How to cut costs when running a start up business

cut costs when running a start up businessInvesting time and money into running your own start up company can be quite the uphill struggle for some people. It doesn’t always go to plan straight away, so it is good to know how to cut costs when running a start up business.

Having all aspects of the entire business running smoothly is the first step into getting the whole business venture to look promising. Not all start up companies will have a massive influx of investment or capital so that they can sustain heavy spending for a year or two, what some companies must start looking into is where they can cut costs down.

1. Real estate

As tempting as buying a massive glass windowed office and a marble reception is, it may not be wise to splash out on such luxuries straight away. Consider simply staying in your small home office or bedroom until the costs are calculated so you can decide if it is really worth it. If the business is along the lines of an e-commerce, operating at home for the start should be suitable and cheaper depending on the size of the business. The ability to decide whether some tangible items are essential at this stage is crucial in order to save money.

cut costs when running a start up business

If you do decide to purchase an office, first consider the location. Then, ensure that the space you’re considering is reasonable for what you need. As previously mentioned, buying a big office sounds nice and helpful, but if you do not require that much space then do not rent out or purchase that much space. The costs will add up and will literally be wasted.

2. Staffing

Some start up companies will make the mistake of hiring loads of people without actually realising the true costs of it all. A study shows that there are a lot of costs when it comes to hiring somebody. It’s not just money too –  it will cost a lot of time in the extensive training.

Hiring people with expertise should be done carefully as there are some factors such as the level of skill you actually need vs what you are looking to hire. Falling into the trap of hiring an over qualified person for quite a simple job will set you back quite a lot in the long run.

cut costs when running a start up business

If some tasks do not require an employee to be present for the entirety of a certain duration, looking into outsourcing contractors or part time staff that are only required when needed.

Alongside all the above, you should take time when looking to employ people to ensure that you actually find people that share the same ideas and vision as you for your company. It is so important at the early stages of a start up company that you have people onboard who want the same things as you and are willing to be really integrated into the business.

3. Suppliers

When purchasing items, try to take the time out to source multiple different suppliers and try to find at least 3 quotes from 3 separate suppliers, the aim of this is to try and source the cheapest cost for a certain amount of product. You can try get further reductions by forming business relations, deals or by simply bartering to get a cheaper price.

cut costs when running a start up companyAnother tip to help save cost would be to buy items that are for use in the near future, this means do not spend a load of money straight away on things that may be useful in a year. Although planning ahead is good thinking, it may end up costing way too much to buy items that are not going to be used soon.

In terms of machinery or equipment you may need, it may be cheaper to actually rent the equipment out rather than flat out buy a lease for it, this can substantially cut costs depending on how frequently you may need to use them.

To conclude, most expenses that are associated with start ups can be dramatically cut down by simply thinking through whether it is a necessity or a helpful extra. It is during this crucial stage all plans are calculated because many start ups tend to decline after being set up due to many factors such as not making enough profit, going bankrupt or simply because their ideas were not executed as well as they would of been.

This is a guest blog post by London Management Centre - a corporate training company based in London that offers corporate training courses at their London and Dubai offices on the topics of Leadership, management, human resources, interpersonal skills, media, PR, finance and many more subjects.

Chat for teams

Fleep User Story: Slick Trade

Fleep User Stories is a series of blogposts that highlights the cool people, teams and companies that use Fleep in their daily business.

Slick TradeThis time, our user story features an unbelievably resilient and determined lady, Krystal Comber, and the Slick Trade community she has built.

Krystal’s story starts in 2007, when she suffered serious bodily and brain injuries after a major car wreck. She was told that it was unlikely that she would ever function fully again. Krystal spent a challenging year in recovery and, against all odds, re-learned how to walk, talk and simply be a functioning member of society again.

Krystal Comber

With a strong determination, she was able to get back into college, earn her degree, and start her journey in online business, affiliate marketing and stocks.

Soon, Krystal was introduced to online trading, which ultimately proved to be a game changer for her. Krystal spent months learning the ropes of trading online and studied every piece education she could get her hands on.

She now successfully trades Forex and NADEX, and is also teaching others about trading online through the Slick Trade Online Trading Academy.

When Krystal got involved in online trading, she had a vision for creating a community platform where online traders could connect and learn from each other. She created Slick Trade, which has grown to a strong community, with a common goal to create financial freedom through trading.

