Smart small-business owners don’t worry about the high failure rate of startups—instead, they take steps to improve their own odds. One imperative is keeping startup costs down.
Are you ready to begin a new business adventure—and want to fight the odds, too? Here are some ideas for you to save a few bucks in the entrepreneurial startup game:
• Outsource: Instead of paying full-time employees for certain tasks, outsource work as needed. You can use freelancers for all sorts of jobs: accounting, IT, marketing or SEO. For really small jobs, check out TaskRabbit and Amazon’s Mechanical Turk, where freelancers will bid to work for you.
• Start from home: If you’ve got the space and your neighborhood has no zoning restrictions against it, why not work out of your house or apartment? If you need to meet with a client you can always get together at a coffee shop, rent a space from a business center or hold a videoconference.
• Barter: Find a local barter exchange, join one online or start a trade agreement with another small-business owner. Know that barter is taxable in the year the transaction takes place, according to the IRS.