3 Ways your startup could be saving money

by Startacus Admin

Finance matters for all businesses, but especially at the early stage. Here are 3 tips to help your startup save money that should help...

At the beginning of any business, there is one major concern: finances. There are a lot of questions as to whether the initial money you have will be able to support the business until it can start churning up a decent profit. There is never anything more worrying than the thought of your business not even having a chance because the cash flow stops. So here are three ways your start-up could be saving money, both right now and in the future. 

1 Think about your bills

If you take a good long look at your bills, you will probably notice that is where much of your money is currently going. This is why it might be a smart idea, especially at the start of your business journey, to take a look at alternatives to your current utility suppliers, using a service such as Utility Bidder, so you can get better prices on your business's utility bills.

2 Clean up any financial loose ends

It's the unfortunate truth that at the beginning of starting any business, there is going to be some financial struggle. This is why you need to take a look at your credit score. You can improve this by paying your bills on time, clearing up any debt you might be in as soon as possible, and using your credit card as little as possible if you can. 

This can be good for now, as you won't need to worry about getting pestered by lenders, and you can go forward in your business knowing that whatever debt you might have in the beginning has been paid off. Also, this saves trouble in the future, as your debts won't pile up, and it'll be easier to get a business loan in the future if you come across a rough patch as all businesses inevitably do. 

3 Take some time nurturing your Social Media page

If used right, your business's social media page can be your greatest asset. Not only is this an excellent tool for advertising, but, if done correctly, it can bring in a mass of potential customers and build brand awareness and identity. It is also free, which means that you can save money on advertising. As you start to build up a huge following, you might find that other businesses want to collaborate with you, such as offering their software or product in return for you spreading the news about their business to your followers, for example. 

Final Thoughts

To summarise, to help save some finances at the beginning of your business, you need to be resourceful and budget competently. You can do this by comparing your current bill supplier to other services to see if you could save money, make sure your credit score is higher to ensure that you get better options down the line, and by using the resources around you, such as social media, to advertise and get your brand name known. All of these things are relatively easily done and can help set your business on the right financial track. 

 

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Published on: 20th May 2021