As an entrepreneur, you will know all about taking risks to get your business up and running. The initial costs of starting up a business can range from massive to minute, but once you’ve got it started you might be able to cut more costs than you think. If you’re thinking of launching a business from home you might be onto winning idea, equally there are also ways in which larger businesses can save money on its day to day running. From your office supplies to the way in which you travel to work, you could be saving yourself and your company a fortune. Make a few small changes to the way you work each day and you will find more money in your pockets and a more economical working life.
Economical Office Space
Think carefully when you’re choosing where to base your business. If you have the option of working from home, this is just about the most cost effective workplace you can have. When working from home you won’t be shelling out for costly office space rentals and you won’t need to worry about paying for extra overheads to run your office on a daily basis. If you set up your business from home you will also be able to claim back certain living expenses when sorting out your taxes. The government will often consider a small percentage of your rent and Wi-Fi bills if you’re working from home too. You will need to consider creating a calm and comfortable office space in your home, don’t rely on working in busy rooms where you won’t be able to concentrate. You can buy all of the initial equipment you will need relatively cheaply and you might already have everything you need already anyway.
Cost Effective Commute
Obviously if you’re running your business from home, you will be saving yourself a huge amount of money on commuting every day. Often employees are shelling out hundreds each month in order to get to work. Save yourself the hassle of buying travel cards and tickets by staying put in your own home. You may well have to travel to meetings or for other business reason, but it will certainly not add up to the amount of a daily commute.
If it isn’t possible for you to work at home or your business has expanded and needs to be based in a larger space, you could consider working flexibly. If you need to attend meetings or be in an office a certain number of times each week then consider working from home part-time. You will still be able to run your business the way it needs to be run, but you will also have the option to work at home when you need to. Cut costs and cancel your daily travel plans whenever necessary in order to gradually save yourself some money in the long-run.
Save on Supplies
Every business and office needs everyday supplies to function on a daily basis. From pens to post-it-notes you’re going to need to find some good deals when you’re ordering the things you need. Consider building up a rapport with a wholesale company and buy in bulk when you can. Buying from a reputable wholesale company will save you a lot of money in the long run. Check out some of the popular online stores for cheap printer ink and cartridges too. If you find yourself the best offer on the more expensive items you will be glad you chose your supplier carefully.
Second Hand Software
Don’t purchase a new set of software without knowing the systems you’re getting yourself into first. It’s very easy to get carried away when you’re starting to run a new business. You may think you need to buy all of this high-tech gear to get you up and running, but the truth is that you can get by with just the basics to begin with. If you want to try out a new program then make sure you take full advantage of any free trials the companies are offering. Often the popular software businesses will allow you a 30 day free trial of their service; you will then be able to see if this works for you and would be an asset to your company.
Similarly, technology and devices don’t always need to be bought brand new. If you do your research, there are plenty of places where you can buy second hand computers and office technology, which will save you a lot of money altogether. It is tempting to fork out for the latest gadgets when you’re new to running a business, but only spend your money on the products that are really going to be worthwhile for your daily needs.
Many wholesale companies also offer more environmentally friendly supplies which will help you to run your office more ethically. Choose recycled paper and energy saving light bulbs so that you are making a smaller carbon footprint.
Hold Off On Hiring
Expansion is inevitable for many businesses; it is the natural way in which things often progress. When it comes to hiring employees you need to make sure that you’re ready for such a commitment. There are many factors to consider before hiring your own staff to work for you and often this doesn’t need to be done for several years. Depending on the size of your business, you may need additional hands to help the day to day running of services. Make sure it is absolutely necessary for your business and create a clear budget for your staffing costs. If you can’t manage it financially it is worth keeping your business small for a little bit longer, so that you can build to a worthwhile expansion.
Swot Up On Your Skills
Embrace being the jack of all trades and use this time to build upon your skills. Running a business can be daunting, but you can handle many different jobs at once. Instead of forking out for an accountant, take on a course and do it yourself. The beauty of running a business is having total control and having the power to take on all responsibilities. It may get to a point where you have to draw the line, but in the initial stages make sure you’re working as hard as you can to make the maximum amount of growth and progress.
You don’t have to empty your pockets completely when you start-up a business. Just follow these thrifty tricks and you will be saving money and progressing with your business in a flash.
