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Spend vs Save: 6 Cost Controls Every New Company Needs

Spend vs Save: 6 Cost Controls Every New Company Needs

It’s no secret that starting a new company can be expensive. Between employee salaries, inventory, office space, and equipment, you need funds to get everything up and running. Start-up costs for any business can be high, but luckily there are a number of ways you can cut down on many of these costs.

Use Free Advertising

Advertising is vital to any new company but these kinds of costs can add up quickly. Social media and content marketing are efficient and relatively free ways to advertise online, making them excellent cost controls. Talk to a third party marketing firm or see if you can do some simple content on your own.

Ask For Discounts
Many suppliers will give new companies discounts for working with them but they don’t always advertise them. Ask your suppliers if they offer any discounts. If they do this can be a very cost effective and a good option for gaining partnerships. If you ship products see if you can get used equipment for added savings as well. Places like Arrow Truck Sales offer trucks and used semis for much less than a new fleet.

Hire Interns
Your company may have positions that interns can fill instead of salaried employees. College campuses are a great way to advertise these positions, as many college students actively seek internships. Interns work for experience instead of monetary pay, so you’ll save money while they build their resume. Make sure the role they fill is beneficial for them as well as for your company on a whole.

Find the Best Insurance Rates
Insurance rates differ between different insurance agencies. Don’t settle for the first agency that gives you a quote. Instead, speak to a number of insurance companies to find out which have the best policies and the lowest rates.

Go Paperless
Almost 4 out of 10 pieces of paper are thrown out less than 24 hours after they are printed. Printing certain documents is necessary, but many others will end up in the recycling bin. Paper is expensive and you can save a lot of money each year by printing as little as possible. Not only will you save money, you’ll save on toner and other expensive office staples.

Hire Freelance Employees
New employees are an expensive asset to your company. Between advertising, interviewing, and training, you can expect to pay upwards of $4,000 for each new employee you hire. Important tasks like building a website, designing a logo, and creating content can all be done by professional freelancers. You’ll pay no onboarding costs, only the freelancer’s hourly rate.

Starting a company is expensive, but there are cost controls you can implement to save money. Hiring efficient employees, looking for discounts, and conserving resources are only a handful of the ways you can cut down on your company’s startup costs. By using these methods, you can start your company without breaking your budget.

Published by Sandy

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