Starting a new business at the best of times is an excitingly terrifying experience, launching a startup during the world’s first massive modern-day pandemic is like taking that exciting terror and dropping it into a bucket of anxiety.
That doesn’t sound great, I know – the good news is that it is possible to do it successfully if you make sure that you’re being careful with your finances. Here are 5 excellent tips to do just that:
- Have a Firm Plan
It is next to impossible to launch a startup frugally unless you have a good business plan. You need to know what you want your business to achieve and have each step to achieve those goals mapped out in detail. The best way to save money along the way is to make the most of every opportunity that comes your way, don’t be afraid to ask for trade exchanges within the business world – you never know who might accept your services instead of a cash payment. Failing to plan is the same as planning to fail. Unless you have somehow managed to raise a ton of funding, that is…
- Consider Renting Instead Of Buying
There are so many ways to save money as well as time by renting equipment. I strongly suggest hiring a managed print service the Copyprint way, there is simply no need to buy all that expensive office equipment when you’re only just launching your new startup. The other added perk to a managed print service is that you never have to worry about servicing or maintaining your office equipment because it will all be part of your agreement. Trust me; you’ll need to save as much time as possible – especially if you hit the ground running.
- Do Things Right The First Time
As tempting as it may be, you must not skimp on the important things. If you are launching a new product into the market, you need to make sure you have ticked 4 important boxes; quality, presentation, customer service, and delivery. If any of these aspects of your business are not up to scratch you will fail before the end of your first year. Modern customers have high expectations and your business needs to be able to live up to them.
- Be Strict With Yourself
As much as a brand new Macbook would be amazing, if your finances are tight then you need to give it a skip. Rather pool your resources into something more productive like marketing or hiring staff. You don’t need a massive budget to start a business (depending on the industry) but you do need to be careful with your cash flow until your business is standing on its own two feet.
- Launch From Home
No one would blame you for wanting to launch your business from home, especially during the pandemic. Starting a business from home will save you so much money when you need it the most, the only thing you need to do is make sure your workspace is neat and clean so you can focus on making your new business a success.