How To Save Money As a Small Startup Business in Toronto

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Starting a new startup business can be very stressful and the cost for the things you need for your small company can seem outright daunting. When you’re on a tight budget, every single dollar you spend seems huge and you want the best bang for your buck. Here are some ways that you can save money as a small startup business.

 

1. Every company needs a logo. A logo is a conceptual manifestation of what your company is about, and what your company achieves to do. Many leading global companies stand on a world-renowned logo that is recognized everywhere. These companies spend millions of dollars on researching, developing, and designing their logos—and this is something that your startup business cannot quite afford yet. Believe it or not, there are many avenues to get a logo designed for you without having to spend millions. Websites like LogoNerds.com are able to get you a professional logo for under $50!

 

2. Every company needs an office space, whether it’s a traditional office space, a shared office, or even a local coffee shop that offers free Wi-Fi. An office space is important, but you really need to consider what it is that your company really needs. A traditional office space can get quite pricey. It’s not just the space that you’re paying for but also utilities bills, furniture, and repairs… the list goes on. If huge business giants such as Amazon or Apple started up from a garage, there must be some merit to that! Evaluate your company and employee needs. What is appropriate?

 

3. Outsource certain functions to start. Functions such as Human Resource or payroll can be quite overwhelming for a new start up company. Once again, the doctrine of appropriateness is very important here. Try and find services that charge you with fixed, manageable fees that will help you grow.

 

4. In a continuingly paperless world, computers are becoming the norm of everyday office tasks. And these electronic products, whether they are laptops, desktops, or tablets, can be very expensive. It doesn’t make much economic sense to purchase MacBook Pros for all your employees if all they’re going to be using it for are spreadsheets and emails. But if faster and powerful computers are going to be increasing the productivity of your employees by even a little bit, that is an investment worth making. And so we are at a position where you need to pick your poison - expensive computers or low productivity? More and more, small companies are relying on refurbished computer products to fill their offices. These computers have very similar computing power as brand new, high-end products such as Dell, IBM, Lenovo, and HP, but are fraction of the price. Purchasing refurbished desktops or laptops will save your startup a significant amount, while allowing streamlined productivity.  

 

Got any more ideas on how to save money for a new startup business? Post them below!