Establishing a startup is a struggle and starting from struggling to find the best products for specific market segments to strive to maintain the business itself. It’s not easy to struggle to grow and maintain startups simultaneously, several strategies must be taken, and the most important is the money management strategy. Especially for startups with initial capital from individuals with not much amount. Here are some tips for new startups to manage their finances.
Don’t Waste Your Money on Renting a Fancy Office
Of course, this is an important thing. If most startups now seem to have luxurious and conceptual offices, they don’t happen immediately. There is a process that can finally lead them to that condition. For newly launched startups the focus is on products, services, and users being the main thing. Avoid renovating the office to make it look luxurious. Enough office that can accommodate all teams and is quite comfortable to work.
Avoid Using Too Many Paid Services
It is essential for startups to think about how they can get users. But for startups that have just been established as much as possible avoid using paid services, unless these services have brought a positive impact on startups, such as hiring a capable tax service like Reed Tax.
Don’t Buy Overly Expensive Equipment
As a new startup, it is essential to meet office needs such as printers, projectors, and other things related to office needs. But it would be nice not to invest in these objects too big. Enough to fulfill office needs with a suitable device and can be used.
Make Most Use Out of Outsourcing
From the austerity perspective permanently hiring employees is more costly than hiring outsourcing. Even if you need to find someone for an internship. The apprentice employees are not as good as professional employees, but in the spirit of seeking experience and with a little training apprentice workers can be optimized as an alternative to permanent employees with relatively high pay.
Avoid spending excessive costs for printing and business trips
Another thing that can be saved is printing costs, such as business cards, brochures, and other marketing media and official travel expenses. Especially for printing costs, this can be anticipated by optimizing digital media that are relatively cheaper. For business trips, this is the decision of the founder. Avoid trips outside the city or business meetings that if not have an impact on business acceleration.
Learn to Manage Your Finance
As a founder, who wants to save money at the beginning of the startup journey financial management skills are crucial things that must be owned. This can also reduce funding to hire an accountant. Be the founder who considers spending up front so that startups don’t ‘run out of gas’ in the middle of the road.