Starting a business is a complicated process and it certainly involves more than just getting an noc for GST registration. For instance one of the most important aspects of creating an enterprise is planning for your start up costs. High startup costs are always one of the biggest hurdles for new entrepreneurs to get into a business of their choice. Hence here we have presented a list of measures that you can take to decrease this cost so that you can focus more on your core business idea:
- Sell old stuff that you don’t need anymore
Reduce excesses, sell items that you don’t use and get some cash from it. This can be a great idea if you need to raise funds for your business or if you just want to have more space for the new things in your office. You can also give away those items that are still useful but are no longer used by your company to charities or non-profit organizations that need them most.
- Try free marketing
Free online marketing is one of the best ways to save money when starting up a business while getting an effective marketing campaign at the same time. There are many free online resources on how to market a new product or service efficiently and effectively without having to pay expensive fees for advertising campaigns or other marketing
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- Create a practical business plan
Your business plan is the key to your business success. It is your guide and can help you in reducing your startup costs. A good business plan will detail every aspect of your startup and what you want to achieve through your idea. Your business plan will also help you avoid risks and maximize profits.
- Avoid extra expenses
It is important to avoid unnecessary expenses that can take away from your profits from the start. Cutting back on unnecessary expenses will give you more working capital for future business operations such as upgrading equipment or buying more inventories. Government offers lots of incentives for new businesses in different sectors. You can use this to save some expenses on things like GST on laptop or by registering under the compensation scheme.
- Get office space for free
You don’t have to spend much for office space when starting, especially if you have a home office space available. If you can work at home, then do so until your business has grown enough for you to move into an office space. You can also rent office space later on when it becomes a necessity.
- Use free online tools
There are plenty of free online tools that can help kickstart your startup including communication tools like Skype, email services like Gmail and Yahoo Mail, accounting tools like Wave Accounting, Dropbox and Google Docs for cloud storage, calendars like Google Calendar, social media platforms like Facebook,
- Go Green
Going green can help you save money because there are government programs that provide incentives to businesses that have an environmentally friendly workplace. It is also a great way to build goodwill because it shows that you care about the environment as well as your community.
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