Investing even the last dime you have can be taxing but bootstrapping is a must for most startups. It is fortunate that there are ways to make this easier.
Starting up involves a number of costs and they can build up quite quickly. Before you know it you have a long list of expenses and you discover that nothing that you make is actually going into your personal account. Everything has to go back to the company because there is so much that you have to spend on. When it comes to bootstrapping you can barely think about your personal expenses but you can still save some money!
Listed below are some great tips from experts that will help you save up while running your company smoothly:
Negotiate Legal Fees
Talk to your lawyers and negotiate with them so that they agree to reduce the legal fees at least in the beginning. If one lawyer does not agree you don’t have to worry. There are plenty of lawyers you can turn to and some of them understand the plight of startup founders. They won’t mind cutting some slack until you are established quite well.
Reduce Server Costs
Even the biggest server providers such as Amazon Web Services and Microsoft offer plenty of discounts for startups. In fact, they have special promotions for companies that have just started. You can take full advantage of these promotions.
After a point of time working from the confines of your home can actually dampen your productivity because you feel isolated. Of course you can head out to a coffee shop every now and then, and work from there but you have to buy drinks and food, and that can sum up to a lot of expense.
The easier thing to do would be to look for shared office spaces. This will work in your favor in many ways. Cutting down your costs is just one of them. You will also have the opportunity to talk to other startup founders and find new partners or business
Check Your Network
May be your friends or family members or other people in your network work for good companies? You could ask them for help through the company discounts that they enjoy especially on electronics.
If this doesn’t work out for you, you could collaborate with other startups and buy from them. Initially, you can even use second-hand electronics. You don’t need everything to be brand new and high grade.
Don’t Go For a PR Firm Yet
PR firms are highly expensive and even though you need to publicize yourself, a PR firm isn’t your immediate requirement. You can start off your marketing yourself. There are plenty of ways to do so, especially over the Internet, without a third degree burn in your pocket.
These tips are simple but crucial for startup founders struggling with expenses.
Bootstrapping doesn’t have to make you ache. You can save money, help your business, and be satisfied with the expenses all at the same time. You just need to be able to cut costs here and there such as fees, server expenses, marketing, and so on.