4 Essential Money-Saving Tips for Startups in Connecticut

Are you taking the plunge and opening a business in Connecticut? Have you dreamed of owning your own business for years and the time finally seems right? It’s a huge step towards your career goals, and one you should feel proud to take but it also means you’re about to embark on a very expensive journey. With that said, here’s a look at four essential money-saving tips that startups in Connecticut should embrace from the get-go.

Hire Wisely – Make Sure You Hire the Right Staff

A big expense for your startup will be staffing. It will be important to determine how many employees are needed and for what jobs. Hiring too many people will cause unnecessary expenses. At the same time, you want to hire the right staff for the job so that multiple people aren’t needed for the same task. Pay close attention to each person’s skills, education, training and experience. Each hire needs to bring value to the table.

Save Money by Picking a Cost-Effective Energy Provider

Your business requires energy to power it, so there’s no getting around that expense, but what you can control is how much you are paying for that electricity. Shopping around for the best electricity rates can save your company a lot of money. Your current Connecticut electric company may not have the best rates or plans, which means you’re spending more than you need to be. So, while electricity is a fixed expense, the rate itself doesn’t have to be.

Opt for Online Marketing – Keep the Expenses Low

To ensure your new business gets visibility, you’ll need to have a robust marketing campaign. The good news is that traditional marketing techniques, which also tend to be expensive, aren’t your only option. Online/digital marketing can be incredibly cost-effective and produce fabulous results. It gives you a way to connect with potential customers in a more engaging and often informative way.

Be sure to pursue all areas of online marketing including business accounts on the top social networks (Twitter, Facebook and Instagram), creating a professional website, writing a blog for the site, producing a regular e-newsletter and more.

Lease Equipment and Machinery Rather Than Buy

Every business requires a variety of equipment, tools and/or machinery to operate and it can be a massive investment when you are starting from scratch. Another cost-saving tip is to rent these items rather than purchase them. Rental fees will be much more affordable than financing, and it leaves the door open to purchasing equipment and tools in the future.

Another great benefit of renting equipment and machinery is that you’ll have access to newer devices with top of the line features.

If you don’t like the idea of renting, try looking at lightly used equipment that will be available at a much more affordable price than new.

Each of these tips gives startups in Connecticut a way to tighten up the purse strings, keep costs to a minimum and ensure the company has the best chance of success in those all-important first few months and years.