How to cut costs when starting your entrepreneurial journey

Need to reduce outgoings for your startup business? Here’s a quick guide to cutting costs when starting your entrepreneurial journey.

When you’re starting out as a business owner, there will be costs you probably haven’t considered. From stocking up on equipment and supplies, to paying for marketing and even travel costs, there are always expenses you haven’t budgeted for. 

If you’re facing higher expenses than expected, there are ways you can cut the costs. Here are some of the best ways to save money when you’re starting your entrepreneur journey.

Save on software and equipment

Whatever type of business you’re running, you’ll need some level of software. The workplace has become a digital space, relying on technology to help keep it running. And without the right software, your company won’t be as productive as it could be – or may not be able to run at all. 

There are many different types of software, and some of it can come at a high cost. However, there are ways to save on business software, including taking advantage of web apps and open source software.

Cut down travel costs

While technology may have reduced the need to travel for business, it hasn’t eliminated it completely. You may find you need to travel to business meetings, or to meet a new potential client. These costs can quickly add up, but there are ways you can save money here too.

Pre-booking train tickets, for example, can save you money. When you book your travel in advance, it often tends to work out much cheaper. If you tend to travel frequently, you could also save money by investing in a rail pass.

The other good thing about booking online is that you can get tickets for every single route possible. So, if you’re looking for a train from Dartford to London Bridge where your meeting is – you’re covered. 

Slash the cost of marketing

Marketing is one of the most commonly overlooked expenses. In today’s business world it’s also one of the most important factors to focus on; you need to be continually marketing your business and services and this often comes at a cost.

There are ways you can save money on marketing, however. One of these ways is to take advantage of free platforms. Paid ads are great when you’ve got a healthy cash flow, but when you’re looking to save costs, you’ll want to skip the paid ads and focus on free marketing.

Social media platforms are the best for this as they allow you to create free business pages to reach your target audience.  

Start saving an emergency fund

Although technically not saving money in the short term, saving for an emergency fund can help you better manage cash flow when situations arise. Committing to saving just a little each month will help you to financial proof your future.

Photo by Jacqueline Kelly