Being a saver is good but being a smart saver is better.
But not everyone knows how to save money without compromising the quality and maintaining a decency of the brand.
Especially when you are a newbie in the industry, you need to be more concerned about the budget and keeping up your brand promise at the same time.
When you are starting up as a newbie entrepreneur, you need to think about every little thing. But the most important thing is you need to continue your startup without getting out of cash until you start earning.
Every single penny matters and you need to be savvy about how to spend and where to spend.
So how to do this budget thing in a smarter way?
7 Smart Ways to Save Money as a Newbie Entrepreneur-
Setting up the Place-
First thing first i.e. the Office Space. You need a place where you can set-up a primary base of your company or maybe just a warehouse. You need be smart here, you can either use you own house area or go for sharing office your space. If you don’t have a place, you can even search for offices that are looking to share their space.
Hiring People-
You are low on budget but you still need employees, how to deal with this? Hire freelancers project wise. If you think that this can compromise your brand’s promise then let me tell you that many big brands use this tactic. All you need to do is hire freelancers who have some good reputation in the industry. This will just not remove the monthly salary distribution stress from your head but will also allow you to find better people/ employees without much difficulty.
Use Free Softwares-
This might seem a small saving but hey, small savings together leads to the bigger one. Try finding free alternative softwares, like how about using Google Docs or Libre Office in place of Microsoft Office? It won’t make any big differences.
Use Cheap Marketing Methods-
Marketing is a way too much costly when you are on a budget plan but is important at the same time. You need to find different marketing practices that are budget friendly and effective as well. There are certain marketing methods like Coupons, Flyers, Giveaways, Stickers, etc, that are very cheap but effective. Companies like Reddit also give credits to the sticker marketing strategy as their one of the best strategies.
Internship Programme-
Yes working with interns is a little too hectic but why can’t we give it a try. Interns are full of new ideas and are a way more enthusiastic than the normal employees and the best part is their charges are really low. Just make sure that the interns get to learn something new and worthy.
Buy Used or just Rent-
Just having a office space is not enough, you even need furnitures and equipments (according to your industry). Buying new furnitures and equipments can be your budget act’s antagonist. Now what do you think ebay is for? Buy used items and if that’s not possible then try to rent them on monthly basis. This can be one of your best steps in saving as a newbie entrepreneur.
Outsourcing-
Companies need different services at different times and if your company is in the same criteria then try outsourcing. Outsourcing is a better option then hiring a full time person or a team for a certain work. For example you need to hire people, HRs are required for the job but you are on a budget plan, now what? Outsource an HR manager of a team and let them find the best talents according to your requirements. Easy and worthy at the same time.