How Your Startup Can Save A Ton Amount Of Money From Day 1

If you’re running a business, one of your main concerns is saving money, or preserving your cashflow. After all, running a business costs a substantial amount of money, and in the beginning you need to be extra vigilant about things like cash flow. Below, we’ll take a look at a few ways you can save a substantial amount of money in your business from the word ‘go’. Take a look and you might be surprised at how much you can save:

Shop Around

When you’re just starting your business, you need to shop around for the best deals. It might seem obvious, but it’s still worth listing here. Spend a few hours researching online, and you might just save yourself a few hundred dollars. Just think of what you could spend the money you’ve saved on.

Buy Used 

As a startup, the last thing you need is the coolest new furniture and the best, higher quality equipment. You don’t even need to have the most expensive retail space to make a profit. Providing you’re willing to take your time to find pieces that are right for your team, you should be able to put together something that both suits your brand and helps you to save money. Search thrift stores, charity shops, and other similar places and you might be surprised at the bargains you find.

Rent Vs. Buy

When it comes to big ticket pieces of equipment, you may consider renting these out before you buy them outright. This will give you an idea of whether they’re going to be used as much as you thought, as well as a better idea of the features you need for your business. Flex Fleet offers commercial pickup rentals that could help you in your quest to rent. Its hands down one of the smartest things you can do when starting out. 

Only Hire Help When You Truly Need It

You shouldn’t put off hiring if this is something you need to do, but only hiring help when you truly need it is key. You don’t want to end up with too many mouths to feed and a load of expenses associated with hiring a huge team. Use interns to your advantage, and consider hiring freelancers for certain jobs. For example, you could hire a virtual assistant rather than one in-house. 

Keep Good Financial Records

Make sure you keep all of your receipts so that you can keep strong financial records from the beginning. Learn what’s tax deductible and educate yourself as much as possible. Although you’re trying to save money, it might actually be better for you to hire an accountant straight away so that you don’t make any mistakes. Mistakes in this regard can be awfully costly and bad for your reputation. 

This is a contributed post.