For startups, maintaining capital so as not to be exhausted is always a difficult problem. If we don't know how to spend smartly, we can easily fall into a situation of "no money in our pocket". Besides, the long-term depletion of capital also made the company stand on the verge of bankruptcy. In this article, let's learn about effective ways to save capital when starting a business with JAYbranding.
Regularly record expenses
For startups, an expense management book is essential. This book will help us understand the spending situation of the company. From there, we can easily detect and cut unreasonable excess costs.
On the other hand, the cost management book also helps business owners to regularly evaluate the efficiency in using capital. Profitable capital should be maintained and bad capital should be eliminated.
Ways to save capital when starting a business – Cut recruitment costs
One of the problems that causes businesses to increase their cost burden is inappropriate recruitment. In the opinion of many experts, it is not necessary to have too many employees for startups.
Accordingly, business owners can recruit employees in the form of seasonality. At a busy time and need to deal with many things, we should choose this form of recruitment.
Startups can also hire candidates who are freelancers or a 3rd party. These candidates usually do not need to come to the company often and the cost to recruit candidates is not too high.
Reduce the cost of renting premises
Currently, online sales bring many advantages to sellers. Business owners can still sell without having to build a business right away. Typically, the business of specialty products, clothing, cosmetics, etc. However, we need to set up online sales pages.
Instead of investing in space, business owners can prepare online sales pages at first. After owning a stable number of customers, we will continue to invest in space to improve our reputation.
If we must rent a business premises, we should negotiate and rent it on a monthly basis. Signing a long-term contract is not advisable when starting a business because we have a lot of other investments that require money.
Optimizing Marketing Costs
One of the effective ways to save capital when starting a business is to optimize marketing costs. In addition to the marketing method in the form of "word of mouth customers", we can also apply the marketing campaign 0 dong online.
Currently, many businesses use channels such as Facebook, Zalo, Instagram, Youtube, Website, etc. to advertise and market products. This form has extremely low cost but high efficiency because it is based on consumer habits.
With this form, it requires businesses to build attractive, unique and attractive online sales channels. To do that, we can hire 3rd parties, typically JAYbranding. JAYbranding Company is a professional unit in helping businesses design websites, produce images and consult brands. With many unique services of JAYbranding, business owners will save a lot of money when they do not have to hire too many units for marketing optimization.