Guidelines for keeping initial costs low

Free Start-Up Articles
Free Start-Up Articles

A serious initial consideration could be the option to outsource nearly every aspect of your fledgeling business to allow you to focus on the important sales function of selling your product/service into your customerbase.

When embarking on a new venture ask yourself the following questions:

Do you need an office immediately or are there other options such as virtual offices?

Can you source your immediate required technology (phones, PCs/laptops, printers/fax/scanner) secondhand to save costs?

Is it possible to utilise your personal phone for your new business venture?

Are there peers or government bodies that can assist you with building a contact network?

Is it viable to hire a selfemployed person (someone from the industry) to assist you during the early stages?

A serious initial consideration could be the option to outsource nearly every aspect of your fledgeling business to allow you to focus on the important sales function of selling your product/service into your customer-base. Outsource your accounts, your manufacturing and anything else that is too time consuming.

Shop around. Do not be shy to approach multiple suppliers for quotes and the benefits of buying from them. Negotiate for everything! Always haggle and explain that you are a new startup. Companies will work with you on price because they will benefit from your growth and if they will not work with you - are they worth dealing with?

Have short payment terms until you can afford to extend. Include a clause that will encourage your customers to pay on time - negative or positive incentives both work but positive will provide return custom.

Social Networks such as LinkedIn and Facebook provide an invaluable resource for possible leads or an open forum for asking questions or help from people that have been through what you are going through.

IBBI support our fellow local businesses by providing discounted prices for our recruiting services & consultancy to start ups during their first 12 months bringing a wealth of knowledge to ensure you get the right people who will make your business grow.

Assistance can be provided with any staff related questions whether it be training, remuneration, benefits, bonuses, commission or staff retention and consultation on who will be the best fit for your organisation, those that will excel and how your decisions at the recruitment stage will dictate how your business will operate in the future.

Stuart Folley