If the experts are to be believed, a recession is a great time to start a company.
However, as great a time it might be, it also brings its own risks. Entrepreneurs are still desperate to shave costs in any way they can think of, and this is what today’s article is all about.
As such, if you are thinking about starting your own business, we will now delve into five ways that you might keep your costs down and decrease the chances of falling into the dreaded proportion of new companies that don’t make it past the first few years.
The big 2020 question: do you need an office?
It’s a question that is popping up more and more in 2020. More and more companies are realizing that they don’t have to pay for office space; everything can be done remotely.
Will this be the permanent path that you venture down? Most probably not. However, as a startup, every saving matters, and with many established companies deciding to operate on a remote basis, this is something that can drive down your costs no-end.
By the same token, what about storage?
For any company that holds stock or equipment, there is a similar question to pose around storage.
However, don’t for a moment think that you need to rent or buy permanent space. The cost of self storage is significantly lower than either option, and can again make all the difference to your bottom line. You can scale up and down as you please, and really manage your costs.
The rise of the cloud
On a personal computing level, the cloud is solving a lot of problems. The same can apply to your business.
Forget the dreaded ‘read only access’ error messages and others which impact productivity. By hosting everything in the cloud, you can still gain access to the same suite of programs, and everyone can edit in unison (without any disagreements!).
Forget business class train tickets
OK, you might not pay for top tier tickets when it comes to travel, but if you are traveling in peak hours you’ll know all about the huge costs that can be involved.
Again, this is where the internet comes to your rescue. Instead of spending hundreds on travel, opt for the free Zoom meeting. Nowadays, most clients will welcome the idea – it means they don’t have to block hours from their day as a physical host.
Use data wherever possible
This final point isn’t necessarily a cost-cutting measure – but something which you can use to fine-tune your expenses as your business grows.
In today’s age, data is key. This could not be truer when it comes to understanding your marketing channels and you can use it to sterling effect when making decisions. Make sure all of your channels are tracked, which can allow you to see the true value of each of them. With online channels this can be simple, but you might have to think outside the box somewhat with offline ones.
