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How To Use Money Wisely When Starting A New Startup

How To Use Money Wisely When Starting A New Startup
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How To Use Money Wisely When Starting A New Startup

How To Use Money Wisely When Starting A New Startup

By trying some very simple tips, you can earn more profit from your startup at less cost.

To start any new startup, along with a complete planning, a good budget is also required. How many days any startup will be able to survive or succeed in the future, a lot of it depends on its idea, planning and funds. As far as the budget is concerned, by adopting some simple tips, we can reduce our expenses and use the remaining money to take the business forward. Let’s know some such tips

Also read: 8 crore people may lose their jobs, companies are doing automation to reduce costs

Minimum number of full time employees
Keeping a full time employee at the start of any business can be a loss-making deal for you. Instead, it would be better if you get freelancers to work. There is no responsibility on you in this and you do not have to pay unnecessary salary after the work is over.

Use open source software
If you want, you can use premium softwares for your work, but this will only increase your cost. For example, if you have five laptops in which you have to install Windows operating system and MS Office, then your expenditure on each machine will increase by about four to eight thousand rupees. Whereas if you use free or open source software like Linux, Ubuntu instead of Windows operating system, then all your money will be saved and you will be able to spend it in some other useful place.

Also read: IIT Madras Develops AI Based Mathematical Model To Detect Cancer Causing Mutations

Use refurbished machines
The biggest difference between new and refurbished machines is that new machines are brand new whereas refurbished machines are those in which there was a minor defect, due to which the user returned them after buying them. The company repairs these machines again and rechecks them and then removes them in the market at cheap prices. These also get the same guarantee and other offers as the new machines but there is a difference in the prices of both. If you are getting a new laptop for forty thousand, then you will get a refurbished laptop with the same brand and configuration between 25 to 35 thousand rupees.

Use Sharing Office
Just as many people in the same room can reduce the rent of their room by living on sharing basis, similarly you can also start your setup in sharing office. With this you will not have to buy office nor will you have to pay more rent. Here also you will get all the facilities available in the office, but there you will not be alone but there can be an office of any other company.

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