If the thought of high start-up costs are holding you back from launching your own company, here are 8 of the ways you can save money on the little things
- Hire a high school student. This is coming from someone who worked at an office in high school and loved her job. Contact a public or private school in your area, and ask if they would be interested in sharing a part-time paid job opportunity with their students. It could be a file clerk position, a personal assistant position, an office worker position, or even a small-time sales or customer service position. You’ll be surprised at the untapped pool of talent available to you – most students would jump at the chance to leave a retail or fast food job to work in an office and build their resume.
- Start an internship. Starting a landscaping business? Find out which colleges or universities in your area offer business management or landscape design degrees, and reach out to the college job office. Often, class credit will be accepted in lieu of payment, but offering a stipend or monthly wage can help you tap into the best talent. Even if they work only 5 or 10 hours a week, an intern can save you huge amounts of money on wages that would be needed for an older, more experienced employee.
- Never buy new office equipment. When you’re shopping for equipment, always ask if there’s an option to buy used, or to rent. If you get nowhere, make the move to hang up the phone or leave, and chances are the salesperson will suddenly remember equipment or furniture that someone recently returned, unused. Also, for larger equipment, leasing is an usually an option. You can save the $5000 you might spend on a brand new machine and rent the copier instead. That way, more of your capital can be spent on growing profit instead of covering administrative expenses.
- Hire independent contractors. The IRS states that you do not have to withhold or pay taxes on independent contractors, which can save your business money. Be aware that there are certain details that have to apply; for instance you cannot pay an independent contractor based on hours worked; only on the job completed. But keep in mind that when your company begins to grow, you should consider long-term staff options like salaried or full-time employees who are fully dedicated to your company.
- Use website discount codes. GoDaddy is one of the more popular places to buy website hosting packages, and they’re always running discount campaigns. Before you buy, do a quick Google search for “GoDaddy coupon codes” and you’ll find tons of ways to save on your domain and on the hosting package. Twitter is also another great resource for up to date discount codes. Before you buy a hosting package, compare between different companies… you don’t want to lock into a three-year hosting package that you could have gotten cheaper elsewhere.
- Hire a college student to design your site. Does HTML scare you? Don’t want to read a book about Dreamweaver? Put down the bottle of Tylenol – it doesn’t have to be frustrating or expensive to launch a website. Reach out to college job offices in your area, which are always receptive to job postings for their students. Offer to pay a flat fee for a student to design your website.
- Cut down the cost of communication. If you plan on making enough phone calls to justify a phone system, try out VoIP instead of a regular phone system. Broadband Internet is used for voice over IP calling instead of a standard phone line. The cost for VoIP phone service is a flat rate month to month, compared to a standard phone system which can add up for each call.
- Furnish your office at Ikea. File cabinets, desks, chairs, tables, and storage fixtures cost far less at Ikea than at office furniture stores. Your clients and customers will appreciate your modern style! This is also a great opportunity to throw a furniture-building party for your ten closest friends (make sure to stock up on snacks and drinks!)
Starting your own business doesn’t have to be expensive, and there are tons of ways out there to save on everyday expenses. By networking with successful business owners in your industry (via social media and in real life), you’ll find out how others are saving money – so you can reallocate funds to the profitable tasks