Forming your own business can often be a costly process. Some businesses are able to start with minimal investments such as building a basic website, but for others there are many aspects to pay towards. An environment to work in, furniture, licences and staff are all financial implements that need to be considered before the business can lift off the ground.
No matter the business, it is imperative that you keep your costs to an absolute minimum, but there are many things you could consider in order to reduce your spends and have some extra cash put aside for a rainy business day.
Chances are that as a startup there are only a couple of you on the team, so you are probably able to wait until you’ve grown before renting a new office space. Renting is extremely costly for businesses, especially when you’re just starting out, so it’s a good idea to work from home if possible, and keep in contact via business messaging apps such as slack. If you need to meet face to face then arrange regular coffee shop meetups to keep on top of what everyone is up to and where the business is at.
Buy Second Hand
It’s easy to get excited when your business is starting out, so you may find yourself tempted by buying lots of brand new furniture and equipment, but it isn’t always necessary. You’ll find that you can save lots of money by investing in second hand items that are still in good condition. It may only be temporary until you can afford to buy brand new, but you may find that you have what you need at a fraction of the cost.
If you can’t afford to take anyone on full time, hiring a freelancer is a great way to get certain aspects of work done as and when you need them while paying a fraction of the cost for an official employee. This also means you won’t have to provide them with any employee benefits as they’re self employed anyway. And if they’re able to work from home then you won’t even need to provide them with any desk space.
Though the idea may seem a bit daunting, haggling is a very common business practice for getting the most for your company. If you can haggle your way to a better deal, that’s even more money saved in your pocket. Another route is to offer a service trade. For all you know, your service could be something they are likely to benefit from.
Use Free Software
While your business is just taking off, it’s a good idea to take advantage of as many free services as possible. From free trials to basic services that only require a payment for particular packages, there are many ways you can gather free software for your business.
When it comes to getting the most out of your business, Steven Glicher is here to help you keep your company investments kept down to an absolute minimum, leaving you with more financial freedom in the future. To talk to an expert to see how you can get the most out of your business budget, get in touch with Steven Glicher today. We would love to help you get the most out of your business venture while keeping your investments to a minimum.