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Frugality can be very useful if you are a startup business owner. It can definitely help you manage business funds properly and avoid any misuse of money which could cause the business its downfall. So, in this case, as a startup business owner, your number goal is to save, save, and save money! Justin Cobb gave us some creative ideas on how you can save money for your startup business.
Advertising and marketing can be very costly, but thankfully, you can make use of online marketing strategies which are inexpensive and audience targeted. You can make use of emails instead of the usual offline mailing. You can use social media to get new followers as well as to inexpensively advertise or announce events to your existing clients. Social media usage is mostly free so all you need here is to spend money on great images and posters and you should be good to go. Oh, and a little consistency and diligence as well since you will be doing the marketing yourself as opposed to hiring expensive agencies to do the marketing for you.
Establishing branding and online presence is also important especially if you want to look legitimate. Almost everyone is on the internet nowadays which is why websites are important. However, hiring a web developer to make a website for you may just be too pricey and doing it yourself through coding and programming may not be practical since you will need to study of all these if you are not a coder or programmer. However, there are website builders that you can make use. Certain platforms such as WordPress, Wix, and Squarespace allow you to easily build your website without much IT know-how.
Being in the startup phase, you may want to put off getting an office space for the meantime. This will be very costly. You can first utilize a portion of your house as an office space. You will be able to save double this way since you can deduct part of the rent and utility bills as your business expense.
These are just a few of the things that you can do to save your startup business some money. Sit down and contemplate how these tips can be useful to you as well as how else you can save funds for your business.