Starting up a company is a huge endeavor. Not only are you committing endless amounts of time, passion, and brain power, you also need money. Though every company has a different origin story and has a different funding structure, what links most of them the need to be frugal with what money you do have.
Knowing how to get the most value out of the smallest investment is a skill that all successful entrepreneurs acquire after some time.
One good place to start is with software.
Your industry might require specialized software to do work, but no matter what your line of business is, you’ll be needing something to manage the following: bookkeeping, ERM, marketing, and human resources. Finding the right fit for the right price means that it will take the load off of your personnel, keeping them doing what they do best, and minimizing your expenses.
The great thing is that there are many options out there, many of them free that can get you through the start-up phase to a level where you can spend a little more resources on a more personalized solution.
Bookkeeping
Bookkeeping is a big job, and it’s one that has to be done right. There’s a range of software out there these days, many of the options proving to be a good fit for small companies and start-ups. While the popular software, Quickbooks, is affordable for even the smallest companies with its month to month subscription plan, there are also free options like Sage that don’t cost anything at all. Though you might miss some of the compatibility features of more developed programs, it will get you through the first stage. Not sure which way to go? Take advantage of the free trials and experience them first hand.
Human Resources
Even in a small company, talent management is a big role, maybe even more so than in a big company. To get things done, the team has to gel well and communicate effectively. Human resources not only scouts new talent and adds valuable players to the team, it also takes care of things like timesheets, payroll and updating personal information. The advantage of a payroll software for your company could be huge, as it should be as reactive and flexible as your team is. Start with a free version and move into the professional level once you feel you need it.
Marketing
Marketing your company is huge, especially if you are introducing a product or service that people don’t quite understand. The process of engaging with your audience and educating them can be time consuming and expensive, especially if you want it to be high quality and authentic. Thankfully, there is free software like Statusbrew and Buffer that allow you to schedule some of your social media posts so that you can be more efficient and effective with your time. Though there’s no guarantee that what you put out there will resonate with your audience, being able to have your posts go up without you waiting for the right time and pressing a button is super liberating.
Team Communication
There are many team management systems out there, from Google Business Services, through Podio, and Asana. But before you get to a team size that warrants this level of digital cooperation, see if you can’t work out a system with free software or programs that you are already using like Microsoft Note, Dropbox, Google Docs, etc. You might find this a fine temporary solution until you have room in the budget to find a suitable software solution.
As you see, software is definitely a place you can “cut some fat” in your start-up budget, at least until your needs have been clarified and you require a more personalized or sophisticated replacement. Successful start-ups know where you use their money and where to make the most of the free tools out there. Research is the key role of a founder, and the rewards of the search can be great-such as saving hundreds of dollars a month on software.