Want To Save Money For Your Startup – Here Are 3 Practical Ways To Do It
Coming from a small, new up-and-coming startup can be an exciting experience, but it can also be very stressful financial-wise. At the early stage of your startup, there are just so many things that you have to think about; from hiring talent, to product design and development, to finding the necessary physical assets and location for your workspace, all of which burns whatever scarce money and capital that you’d just started out with. Managing and growing an early-stage startup is not easy, and you have to use your resources wisely lest you run out of money to keep your business running. Here are some practical yet ingenious ways in which you can save money for your nascent startup so that you can successfully keep your startup up and running.
Adopting a BYOT (bring your own tech), also known as BYOD (bring your own device) culture can do wonders not only for your startup’s financial health, but also for its business performance as well. Nowadays it is quite common to see workers and employees bring their own devices, such as smartphones and tablets, to work. According to a study by IBM, more than 80% of employees believe that mobile phones can play a critical role in business. Not only does a BYOT culture help you save on costs by not having to spend a significant amount of money on tech equipment such as laptops, tablets and smartphones for each of your employees, some reports have actually shown that workers are more productive when left to their own devices to work. Certain companies and corporations also allow their employees to bring their own tech devices to work because they believe that it affords them convenience and helps to improve company morale, and that it sends a positive message about the company’s culture to potential hires and talent. By pairing up a cloud-based workspace for security along with a BYOT work culture, you can definitely end up saving a lot in the long run as you also don’t have to pay for licensing and maintenance costs of tech equipment and software.
When thinking about getting equipment and assets for your startup, think second-hand. It’s not needed to splurge on brand new office equipment and supplies to outfit your startup. As long as the equipment is functioning and performing well, you can mostly get good second-hand or used equipment for as low as half the price of a brand new one. Great deals can be found just by searching online at local e-commerce sites. While used furniture and the like don’t need much upkeep or maintenance in general, you should consider carefully about the apps and features that you want to come with any used tech devices that you buy so that you don’t end up spending more than you would like on upgrading them.
Now that you have established a startup, the next step you may think of is to buy or rent an office space. Actually, with the rise of remote work culture and advancements in technology, it’s really no longer necessary to have to strictly work in a traditional office environment in order to get things done. You can definitely save more by sharing a co-working space with other startups, working from a home office, or even adopting a remote work culture whereby team members can work from their home or location of convenience. With this approach, you don’t have to worry about expensive overhead expenses, paying costly rent, or burning a hole in the budget paying for expensive utility bills.
When it comes down to it, it’s all about being how smart and thrifty you are with your finances. Even if a startup has all the money in the world to run its business, if it cannot plan its budget properly and ends up spending willy nilly, it will only run itself into the ground eventually. By adopting a BYOT culture, buying second-hand goods whenever possible and not renting traditional office workspaces, you are saving up a vast store of money that can be better utilized elsewhere for your startup’s growth.