The signature Slick Trade membership includes tutorials, trading strategies, signal services, custom expert advisors and auto-traders, live chat and support, and more!

The Slick Trade community uses Fleep as their communication platform. Their live trading and member chat in Fleep is where the community connects, and learns from each other. But let’s have Krystal herself tell us more! Here’s Fleep user story of the Slick Trade community:

How did you find out about Fleep?

Fleep users

We had been using Facebook Messenger as our chat for the first year of Slick Trade’s existence and ran into so many issues with the capabilities we needed. We tried all different kinds of free and paid chat programs, but none of them gave us everything we needed.

Another trading group suggested Kato chat to us and they had everything that we needed to run smoothly. However, about 4 months ago they ended up shutting down their services.

I found out about Fleep from Kato chat. I was hesitant to switch to Fleep due to the issues we had with the previous chat services, and having the members constantly switching and setting up new accounts.

I simply wanted everything to just work so we could do what we do best … trade.  To my surprise, Fleep was perfect for us and I am very grateful for the switch!

What does the Slick Trade community use Fleep for? 

Slick Trade uses Fleep as our live trading room.  Here, members can interact with one another and myself.  We give suggestions, let others know what strategies are working best for us, new strategies we have come up with, etc. There’s camaraderie there that has helped so many achieve the financial income they deserve.

Slick Trade

How does the Slick Trade community use Fleep? 

Slick Trade uses every aspect that Fleep currently offers. We have one group conversation and multiple 1 to 1 conversations. I personally use it to set up TeamViewer Sessions to help members get their charts set up and running functionally, to speak with Fleep support and our own Support Team and for the group and other 1 to 1 conversations.

I also love the email notifications, so that they are sent directly to my phone right away.  I have a Windows phone, so there is no Fleep mobile app for me.  I have tried the Flow app, but it unfortunately does not run correctly.  So, the email feature is great!

What do you like about Fleep?

I like everything really. The ability to easily add and remove members is very important for the group conversations. I also like the email notifications, 1 to 1 conversations, ability to send files and images right in the chat and the wonderful support they provide.

Fleep email

What are your Fleep tips?

As mentioned above, if you have a Windows phone, just turn on your email notifications to come right through and you’ll be notified right away when someone sends messages to you 1 to 1 or in the group conversations.

Who would you recommend Fleep to?

I would recommend Fleep to anyone that is running a service where they need to have a functional chat running. Whether it is 1 to 1 conversations or group conversations.

The mobile apps are great, and even if you have a Windows phone, you can make it work.  I would even recommend it to users that simply need a chat for school projects, event planning, or just for fun.

Thanks for sharing the Slick Trade Fleep User Story, Krystal! You can find all featured user stories under the Fleep User Stories category. Make sure you also follow Fleep on Twitter (and #fleepstories) and Facebook to keep an eye on our news and updates!

Chat for teams

Multiple accounts in Fleep apps

We are excited to announce our latest development – support for multiple accounts in Fleep! You can now log in to and switch between several Fleep accounts within the app.

It works on the Android, iOS, Mac and Windows apps. (It is not supported in the web browser. You can either use different web browsers for different accounts or download the native app).

Wait, but why?

multiple accounts in fleep

As we are in the business of simplifying and improving online communications, we realized multiple accounts support was something that was missing in Fleep.

For example, let’s say you’re a salesman by the day and a stand-up comedian by night. You may want to keep your identities separate in Fleep, managing the emails and conversations separately. Now you can!

Or perhaps you’d prefer to keep your personal and work communications separate – while labels may help with this, multiple accounts makes it even easier.

Or maybe your team has a generic Fleep account or email address that several people have access to – be it Support, Sales or Contact Us. Now you can add that to your Fleep app too, alongside your own account, so you no longer have to sign out and sign in to manage all the accounts you have access to.

How?

We have built multiple accounts support for all platforms! You can sign in to multiple accounts from all the native apps, both desktop (Mac, Windows) and mobile (Android, iOS). Once signed in to one account in the desktop apps, find ‘Sign in to Another Account’ from the top menu bar (under ‘File’ in the Mac app, under ‘Fleep’ in the Windows app).

multiple accounts

On the mobile apps (Android and iOS), click on the menu icon (‘burger’ icon that looks like three stripes), and choose to sign to another account from there.

Once logged in, you can easily switch between the different accounts.

