Starting a new business will always require some overheads and if you’re on a shoestring budget, it really pays to scrimp and save wherever possible. These 5 cost saving mechanisms will help you get the most out of your new business without hindering the quality of your output.
Hire a serviced office
A traditional office space will almost certainly require a long-term lease agreement – usually 1-3 years – and excessive overheads. A serviced office is essentially a pay-as-you-use office. Contract terms are available for as little as one month and they have all of the services and facilities in place and ready-to-use. In addition, serviced offices are commonly located in prestigious areas that may otherwise be out of range for your budget. For a detailed breakdown on how serviced offices could help you save money, read The Definitive Guide to Serviced Offices in London.
Hire a virtual office
In today’s digital age remote working is very popular and physical office spaces may not be a necessity. If you can run your business from home, then you can save plenty of cash; however, many businesses and financers may not feel comfortable working with you. A virtual office is essentially a professional address and telephone number that can be used for business correspondence, allowing you to enhance your corporate identity without excessive expenditure. For more information about virtual offices, read What is a Virtual Office?
Outsource difficult tasks
Many business owners fail to invest wisely when they are trying to cut down costs and save money. There are certain tasks in business that require education and skill, such as accounting. Conducting these tasks yourself can take up a huge amount of time – time that could be better spent on revenue generating activities. While it may seem costly, outsourcing difficult tasks can actually lead to savings in the long run.
Start Internet marketing
Use the Internet wisely and you could virtually alleviate your marketing budget. Social networking websites such as Facebook and Twitter are free to use and can do wonders for your business profile. While it can take some time to gain followers and establish your business, social media allows you to create sub-communities around your business and market to them consistently for free; unlike other more costly forms of marketing.
Believe it or not, uniforms can significantly increase productivity in the workplace if you run a service-based business. Note that the word “uniform” and “formal attire” are very different – uniform can still be casual and could mean anything from a branded polo shirt to a baseball cap. Studies conducted by Corporate Clothing Wear have shown that a uniform can boost morale by creating a stronger sense of equality, which reduces the negative effects of corporate hierarchy. Healthier working relationships have a direct effect on the quality of employee output and customer relations.
Sometimes it simply takes money to make money; however, with careful financial planning and a solid strategy there’s no reason why you’ll have to break the bank to make your new business work.