I bring you some tips on keeping your startup’s investment and costs lower which will offer it a greater breathing period before it starts making revenues or onboarding an investor. Cutting corners in expenditure can have a surprising effect of prospective investors too, who will interpret this austerity as prudence.
- Sharing co-working space
For a co-working space, a startup would have to shell quite less than owing it alone. It also becomes better as you can use other’s talent. You have an option to choose from a variety of co-working facilities across the country, including 91Springboard, Jaaga, Moonlighting, SutraHR Co-working and Coworkindia. The cost advantage offered by co-working spaces is a huge draw for many entrepreneurs.
Employing barter as a regular or occasional business tool by startups can help conserve cash because they don’t have to lay out precious, hard-earned dollars for necessary goods and services. Barter provides one important benefit: helping startups dispose of excess inventory by trading it for valuable goods or services.
- Hiring interns
Hiring interns creates a win-win situation. You get smart, capable people who are working to get their first-hand experience and it cost you less. The greatest advantage being you can mould these people and create a great work culture to align them with your vision.
- Keep away from Long Term Commitments
Opt monthly and short-term services and avoid getting into contracts and agreements that require capital (which you may not have). This gives a better control over expenses for startups. Long term commitments should be entered into once a startup has ready investor in place.