While opening something new, we usually have a rush of emotions. Whether it would be successful? How much will it be successful? What will I do if this happens? What will I do if that happens? During such times, the best thing to do is to calm down and think intelligently from your brain. Your initial steps in the industry are the foundation on which you will stand for the rest of your lives. So, there is a dire need to differentiate between what is good for your business and what is not.

Many new Entrepreneurs fall into the trap of going overboard and spending too much on things that aren’t that important while starting up. It is important to note that while starting a new business, it is very important to control your expenses. Just don’t spend on things because you can right now. Always think about the future and avoid unnecessary expenses. In order to help new entrepreneurs better manage their expenses while starting up, we at IndianWeb2 have combined a list of ten expenses that one can avoid while starting up a new business.

  1. A fancy office - Everyone aspires to work in a fancy office with an up to date gym, café and a gaming centre to relax when we need a break from the rigorous schedule. But, all this can wait. While starting a new business the focus should be on business and not on the office. All this can happen when the startup starts making a decent profit.

  2. Staffing - You need to see if your startup requires and has enough money to cater to the demands of permanent staff. Outsource till the time you’re sure that your startup is ready to have a staff of its own. Don’t just waste money by employing people you don’t require or can’t afford.

  3. Buying email marketing lists or followers - Avoid putting in your money in such scams. While you might see your Twitter followers and Facebook likes increasing at a humongous rate, you’re never going to see a return on your spending.

  4. Expensive Subscription based services -
    Most of the times, project management software and other subscriptions either have some a cheaper version or a free alternative. Use these alternatives till the time you require the features of a paid solution.

  5. Expensive Equipments - Everyone aspires to have the latest and the fastest technology in his/her hand, but that doesn't mean it is an indispensable business expenditure.  Only invest in equipments that will truly add to the productivity of your startup.

  6. Business trips or parties - While starting up, every rupee in the pond counts. Don’t indulge in unnecessary office parties or trips. Only spend on business trips that will prove fruitful for the business in some or other way.

  7. Investing money before you're sure you will make it back - Always think twice before investing a huge amount of money. Until and unless you have extremely generous investors and enough money to cover the losses on your own, refrain from making such huge investments. A business should be able to survive on its own means.

  8. Expensive clothes - Don't be a show off. Of course it is extremely important to look smart and professional, but you can do the same by shopping smartly from places which might not be branded but have good stuff to offer.

  9. Expensive printing or shipping costs - Having logo and business cards can be counted as necessary expenses for a company. But, the young companies can save a lot on their shipping and printing costs. There’s no need for a startup to spend unnecessarily on fancy, expensive stationary when the same can be done with regular stationary.

  10. Non-measurable outreach efforts - Don't spend on things whose results you can't measure. Whether it’s branding or PR, marketing, if you can’t measure the results of your efforts, you shouldn’t spend an extravagant amount of money on it. While starting up, only invest money on things you know would help your business.

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