How to keep costs down in a start-up
Reading time - 3 minutes

How to keep costs down in a start-up

5th August 2019
By Tom Ladle

When launching your start-up there are many decisions you have to make. What company name will you choose? What will your website look like? And can you call yourself ‘Chief President Super-Executive’? (Hey, after all, it is your start-up.) But a key issue you’ll always be grappling with is keeping costs down.

There are so many expenses involved in getting a business going – no matter how small – that you’ll see your outgoings mount up before your incomings have even seen the light of day. So make sure that every penny counts. Here’s how.

Find top business advice – for free

There’s much to be said for hearing top advice from the been-there’s and done-that’s. But you shouldn’t be paying for pricey advisors. “When you’re first starting up, most times hiring a third-party consultant to educate you or tell you what you should be doing is not a worthwhile cost,” says Scott Gerber at Entrepreneur. Instead, tap up everyone you know – family, friends, neighbours – for free advice. Don’t know the right contacts? The British Chambers of Commerce and programs like Virgin StartUp offer free events for start-ups.

Ditch the office 

Woah, we know this seems very drastic and won’t tickle everyone’s fancy, but is an option, nonetheless. With the costs of keeping everyone in the same environment on the up and up, it’s no surprise that remote working is a growing trend. Recently, 100% remote companies have been sprouting up, that’s right 100%. And why not? With tech today, it’s possible to unite a workforce without an office.

Ow that desk is hot, it’s a hot desk

Back to the enthralling topic of desks. If ditching the office is a step too far then you can always use remote working tech to make the most of hot desking. Hot desking is for workers who don’t need a permanent space but may need to be in the office from time to time. You could have a system kinda like musical chairs but in the office, without the musical and elimination element (losing you? Bear with us). If one worker is working from home or wherever and another needs to be in the office, then they can just use their desk. Again, cutting down on office space and rent costs. And, for people working outside of the office they can access online meeting tools, ensuring they smash remote working.

Become your own PR

The web offers a multitude of free or affordable ways to get the word out there about your business: LinkedIn, Twitter, Instagram and Facebook are the big guns on social media where you can build up a following. Promoting your social content through paid activity are affordable ways of marketing to potential customers. And get to grips with the analytics tools offered by all these platforms so you can see which of your posts, tweets or ads made most impact. Simple, savvy and most important of all – cost-effective.

Encourage remote working

We think remote working is awesome and a great way to help you keep costs down. Tech makes it easy peasy. With reports showing that 99% of respondents would like to work remotely at least some of the time[1], it’s certainly not a fad that is going anywhere anytime soon. So, why not embrace it? And save yourself a pretty penny whilst doing so.

[1] https://buffer.com/state-of-remote-work-2019