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!
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