Eight money-saving hacks to help you grow your startup

The early days of building your startup are all about trying to scale as simply as possible, so finding areas where you can cut costs and save some money is critical to your success. But where does it make sense to cut costs? How can you do this without sacrificing quality?

Below, members of the Young Entrepreneur Council answer these questions and more with their list of eight money-saving tips they would recommend to new entrepreneurs. Follow their advice to grow your startup on a budget and pave the way for future business success.

1. Outsource non-essential tasks

One tip for new entrepreneurs to save money is to outsource non-essential tasks to freelancers or virtual assistants. This allows the company to focus on what it does best and save on the cost of hiring full-time employees. It worked for me at the start of my business; however, over time, it made sense to hire full-time employees to perform these tasks. - Jared Weitz, United Capital Source Inc.

2. Take advantage of free or low-cost tools

There are many free or low-cost tools available online that can help you with tasks such as project management, marketing, accounting, and customer relationship management. In the beginning, we used tools like HubSpot, Asana, Google Analytics, and Hootsuite to save money. Using free technology has saved us money on expensive software licenses, subscriptions, and other costs that can add up quickly. - Kazi Mamun, CANSOFT

3. Share resources with other entrepreneurs

One money-saving trick that worked for me was resource sharing. Think of it as a barter system. Interact with other aspiring entrepreneurs and share your resources with them in exchange for theirs. For example, you can share tools or resources that you have for mutual benefit. This also applies to skills such as trading your design skills for writing. The possibilities are limitless. - Stephanie Wells, Terrific Shapes

4. Work remotely

Having employees work remotely saves on rent and office expenses, as well as increases productivity and job satisfaction. It also allows you to expand your talent pool and not be limited to hiring people in a specific field. My Kitchen Cabinet Kings business began as a remote business and continues to be one to this day. It has proven to be a cost effective and efficient approach. -