In the early stages of your business’ development, you’re going to be counting every penny. Sadly, despite your best efforts, it’s not always easy to keep spending costs down. Building funds through sales isn’t always viable in these initial phases, so saving as much money as possible and cutting costs throughout your business can keep your dream afloat and – most importantly – keep your customer journey and overall experience positive.
Cutting back on your spending and saving money can feel a little daunting, however, when done properly you’ll not only give your bottom line a boost but your confidence too! Here we’ll explore some incredibly effortless ways you can save money on your fledgling business.
Invest in a commercial lawyer
Whilst it seems counterintuitive to spend money to save money, ensuring you are practicing business correctly is an investment in the long term. Business is complex and you need to be prepared for every eventuality that may come your way. Commercial Lawyers are essential to avoid any major issues that could develop down the line – whether it be commercial debt recovery, litigation and disputes, advice and business solutions, contracts and agreements etc… Long story short, having business lawyers on your side to offer their knowledge and experience on how to handle certain situations is something that you will find is invaluable, whilst saving you money on any costly issues that may arise. You must ensure that all your business practices are in line with the law and that you don’t allow yourself to unknowingly make any mistakes that will come back to haunt you.
Renegotiate prices (on everything)
From your broadband deal and the utility providers who are powering your home office to your vendors and suppliers, don’t be afraid to renegotiate prices as a way to save your business some money. Start by going through all of your expenses and contacting suppliers to renegotiate prices and rates on anything you can. Don’t be afraid of bartering, as plenty of people do it with great success. Ultimately, these vendors will want to keep you as a customer, so it’s in their best interest to offer you a deal. You never know unless you ask!
Don’t be afraid of second-hand
When you’re starting from scratch, it’s only natural to want everything to be fresh and new. However, this kind of attitude can end up costing you an unnecessary fortune. By simply opting for second-hand or repurposed equipment you could save hundreds or even thousands of dollars. You can buy anything second hand, from the laptops and copiers in your office to the desks and furniture, or even the coffee maker in the break room. Trawl social media for deals or head online to see what else you can find.
Embrace working from home
It’s been an unpredictable year which has left many people working from home. Truthfully, working virtually can save your business a huge amount of money on rent, property rates, and all the utilities that come with it. Embrace working from home – especially in the early stages, as you’ll save a bundle on office attire and commuting too!
And finally, don’t be afraid to outsource
Outsourcing small tasks can keep your costs low and keep your hands free to focus on other things. Small admin tasks are incredibly time-consuming but outsourcing them to a virtual assistant could keep costs low!