You’ve set the wheels of your new business in motion and are poised to take on the competition – but then come the bills, fees and overheads. From energy firms to invoices, there’s always someone or something looking to take a chunk of your revenue.
Here, we provide seven ways start-ups can save money everyday by reducing operational overheads and being savvier about outgoings:
Reduce Energy Use.
Excessive energy use in the workplace will not just put strain on your company’s wallet; it’ll damage your environmental status too. Leaving lights burning, using out-dated computer systems and wasting paper can all contribute to energy wastage – but they needn’t have to.
By making simple changes around the workplace and instilling an eco-friendly philosophy among your staff – you could save a fortune in energy costs and help save the planet while you’re at it. To find out more about how to cut energy in the workplace, check out the Energy Star website.
Cut Unnecessary Expense.
Had a long, hard look at your finances lately? If not, you could be overlooking a glut of inessential expenses. Businesses who fail to keep tabs on their outgoings could be wasting thousands every year; shelling out hard-earned revenue on superfluous supplies and decadent business lunches. To clampdown on futile spending, go at your finances with a fine-tooth comb to pinpoint exactly where you save money. Alternatively, hire an accountant who can do it for you.
Search High & Low for Cheap Office Space.
Although the majority of businesses would love to operate from a swanky office in the centre of town, the sad reality is that most start-ups will have to settle for something a little less swish – at least until the money starts flowing in. Look carefully however, and there are some real bargains on new offices to be hand. Real estate vendors with a large volume of vacant units are often happy to strike a deal with talented upstarts, so it pays to shop around when looking for your first proper office space.
Cut Printing Costs.
Despite the growth in digital technologies, the humble printer still has a place in the office environment, with most companies using one on a daily basis. If your business produces a large volume of printouts, the operating costs can soon tot-up – with paper and ink cartridges being the most expensive consumables to replace.
To cut printer costs, use duplex printing to reduce paper use and consider using compatible ink cartridges. Third party ink cartridges are considerably cheaper than standard, manufacturer cartridges, and are available to buy cheaply from online vendors like Print Head.
Buy Second Hand Office Furniture.
Office furniture is one overhead overlooked by many new start-ups. Happily, new furnishings needn’t cost the earth. Buy second-hand furniture direct from online furniture suppliers like Want Don’t Want, and you can kit out your entire workplace for a fraction of the cost of investing in new furniture. From desks and chairs to storage solutions and boardroom tables, there’s a wealth of top quality second-hand office furniture on the web waiting for a new home.
Pay for Talent.
After a successful first year or two, you’ll probably want – and potentially, need – to take on new staff to manage operations or branch into new areas. The instinct for many young businesses is to hire on the cheap – effectively paying peanuts to anyone willing to do the job. Hiring on the cheap however, will impact your business in the long term – particularly if you’ve taken on a disinterested individual with a poor work ethic. Advertise a role at decent pay grade however, and you’ll attract talent – and talent means more money for you and your business in the long term.
Advertise Through Social Media.
Conventional methods of advertising – such as billboards, radio spots and TV ads – can cost a small fortune, and are often not a viable option for small businesses. But in a world where social media is becoming the main method of communication between brands and consumers, it’s entirely possible to advertisement your company effectively, for free. When promoting your brand online, it’s important to build a positive persona – check out this handy guide on how to build a Social Media Strategy in 8 Steps.