Young Upstarts

All about entrepreneurship, intrapreneurship, ideas, innovation, and small business.

Save Money To Make Money: How To Save Money When Setting Up A Business

Money-Saving

So you’re setting up your own business and of course your number one goal is to make money. The best place to start is to make sure you’re not throwing precious cash away.

Hire Freelancers.

It may seem counterintuitive to spend money on employers like freelancers when setting you up own business, but in fact the cost savings are significant. Using freelancers frees up your time so you can get more done, to focus on the most important thing – your clients. You can also focus on developing your product or service offering to ensure you’re not missing any sales opportunities by being bogged down with day-to-day work.

Freelancers are available to streamline all aspects of your business from looking after your accounts and books, website, marketing, sales and customer service to professional consultants and you could even get yourself a virtual assistant! There are lots of great websites where you can find a freelancer easily such as People Per Hour or Freelancer.

Lease a Vehicle.

Depending on your business needs you’ll likely want a car or van to carry tools, equipment or go to client meetings and networking events. And of course you’ll want to make a good impression, rather than turning up for a sales pitch in your clapped-out student run-around. The early years of business can mean lots of motorway miles as you get contractors, clients and customers on board with your plans. And the best way to do this is to lease a reliable vehicle that looks the part.

Leasing a business vehicle will reduce time and money wasted on breakdowns, expensive MOTs and services, and a lease car warranty will cover most costs plus they’re modern models and so more reliable in the first place. Many startups can’t get the finance to buy things upfront and so leasing is a perfect solution.

Trade your Trade.

There are lots of hidden costs associated with starting up a new venture and trading with other businesses is a good way of avoiding lots of them, if you can, depending upon your business type. Things like office furniture, fixture and fittings, initial stock and materials and perhaps staff uniform can certainly all add up.

Trading can work well with freelancers who may consider swopping services for products from you. Also consider borrowing and second-hand for things like office furniture.

Save Power in the Office.

New business premises, rent and rates will no doubt be some of your businesses biggest overheads and so certainly worth keeping a tight rein on. Luckily there are lots of ways you can save money in the running of your office. Take energy-saving precautions by installing LED or energy-efficient light bulbs, a timer lighting system is also a huge energy saver, look at the boiler to make sure it is energy A-rated, make sure machinery such as computers and printers have power management settings and set the thermostat at 19 degrees Celsius, this is also an optimum temperature for productivity.

Finally, also take the time to ensure employee awareness of energy efficiency around the office – only half filing the kettle if only brewing up for one – or moreover make everyone a coffee when it’s your turn – and turning all systems off at the end of the day and not just onto sleep mode.

Starting your own business is an exciting prospect with lots of initial costs, just don’t get carried away with overheads as they add more pressure on the business, make sure all costs are justified and enjoy watching your profits grow.

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Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.

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