Starting a new business can be a costly affair, even if you have made thorough financial plans and projections. However, there are a few ways in which you can save money that will also improve efficiency and have a long-term impact on your business – and here are 6 examples.
- Get a great business address, without paying for excess space
When you first set up your business, it is likely that you will have very few employees – in fact, it might just be yourself doing everything. However, you might also understand the importance of having a good business address, or want to work somewhere other than your home office.
That said, renting an office space can be quite expensive, especially when you take utility costs into consideration. If you don’t have the staff to fully utilise an office space, this can lead to a lot of wasted money.
Instead, you might consider serviced offices, which are entirely scalable to the number of desks you require. This way, you only pay for what you use – with most costs included in the monthly rental – but still get that all important office location.
- Opt for used equipment (or a BYOD policy)
It goes without saying that there are a lot of initial costs associated with setting up a business. One of the major outgoings might be purchasing the right equipment for you and the team to use.
To save some money, consider instead used equipment that has either been reconditioned, refurbished, or is still in a good working condition.
If you are looking into business phones, you can also operate a ‘bring your own device’ (BYOD) policy, and then offer a cloud phone solution or additional business sim card that can be used through the device.
- Automate repetitive tasks
Despite admittedly having a start-up cost to get it running, automation software has the potential to save your business money in the long run. Automating repetitive tasks will free up yours and your employees’ time for more value adding tasks, reducing wasted time and improving efficiency.
- Utilise free marketing practices and platforms
What’s better than saving money? Doing things for free, of course.
When it comes to marketing, you can pay for certain services such as boosted content and running ad campaigns. However, there are also a lot of elements that you can get started with for free before deciding what your marketing budget might look like.
The best examples of this are creating social media accounts and blogging, both of which can be effectively utilised on a small budget.
- Take the time to understand tax and financial obligations
Failing to file the correct paperwork, obtain the appropriate licences, keep adequate financial records, and file tax returns can result in large fines, so ensure that you understand everything you need to do, and when you need to do it by.
- Plan, try, analyse, evaluate, adapt
Finally, never stop learning! It won’t always go right the first time – but that’s okay. Make a plan, try it out, and then analyse the results to see what went wrong or what could be improved.
This will allow you to continually adapt and make your business more efficient and cost effective in the long run.