You’re ready to take the leap and launch your business. But first, you need to get your budget in order. From marketing to distribution, there’s a wealth of factors to work into it before you can lift off. Here are five simple ways to cut down these costs, leaving you with an emergency fund for incidentals.
- Avoid unnecessary production
The first step is to think about the type of business you plan to run. It’s more cost-effective to either provide a service to customers, or work as a middleman distributor rather than paying for creation of a new product from concept to distribution. Naturally if you think you have an amazing new idea for a product that doesn’t exist, this could be your golden ticket. But otherwise, avoid these production costs right from the beginning.
- Find products in high demand
If you do decide to start a wholesaler business, shop around for the top suppliers. Compare prices carefully to make sure you’re getting products that not only fill a defined hole in the market, but will essentially sell themselves. For example, something like Euroceppi’s range of kitchen products could be a good bet, as new restaurants are always opening. Similarly, office equipment or medical supplies are always in high demand. This will cut your advertising costs.
- Work remotely
If you can avoid shelling out for a brick and mortar space, you’ll save a bundle. These days, ecommerce is where it’s at. You may still need to pay for storage, but this is far cheaper than a shopfront.
- Hire freelance talent
Hiring freelancers lets you adjust your workforce to scale. Some months, you may need lots of hands on deck, while in others you can handle the load on your own. When you’re just starting out, you may not have the steady cash flow for permanent, full-time employees, so freelancers can fill this gap.
- Build buzz with social media
Although you can pay for advertising, a strong social media presence makes it virtually unnecessary. Best of all, this is something you can work on before you even officially launch your business. Start amassing eye-catching photos, videos, and tweets to have them at the ready.
With a bit of planning and the use of online tools, start-ups can save loads of cash when they’re just taking flight.