When you set out to start your own business, there’s no doubt you have all kinds of plans and goals in mind. Of course, all of those things come at a cost, as starting a brand-new business is never a cheap endeavour. Money will not only be tight at the beginning, but typically the first couple of years are very tough. Statistics show that only 44% of new start-ups are still operating five years later, and money is often the big contributing factor.
So, if you’re determined to get your business off the ground and running, on as tight of a budget as possible, it’s always great to look into money-saving tips. Here are three you may not have considered.
Shop Around to Save Money on the Price of Your Utilities
No business can operate without gas and electricity; however, these two expenses alone can eat a large chunk out of your monthly budget. So, rather than just sign up with the first provider you think of, you’d be wise to shop around and get comparison quotes.
When it comes to your gas supplier, use a comparison site like Utility Bidder where you can find all the latest details on business gas prices, complete with competitive gas quotes specifically for your company. Using a comparison tool like this can help save you a fair amount of money each and every month.
Can You Downsize the Office Space?
Another way you can lower the expenses is to think long and hard about the amount of space you need for your office/company/storefront. Obviously, you don’t want to feel overcrowded, but at the same time, office space is expensive.
Sometimes it’s a matter of being creative and using smaller, less bulky office furniture, creating a smaller breakroom, allocating a small area as the “conference space”, and so forth. There’s also the fact that you may be able to allow employees to work remotely, which means less bodies in the actual workspace.
As the company becomes successful and profits grow, you can then start to think about getting a bigger space.
Opt for an Online Marketing Campaign at First
Then there is a company’s marketing campaign, which always needs to be well thought-out while ensuring you target your intended customers effectively. Marketing is always going to be important for your business, but even more-so in the beginning.
So, while you certainly can’t scrap your marketing plans, you can opt for the least expensive tools, resources, and techniques. Online marketing tends to give the most bang for the buck, and is frankly proving to be much more successful than traditional offline marketing.
Every Bit of Savings Makes a Difference
While each of these savings may not seem massive on their own, once you start adding them up and finding other ways to cut down on expenses, suddenly that tight budget you have will be much more do-able. Can you think of any other ways to save?