Becoming the owner of a successful startup has become the dream of the 21st century. With figures like Elon Musk, Jeff Bezos, and Mark Zuckerberg, there is no wonder why startups are growing rapidly. They believe that they can get big by starting small. And that is quite true, indeed.
However, according to a 2018 study, almost 50% of startups fail because they don’t meet the market’s demands. Innovating is a hit-and-miss thing, of course. But if you know how to curb your company’s overheads, it will increase your chances of survival. And here are three hacks that you can use:
Rent a Coworking Space
Today’s working culture is much more flexible than a decade ago. Internet connection has become faster, and it allows businesses to conduct their activities in the cloud. Hence, a physical office is no longer a necessity. And as you may have noticed, coworking spaces are the latest trend among entrepreneurs.
The first and foremost obvious benefit of renting a coworking space is that you can significantly cut your office space budget by almost 80% if you compare it to renting a whole office. And you can get to work in the city center. For instance, Singapore is notorious for charging tenants with high prices for commercial properties. But services like affordable meeting room rental and working desk rental have become available there. A hot desk costs only around $225 per month, and it grants you full access to all the facilities there. A furnished office, on the other hand, will cost you anywhere from $2500 to $3000 per month.
Operate in the Cloud
As hinted above, cloud computing is the key to a cost-efficient startup. You are no longer required to spend thousands of dollars just to buy or build an in-house server and maintain it. Dedicated cloud servers are available nowadays. And you should also put the same thought when you think about your company’s digital working space. If you use a cloud-based platform, you will not only curb your operating cost, but you will also make all the works accessible anywhere and anytime.
However, the only threat you’ll be facing is cyber attacks. Therefore, make sure that you and your employees are well-trained in cybersecurity. Make sure that everyone knows what a phishing email is and what malware or spyware is.
Outsource Your Tasks
Do you know that you can accept more works without having to increase the scale of your company? With outsourcing, that thing is no longer impossible.
There are many freelancers looking for work on the Internet these days. And if you can find a dedicated one with a good price, they can be your best reinforcement when you are accepting more orders than you usually do. You should check platforms like Fiverr, Upwork, Toptal, and Freelancer.
And the best thing about today’s outsourcing forces is that they offer you a very diverse range of services. For startups, you will probably find customer care, digital marketing, SEO-ing, web design, and content management as the most outsource-able tasks. And you can outsource them for sure.