If you are a budding Elon Musk with rather limited working capital, don’t be too disheartened, while money is obviously important, there are ways that you can keep startup costs down. You would be surprised at how many small businesses were built on a shoestring budget; all you need is a little good fortune to make it through the first year.
Here are a few tips to minimise your startup costs for your next venture.
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Virtual office services –
You can save a bundle of money by acquiring a virtual business address in the CBD; they also offer professional call handling, whereby a remotely located receptionist answers all incoming calls. This gives potential clients the impression that you have plush offices in the right part of the city, and as we know, image is everything in business.
Refurbished digital devices –
In a perfect world, you would simply order half a dozen high-spec PCs for workstations, but when your budget is limited, there are used options. Search online for an Australian supplier of refurbished mobile phones, with top brands like iPhone and Samsung; you can save a lot by acquiring refurbished devices. Many people change their smartphones every 6 months, which means there are perfectly good devices on offer at very affordable prices.
Home office –
Why not run your business empire from your spare room? Many large companies started out with a small home office, which enabled the business owner to survive that first year, which is the toughest time for any new enterprise. A few of the giant corporations that we know and love began in someone’s garage due to a shoestring budget.
Using VoIP technology for business communication –
Forget regular phone calls where you are charged by the minute; make the best use of VoIP platforms such as Zoom and Skype and you can enjoy real-time video, while also keeping costs to a minimum.
Outsourcing saves on capital investment –
Printing is a classic example; why pay for quality printers when you can outsource to a local print shop? If your capital is limited, consider outsourcing many of your essential processes to a local 3rdparty provider.
Whatever industry you are in, there are ways that you can save money on a business startup; we hope that this article helps you make necessary cuts and that your business thrives.