By Laurie Shader Smith
For small businesses one of the most valuable tools is finding ways to cut costs (the right way!). Startups often expand at a rapid pace signaling growth and good times, but it can also mean incurring heavier expenses. Saving money while growing a business is challenging but not impossible if you’re creative.
Here are a few tips for startups looking to cut costs:
- Space: The founder’s apartment is often times the first official office space of a startup. If the company succeeds, they will soon need to look into moving to a larger location which can be hugely costly for a new company. Sharing office space with other companies or reaching out to larger businesses to see if they have co-working space can be worthwhile in the long run.
- Storage: While moving into larger office space isn’t always the best option for a startup, some feel like they could be more productive with more room to store files and spread their wings. Avoid the hassle of physically having to move and look into renting a storage unit. Many self-storage facilities offer low monthly rental fees and services for businesses to help them get organized, cut expenses and clear the clutter.
- Interns: Hiring students from local area colleges and universities is a great money-saving way to bring on more staff. Most school programs now require students to participate in real-life internship experiences in exchange for college course credit. Not only will school interns give you more bandwidth, they’ll bring in fresh ideas, too!
Research: Taking the time to research and make frugal decisions is smart business. There are many reliable coupon websites and reward programs that can save businesses money on simple things like office supplies and furniture, computer programs and marketing materials, which can add up each month. Every dollar saved is one that can be put back into growing the business!
While it is mostly unavoidable to spend money faster than it’s coming in during the startup phase, taking the time to creatively save money will allow entrepreneurs to continue doing what they love in the long run.
Laurie Shader Smith is the vice president of Personal Mini Storage, Central Florida’s premier business and commercial storage operator. Shader Smith has dedicated her career to helping area businesses save money through the company’s unique Business Storage Savings Solution.