Are you a small business owner?

Launching a new business can bring on a range of emotions: you’re excited, nervous, and ready to see where the road will take you. One desire nearly every new business owner shares is that of saving as much money as possible up front. This is for good reason – you want to cut costs at the very beginning to set yourself up for success. So, how exactly can you do that? Here are a few ways:

Start With A Budget

The most important thing you can do to save money and run a lean startup is to create a formal budget, and stick to it. Draft out a list of your expected expenses, things such as office rent, utilities, supplies, any initial hires, and so on. Be sure to add an extra category for miscellaneous things you haven’t planned for that certainly will come up. Also allow for a slight range of flexibility for each category. If you’re not familiar with budgeting, there are plenty of free resources on the market that can help. Consider taking a class, or searching the Internet for videos.

Hire Freelancers For Your Initial Marketing Needs

As a brand new business, you’ll need to market your services and/or products exceptionally and with skill. A large part of pulling in business is through online channels, your company’s website, blog, and social media handles. Unfortunately, you may not have the time or skill to produce engaging content that is SEO optimized right away. Hiring a freelance writer or content creator will enable you to focus on quality marketing without spending the funds to pay an in-office employee, which can be very costly, especially when getting started.

Consider Running A Remote Office

Rather than paying rent for a physical office location, consider whether your business can be run remotely. This will completely eliminate the cost of a facility and the utilities that go along with it. Provide your small team with the ability to work from home, utilizing free or cheap software and communication services. Platforms such as Slack, Google Drive, and others are great ways to share files and business communication on a daily basis.

Build A Skilled, Qualified Team

Remember, as a startup, you’ve got little room for mistakes. If you want your business launch to be successful, and eventually to grow, it’s important to focus on building a quality team. No matter the size of your team at first, make sure they are people who are highly qualified for their specific role in your business, and whether or not they have the ability to help your business grow. A common mistake made by business owners is working with people they really like or want as friends, but who don’t have these necessary skills. Don’t make that mistake – instead, choose people who are smart, experienced, and show real business potential.

Focus On Your Brand

If there’s one thing you shouldn’t skimp on when launching a business, it’s branding. You must know your brand backward and forward. Establish exactly what it is you do, how you do it, and what it looks like. Think unique and effective naming, logo, and overall look and feel. You want to ensure your company is known and remembered, and this won’t happen if you don’t even know your company. Spend the necessary money to establish your brand, and if you need help with branding, hire someone that is well qualified and can show you proven results for other businesses.

Starting a new business is no easy task, but with the above tips, you’re sure to do it in a cost-effective way.

By Hannah Rosenboom – Content Creator at Half Full Marketing