While Success doesn’t come easy for Start ups; most start ups run out of capital or may not have enough investment within few months of early launch. Ambiguity and lack of implementing the cost effective plans are the major reasons behind the early shutdowns.
So here are few tips that will help start ups to bring the cost down:
1. Cost Effective Infrastructure/Office space: The space that comes with less cost will be an added advantage for the start ups. In other words, co working/shared spaces are boon to start ups that cuts almost overhead involved in business. Start exploring the possibilities by beginning your start up journey with co working space
2. Recruitment: What is your mode of hiring talents for the team? Do you spend on it? Then stop doing it and start posting your requirements in the start up job portals like Bangalore start ups, indeed.co.in, dreamstarts.in etc. to hire the top talents. As an Entrepreneur every dollar you save while doing business allows you to continue doing well in your future endeavors.
3. Shared Human Resources: Co working spaces comprising multiple start ups within them, chances are very high to get the resources within the co-working community. Take an instance where you might have a requirement with the resource for 20 days and the rest 10 days can be effectively made use by the co member of the co working space. Think this works for you? Then go for it
4. House Keeping: The complete property maintenance is our responsibility that includes security, tea, snacks, office maintenance, and power back up. Co working spaces helps start ups to focus on their product development rather than worrying on unconventional aspects.
5. Laptops and Desktops: When you are not actually using the machines why just simply keep them? Some of your co working members may need them for some good time; isn’t it? Make the best use of the laptops and desktops by sharing with your coworkers inside the community and this will definitely get you some money.
6. Recurring Cost: Recurring cost is huge burden to the start ups as the charges are repeating lifetime. You pay for electricity, internet and everything and this pinches you off. What if you have no responsibilities to take care of them? Will that not relieve you? Yes, the co-working space does so much for its members regularly.
7. Hiring Interns: Start ups should plan on paying the resources smartly and if you can get creative, fresh ideas from the interns with less money why not give a try? It’s great money saving idea and brings more productive resource on board.
8. Shared office Resources: Huge investment is definitely not a smart idea for the start ups .An UPS, Printer ,LAN the list continues to grow and being a start up affording for all these is a challenge. Instead select the co working space that can get you all your requirements and this is how you can pull the cost down.
9. Free Administration: You don’t have to spend extra for administration charges when you are part of co working/shared office spaces.
10.Event Costs: Being a start up entrepreneur, it is more likely that people would look for platforms to present their ideas, to get mentors, to learn/share the domain knowledge, to test their product in a smaller domain etc., Each one of these will cost you in one way or the other in terms of Event hosting, Event registration, Event organizing etc., these costs will be saved when you are the one among the vibrant community of start ups.
It is mostly inevitable to spend money faster than it’s coming in during the startup phase, take time to creatively save money .Capital earned to be saved and should be contributed for the expansion of the business in the later stage. It’s a great idea to locate your start ups in the co working communities. What do you think? Do you have some more ideas to share for the startups? Comment your argument below