires you to spend your money, but it doesn't have to be that way. There are a great number of ways to save money when starting out in the world of business - here are just five ways that your startup could make savings this year.
#1. Outsource your employment
It might not be the most obvious place to start, but by outsourcing your employment to a central Florida PEO, you'll save both money and time. PEOs work by hiring your company employees and becoming their employers in the eyes of the law. This means that all the stuff you hate like payroll, employee benefits and even recruiting can be outsourced to the PEO company, leaving you free to spend more time on the aspects of your business that you enjoy, such as marketing and development! In Florida, employee leasing is becoming more common, with many small to medium sized companies utilizing the services of a PEO, and with more than 700 PEO's operating across the US, it should be easy to find one near you.
Everyone loves a freebie, and you might be surprised to find out that there is such a thing as a free lunch! There are dozens of sites and apps offering money off vouchers and discount codes for use on various websites and at establishments in your town, from Starbucks to Walmart, and the app store on your phone is a great place to start looking! Utilizing free online apps is another great idea for small business startups - apps such as Evernote (great for organization) and Freshbooks (free online accounting) are just two examples of software which you can use to manage your business without paying a penny.
#3. Use social media
If you're considering spending thousands of dollars on a marketing campaign, you might want to stop and re-consider your options. Many small businesses (and leading brands) market themselves effectively through social media, and with so many platforms available to choose from, you should have no problem picking your audience. Twitter and Facebook are the most popular options, but you could also consider Tumblr, Pinterest, Instagram and other sharing sites to boost your brand. Whilst advertising on Facebook will cost you money, it's a relatively small amount compared to what you'd pay for print advertising, and by linking your social media services to your company website and blog, you'll drive traffic and increase sales!
Networking is a great way to find new customers and clients whilst spreading the word about your brand. If you're lucky enough to live near a major city, look online for networking events specific to your niche, or any events aimed at startups. These will usually involve speakers, workshops and the opportunity to meet like-minded individuals and swap business cards. Even if you live in a smaller area, the opportunity for networking is still present - just grab a stack of cards and head to local businesses to ask if they could use your services. This type of face-to-face networking is all about expressing the personality behind your brand, and is a great way to engage with potential new customers.
#5. Switch your bank account
It's a good idea to check your current interest rate on your savings account and personal bank account, as well as your options for business banking. A quick chat with an advisor at your bank could help you find options which are more suitable for your business and a higher interest rate for your savings!
These five tips are literally just the tip of the iceberg when it comes to ways for startups to save money - why not look online and see how many other ideas you can come up with? Your business will thank you!