Low Cost Startups

If you are launching a startup company, saving money early on in the process gives your business a better chance of survival. Especially in this economy, money is tight and startups can’t always count on outside venture funding or even a loan from a bank. Here are some money saving tips for startups:

• Rent don’t buy. Obviously renting your office space helps save money early on. However, also consider renting office supplies, equipment and furniture to save some dough.
• Hire with care. Nothing drains money like too many employees. Early on, it’s better to have too few employees than too many.
• Find your niche. Many startups waste money by painting with too large of a brush. Instead, find your niche and use your money to attack that specific niche.
• Limit travel. Business travel is fine once you have a business that is bringing in money. Early on, though, it’s best to avoid travel if at all possible.