As we know the Make in India initiative by the Government of India is a move to encourage national and multi-national organizations to manufacture their products in India.
So, it is a golden opportunity for many individuals to follow their passion and be their own boss.
However, one depressing fact is almost 9 out of 10 startups fail. The reason includes weak business model and imprudent expenses.
To set up a new business, capital is crucial so is the way you spend it. After all, a penny saved is a penny earned!
Spend Wisely: Know Your True Needs
Knowing your true needs is crucial to spend money wisely on the things that matter for business. It will help you prepare a good list of all the equipment you may need to start your business. Further, it teaches how to save money for unplanned expenses. Thus, never pay for something that doesn’t fit your needs.
Furniture: Purchase Used
Buy used to save money! Furniture is crucial in every business, no matter whether it is online or offline. It helps you create an ambiance for your clients. So, better if you spend money on used furniture because it helps you cut down the cost of buying expensive new filing cabinets, tables, and chairs.
Website: Prefer Website Builder
As it is digital era, having a great website helps startups expand their horizon with the passage of time. However, the entire process of website designing and hosting is an overwhelming and expensive process. If you do not want to spend your time and money for website designing, use website builder. Many domain registration services providers offer an all-in-one platform that lets you book a domain name, design website, and publish it in few minutes. Website builder offers a fast pace and cost-effective website development.
Power: Go Green
Buy energy-efficient office equipment to save money. For instance, if you want to set up a brick-and-mortar company, prefer cloud services for network infrastructure. It will help you save a good amount of energy bills and maintenance costs.
Employees: Hire on Contract
Hiring full-time professionals is not a feasible option for startups until they establish a strong foothold in the market. Another reason is full-time professionals increase tax liabilities. Thus, to save your money, you can hire people on contracts. It will give you long-term benefits because this way you will realize the potential of the hired candidates and as per their performance, you can offer them a permanent role in your company.
You can follow the tops as explained above to save your money because to start a business, capital is crucial.