One of the biggest problems that plague startups and small businesses is overspending. As many young entrepreneurs are more hopeful than realistic, they are unaware of many challenges that may prove fatal to their enterprise. They get a new, luxurious office as soon as investor cash starts flowing in. If the business never leaves the ground, they are left in debt or broke.
There are many areas where you can cut costs without cutting corners and making your company suffer a bad rep. Here are some of them.
Use your parents’ garage
This may sound like a cliché, but home offices still work. In fact, they’re one of the best option for young entrepreneurs just starting out and who don’t need an office at the CBD just yet. Tech businesses that deal mostly through the web are good candidates for this. You may also do a search for incubators in your area.
Don’t buy brand new just yet
Wherever you set up your office, you have many choices when it comes to furniture and fit-outs. Instead of buying brand new office furniture, buy used ones that don’t look old or damaged. Try liquidation stores. Instead of giving your staff separate offices, which will push you to get a bigger office space, use cubicles. There are even used cubicles in Salt Lake City from qualityusedoffice.com that work just fine. They may not be brand new but they serve the same purpose.
If you can, avoid using an air conditioner. Use fans. Open the windows and let in some fresh air—that is, if you’re not located somewhere that looks like the air is heavy with toxic fumes. Well, in the first place, why get an office in such a location? Not using an air conditioner will lower your overhead and contribute to saving the planet.
There are many other areas in your startup where you can save a few dollars. These savings add up. Do your best to stop overspending and you’ll have more peace of mind that your startup has a better chance at making it.