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If you’re worried about your new employees bingeing Netflix on the job, you can use top-rated employee monitoring software to track employee productivity from afar.

But you can save on office space without sacrificing efficiency by implementing best practices for working at home. Of course, many business leaders hold differing opinions on whether remote work is productive. Entrepreneurs who don’t need to blow cash on office space to start their businesses can put those funds to much better use. Pinterest, for example, paid close to $90 million to terminate the lease at the social media company’s San Francisco headquarters and go fully remote in 2020. Some have even shelled out big bucks to go remote, betting the move will pay off in the long term.

Many businesses are saying goodbye to expensive office rent, utilities and other overhead costs associated with physical real estate. If you’re looking to launch your enterprise in the near future, here’s what you should be doing now to cut costs and increase the likelihood of financial stability. One big reason it’s a great time to start a business is that there are more ways than ever to save money when doing so. Famed venture capitalist Bill Gurley even told McKinsey in 2022, “If you’re going to build something from scratch, this might be as good a time as you’ve had in a decade.”

Yet, in some ways, we’re living in the golden age of starting a business. With soaring inflation, rising wages and falling consumer confidence, it’s likely that more startups will go broke than not this year. Entrepreneurs are often advised to “go for broke.” That sounds great … until it actually happens.īusiness bankruptcies are expected to skyrocket in 2023.

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