By NewGram Staff Writer
To overcome the challenge of high costs and scarcity of funds, many young companies have come up with innovative ways to cut down costs. With strategies ranging from buying used furniture to sharing an office space, a lot of start-ups have been able to control the outflow of money.
Speaking to some of these innovative start-ups, NewsGram has come with up with a list of best practices that can help you reduce the expenses of your company manifold:
Avoid a posh office locality: A lot of new start-ups these days are coming up in residential areas where the costs are lower as compared to prime office locations.
“Starting-up in a residential area can get you a cheap work place with a serene and calm atmosphere. And if you can manage to find a place with a terrace, it is a great advantage,” says OnlinePrasad founder Goonjan Mall.
Also, sharing office space with another young company is a great way to cut costs.
Hire interns from premier institutes for R&D: Starting-up involves getting many things wrong before getting that one big break. Young companies can save on the research costs by hiring quality interns from institutes like IITs and BITS Pilani like a Mumbai-based retail technology start-up Shopsense does.
Shopsense hires interns to work on the research problems which they want to focus upon. If anything clicks they take it to the full scale level.
“This approach helps save a lot of money on R&D as it saves time of our full time engineers and also gets quality work done at a lesser expense,” says Harsh Shah one of the co-founders of Shopsense.
He also adds, “One more advantage of this program is that it helps us to zero-in on the right talent. If an intern is good, we can hire them once they complete their formal studies.”
Find attractive Cloud platforms: The Cloud has made life very easy for start-ups. Companies like Amazon, Microsoft, IBM offer storage space for start-ups to host their products.
“One of the most commonly used cloud platform in the start-up fraternity is AWS,” says Harsh, adding that,” It is a very attractive option because it offers free credits, along with technical training programmes.”
Easy marketing: One of the most efficient ways to reach out to people is via social media. You can use social media to market your company. It is almost free and in today’s time, highly effective.
“The opportunities that Twitter and Facebook provide are phenomenal. One can also use platforms like Mailchimp if you want your content to outreach the masses”, says Goonjan.