For example, Scotty here has his work and personal accounts set up in the Fleep app and he can switch between the two from the Account bar on the left-hand side:

multiple accounts in fleep

In a different scenario, both Paul and Mary have access to the company email address hello@grudly.com, which they manage from Fleep. For quick access, they have both set up the account on their Fleep mobile apps – Android and iPhone respectively:

mobile multiple accounts in fleep

What else should I know about multiple accounts?

Do note that you will receive notifications from all of the accounts that you are logged in to. Also, there is no support for multiple accounts in the web browser. You can, however, use different web browsers for different accounts or download the native app for Windows or Mac to use multiple accounts.

That’s cool! What’s next?

As we’re on a mission to replace email conversations, we have developed a feature that will allow you to migrate your conversations to Fleep and keep your existing email identity. In fact, support for multiple accounts in Fleep apps was built in preparation for that feature.

People often have multiple email addresses or identities, so it became clear to us that Fleep needs to accommodate for that, to have the option to switch between multiple accounts. So, if you’re asking what’s next – connecting your Fleep account with your existing email account is next.

Have feedback or questions for us? Contact us at support@fleep.io. Let’s also stay in touch through our social media channels – TwitterFacebook, LinkedIn.

Team chat culture

team chat cultureThere is a clear trend of migrating work conversations from email to team communication tools. But how do you make sure your team chats actually help your team get work done and don’t become a source of distraction and as unproductive as email? The answer lies in the right team chat culture.

Text-based communication has been a part of business communications for a long time. Not every question is urgent enough to justify a phone call, so written messages are great for allowing the receivers to respond at their convenience. While the use of email in business communication is still the norm, we’re already seeing the rise of team chat tools as alternatives to email. However, technology is just the enabler here – great team chat culture is important for making the technology work for you.

This is something we have come to understand while building a modern business messenger: choosing to use great tools is important, but it’s even more important to use them wisely. As we discussed this with our team, it became clear that we’d like to share our ideas about how important team chat culture is in adopting a team communication tool, as well as how it differs from email culture and instant messaging culture.

team chat cultureOur team chat culture in the Fleep team is optimized for productivity. I’ve found that my business communications have become way more effective and less time-consuming since joining the Fleep team.

So how do we use chat? There definitely are some variations within the team, but I’ve found that the following fundamentals of our team chat culture are encouraged:

  • Own your focus

This one lays the groundwork for our team chat culture. It is important to be in control of your focus and not let incoming messages distract you. One practical tip for owning your focus is to…

  •  Mute conversations

team chat cultureWe mute conversations that don’t need our constant attention. For example, I have muted our Fun Chat and Offtopic chat – I want to be a part of them, but I don’t need notifications for new messages in those.

Similarly, I have muted all of our conversations about bugs – I need to be part of them to report bugs, but I do not need alerts for new messages from others. Also, as I manage my emails in Fleep, I have made sure all newsletters are muted and I’ve also enabled Automute.

All muted conversations get my attention when I choose to read them, and they do not distract me at any other time.

  •  Read 1:1 conversations first

One-on-one conversations should get first priority among unread conversations. In these conversations, someone is pinging you directly, so it makes sense to address those first and only then look at group conversations.

Additionally, group conversations where you’ve been @mentioned should get your attention before other team chats. This follows the same logic that someone has posted a message that requires your attention.

  •  Be concise and to-the-point

team chat culture

For the sake of saving everyone’s time (including your own), brevity is a part of our team chat culture. If you have a question, ask the question and don’t start with “hey, are you there?”.

Similarly, the niceties of the email world become meaningless in the context of team chats. (Unsurprisingly, some of the busiest people in the world have also dropped the niceties in their email culture.)

  •  Avoid unnecessary noise

Last, but definitely not least, we try to avoid posting meaningless messages in group conversations – like saying “ok” or “got it” – when they add no value. In other team messengers, these kind of messages are often used to confirm you’ve received the message, but in Fleep we have seen-by indicators to serve that purpose.

team chat cultureAdditionally, a funny gif at the right place and time can say more than a thousand words, but you may want to think twice before posting one. Will it add value? Is it worth everyone’s attention?

If you’re the team’s key comedian, your input is probably welcome – but having a dedicated chat or two for offtopic comments or jokes may be a good idea for ensuring that work conversations stay on topic.

In our team’s experience, these basics cultivate a good team chat culture. While no culture is set in stone, we have tried to make sure everyone in our team is on the same page in how we use team chat. After all, communications forms the very foundation of company culture.

Chat for teams