Startups are risky. One of the most important things that you can do to mitigate your risk is to stop spending money on anything that isn’t absolutely necessary. This means cutting costs in areas like office space, furniture, and other supplies. But don’t let this keep you from doing what’s best for your company!
Here are 10 startup secrets that won’t cost you a thing:
1) Find an office space with flexible lease terms.
2) Use free or cheap software.
3) Start small and scale-up later.
4) Do as much work as possible yourself rather than outsourcing it to someone else.
5) Take advantage of open source software where possible.
6) Keep all expenses low.
7) Get creative when sourcing furniture.
8) Rent furniture and other supplies from a vendor rather than buying them outright.
9) When sourcing for furniture, look at places like Craigslist. You’ll be able to find the items you need without paying full price!
10) If your startup is still in its infancy stages, consider renting office space from one of many shared work spaces around town instead of purchasing it yourself.
The list of startup secrets can go on so, here are a few more startup secrets in brief for you.
Choose Your Co-Founders Wisely!
In deciding who you want by your side, think about the work they can do for you and how that will affect your resources. If this person is not a good fit, then it won’t matter if they’re willing to help out on an hourly basis or at all because their skills are not going to be used efficiently.
Get Your Team On Board!
If you’re working with someone else, have them buy into your idea so that there’s commitment from both parties which makes things like setting up meetings easier. Plus, when other people believe in what you’re doing too (whether financially or just emotionally), chances are higher of success !
Be Realistic About Your Resources & Timeline!
One of the most costly mistakes startups make is underestimating how much time and money they have. It’s important to map out what you need, when it needs to happen, and then plan accordingly.
Nail Your Pitch!
When heading into a meeting with investors or potential partners/customers, know your pitch inside out so that everything doesn’t start tumbling out of your mouth at once in an unorganized fashion, which will not only leave them bewildered but also wondering if this was really worth their time !
Minimize Your Marketing Costs!
If you’re not sure how to get your message out there, don’t fret. There are plenty of free and low-cost ways to increase visibility for your startup without breaking the bank. For example, with a little creativity and some elbow grease (or an app like Viddyoze), you can create short animations that will show off what you have to offer while also saving on expensive video production costs !
Hire Help When You Need It!
The key is knowing when hiring someone else is necessary vs. using resources in a different way, so if things start feeling overwhelming or too time consuming then it’s probably time to bring in outside help! Here’s what to look for when hiring a contractor.
Keep Your Startup Lean!
Though you might be tempted to hire more people, try and work with the one or two that already have your trust so that there are only a few points of contact which will make things easier on everyone ! Plus, this is going to save money in the long run since you won’t need as many office related expenses either (i.e., rent).
Build Relationships With Brands & Influencers!
Having connections in various industries can come in handy for both networking purposes and potential partnerships/collaborations down the line even if it’s just having someone retweet your content for you or getting some feedback on a new idea.
Utilize Free Resources!
In this day and age, there are plenty of resources to help you succeed, whether it’s free tools like Facebook ads or Google’s Keyword Planner Tool that will make things like marketing easier and cheaper in the long run ! Just remember not to get so distracted by all these opportunities that you lose momentum with what really matters (i.e., developing your product).
It’s easy to get swept up in thinking about all the work that needs to be done but don’t forget why you’re doing it and what your end goal is. By keeping organized, goals will become clearer which will lead to less wasted time because things won’t fall through the cracks !
This was a list of tips for startups with advice on how not to go bankrupt when starting out as an entrepreneur.You can check out News Report Online if you want information about more such things.