As a start-up, you need to be relentless in your search for savings.
- Buy used. Very few businesses need expensive new furniture, filing cabinets or other fixtures. Often used-furniture stores, auctioneers selling business assets or even GumTree posts offer big savings.
- Skimp on overheads. Don’t go into a fancy office or retail location when you could get by with something much simpler. The rent creates enormous pressure to generate revenue faster than you are likely to. Hold off on committing to expensive real estate leases until necessary, especially if your customers don’t frequent your place of business.
- Get help as you need it. Visit online special-interest forums in marketing, sales and other areas to read discussions and get ideas. Hire talent only as you need it. If you find someone who knows what they’re doing, it might be a good idea to hire them on a consulting basis for a few hours. That way, you get the advice you need without committing to a full-time salary.
- Barter. Find businesses that need your services, but whose services you need as well, and negotiate a barter deal.
- Be frugal. Shopping around for the best price is smart business. Every rand saved is a rand that can be reinvested in your company. That fuels growth and leads to more opportunities.