Are you at that point where you are looking for ways to reduce startup costs?
Even if you are bootstrapping, launching a startup business costs money. How can you reduce those startup costs?
There are really no businesses that you can truly start for free. At best you are still looking at several hundred to several thousand dollars to get off the ground and getting money in the door. It always costs more than you think, and the results will take longer than you hope.
However, the number one reason that companies of all sizes fail is running out of money. It happens to most startups. It happens to large international corporations that have been around for decades.
Many incredible entrepreneurial careers, angel investors, and now multi-billion-dollar companies started out with less than $10,000. Some with as little as $1,000.
Since we mentioned angel investors here, keep in mind that in fundraising storytelling is everything. In this regard for a winning pitch deck to help you here, take a look at the template created by Silicon Valley legend, Peter Thiel (see it here) that I recently covered. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash.
Remember to unlock the pitch deck template that is being used by founders around the world to raise millions below.
So, whether you are just starting out on a tight budget, and needing income fast, or you need to tighten up to survive long enough to thrive, check out these ways to reduce startup costs.
Research, Research, Research
Most go out of business because they didn’t do their research.
This is the easiest and simplest part of entrepreneurship and one of the ways to reduce startup costs. Don’t set yourself up for disaster by skimping on it.
Make sure you’ve researched your competition, the need and pain your customers have, business model, pricing, the direction of the market, and more.
This is essential for nailing product-market fit and marketing the first time. Failure to do this will lead to the most financial waste and burning through your budget, without getting money coming in.
Don’t Spend A Dime Unless You Absolutely MUST
The vast majority of startups waste an enormous amount of money on nice-to-haves. Which is why most probably go bust very quickly. As part of the ways to reduce startup costs this is an easy one to get.
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