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How to Keep Your Startup Budget in Check

You might have some big ideas, but those tend to cost money and when you're just starting out, it's important to keep an eye on your budget and make sure you aren't overspending in the wrong places. Contrary to popular belief, there are easy ways to cut costs while actually boosting productivity and still ensuring the success of your company.

One very easy and substantial way of cutting costs is to simply work from home. Rent is expensive, and it isn't always worth keeping employees in one place during work hours. And for many, working from home actually decreases distractions and boosts productivity. Perhaps hold meetings at coffee shops or rent out an office for a day; additionally, you could hold virtual training sessions and make good use of free tools like Google+ hangouts and Skype.

Next, make use of free resources. Find established professionals in your industry and get some free advice. A lot of people who already have a great career love mentoring young entrepreneurs, and have years of experience behind them to provide you with the kind of wisdom you won't find anywhere else.

Lastly, tap into your already-existing infrastructure. Look at what services you can have done online for free. Perhaps one of your existing employees has a few hidden talents. Instead of hiring a full-timer to complete tasks, consider hiring a freelancer who works on contract. That way, you are only paying for the work you need done and nothing else. You can also use services like oDesk to find contractors to work task by task.

Tell Us What You Think

We want to hear from you! What tips do you have for cutting costs in a startup? Share your thoughts on Twitter or in the comments!

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(Photo credit: Plutor/Flickr)

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