Business

5 Tips for Start-Ups on a Budget

Starting your own company is a huge accomplishment. But as a new business working with a limited budget, how do you keep your business thriving? Luckily it’s possible to see growth without having to spend the big bucks.  Check out these five money-saving tips for start-ups on a budget:

Hire a Recent Grad

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Although a recent grad may not come with a wealth of job experience, it can be beneficial to organizations to hire someone straight out of school. New grads offer new ideas, technological experience and for the most part command a smaller salary. Governments across the board have started to recognize that those under 30 may be struggling to find employment and have established programs to ensure new graduates aren’t left behind.

The Government of Ontario offers hiring incentives to organizations looking to employ those under the age of 30. The Youth Employment Fund helps employers cover the cost of wages and training for new hires when they provide a job placement of four to six months.

On the federal level, the Government of Canada offers small to medium enterprises financial assistance to hire post-secondary science, engineering, technology, business and liberal arts graduates. The program is run through the NRC Industrial Research Assistance Program (IRAP). Internships must be at least six months,but no longer than twelve months, and are available nationwide.

Enter a Competition

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Every year  a number of organizations look to honour outstanding businesses in the community. These competitions provide a number of benefits to both nominees and award winners. Applicants receive a platform to expose their business to a large network, adding to their professional profile, and some competitions even offer a cash prize.

Attend Networking Events

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The old adage “it’s not what you know, but who you know” still rings true today. Unfortunately when you work from home like many small business owners do, you may only get to socialize within a small network.

So why not attend events where you can meet likeminded people, outside of your circle? Regional Innovation Centres offer a number of events, most of them free, where you can meet other business owners in the community. You never know who you may meet at a seminar or mixer. Talk to other business professionals to see if you can offer services they might need in exchange for your services. Bartering has made a comeback in the business community, a mutually beneficial way to push your business forward, for little to no cost.

Share Space

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As discussed in previous articles, coworking is on the rise. Coworking offers a community for those who normally work alone, but have the flexibility to run their own businesses out of a shared space. Members benefit from sharing the cost of rent and office resources like Wi-Fi, photocopiers, and fax machines. They also get more regular social interaction, along with the opportunity of networking within the local business community.

Use Technology

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As a small business owner you know that time is your greatest asset. Whether you’re at a business meeting one town over or hundreds of kilometres away, travel can be costly in terms of both time and money. Why not use a video conferencing program to eliminate unnecessary travel altogether? There are several platforms business owners can use as an alternative to a phone call or long distance travel, most of which are available at little to no cost.

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