Starting a business will require you to spend a lot of money, there’s just no way around that. Fortunately, there are plenty of ways you can manage your expenses and make sure that you are spending only on the most crucial things. Here are a few tips on how to cost effectively start your business:
Set up Shop in a Coworking Space
The cost of renting an office space can range from simply expensive to staggering and astronomical depending on the location. Coworking spaces are much cheaper than leasing an office, while still offering a wide variety of benefits and amenities. Groups like thecommondesk.com can provide you with a comfortable coworking space for you to get your business started.
The good thing about coworking spaces is that they offer flexible membership plans. You can opt to rent a seat at a shared table, a dedicated desk, or a small office for your team. You can choose from daily passes, or weekly or monthly memberships. You can even rent out conference rooms by the hour as needed. Memberships typically give you access to all locations, so if you join Common Desk, you would have access to their Fort Worth office space for rent, as well as their sites in Deep Ellum, Granite Park and Oak Cliff.
Another advantage to coworking spaces is that they are virtually distraction-free, and they are specifically designed to be productive environments. Everyone you’ll encounter at a coworking space is serious about getting work done, which can help you get into the right mindset and accomplish more. This in turn will help save you money in the long run.
Opt for Used and Refurbished Equipment
If you’ve already rented or bought an office space, you can still save money by making practical choices when it comes to furniture and equipment. Opt to buy used furniture and refurbished equipment instead of brand new tables, chairs and machines.
These days, there are plenty of trustworthy and reliable suppliers of used and refurbished office equipment that can offer you fully functional, high quality furniture and machines at a fraction of the cost of brand new ones. Remember to do your research when choosing a supplier. Read customer reviews and client testimonials, and compare packages and prices so you can get the best deal.
You don’t have to stick to used furniture only, either. Mixing brand-new pieces with pre- owned ones is a practical and cost-effective way to make sure your office has the right image and aesthetic without breaking the banks. The key is to make sure you invest in the items that will give you the most value for your money, and be careful not to make frivolous purchases.
Hire Independent Contractors
Hiring a complete team of full time employees when you’re just starting out can very quickly drain your finances. Besides a full time employee’s salary, you’d also have to factor in the cost of onboarding and training them. Independent contractors are already trained to do specific tasks, and are often experts in their field. They are usually flexible about the number of hours they can work, and will only charge you for the work they complete.
Working with independent contractors while your business is just taking off is an efficient and cost-effective way to begin your startup.
When you are just starting out, it is crucial to save as much money as you can, and only spend on the most important things. These tips will manage your budget and invest your money where it matters the most.