Friday, January 30, 2015

How to Save Money on Your Business Start-up

Small business owners know better than anyone that it will almost always take money to make money as expenses quickly begin to accumulate. Those that have recently set out to develop their own business start-up may just now be realizing how much capital these ventures require, but there is help out there. Anyone looking to make save money without cutting the wrong corners needs to keep these actionable tips in mind.

Save and Spend Your Money Wisely

When you are first starting a business, it can be very hard to bring any kind of revenue. This is to be expected when you first start a business as you are trying to create a customer base. Therefore you want to be careful how you spend and save your money. You don’t want to spend your money on unnecessary things as this is how many new businesses go under so quickly. They spend too much and bring in too little revenue. However, you do have to spend some money and you have to take some calculated risks. Therefore you don’t want to just horde all of your money either. If you can make smart investments with the money you make in the early stages of starting your business that will bring in more customers or clients, then you want to spend that money. If it is necessary, you may want to take out a business loan of look for investors willing to put money in your company in the beginning which will hopefully allow your business to grow.

Focus on Free or Affordable Advertising

It will often take a little more time from the owner or their employees, but small businesses will mostly likely need to forgo paid advertising in the beginning. Instead of going with radio, TV, or local newspaper spots, it is more efficient to begin building a powerful online presence with social media companies. Attaching social media accounts to the company's primary website will have the added benefit of making it more visible to search engine users. 

A Virtual Assistant

Virtual assistants are now highly-trained and can be found for businesses of any size. Some of the top virtual assistant companies now provide small business owners with tiered and industry-specific training for four weeks or longer. They will also do all of the legwork for hiring a new employees such as carrying out a background check, drug tests, the interview process, and even supplying the new virtual assistant with health insurance and other benefits. 

Streamline Your Payment Services

Figuring out how payment services are going to work is often one of the most confusing steps for new merchants and business owners. This is why it is important to figure out simple and streamlined solutions early on with options such as a mobile point-of-sale device. In addition to handheld devices, owners could also opt for programs such as auto-deposits for payroll or the use of smartphones to accept physical checks to cut back on CPA or banking expenses. Owners could also apply for an ACH Merchant Account.

Buy Secondhand Office Supplies

Unless the product is absolutely essential or going to be seen by clientele, no one should ever think twice about purchasing secondhand supplies for their start-up. Going out and purchasing new purpose-built machines or expensive software is impractical for most. By searching online or going through bidding sites, small business owners can find high quality office furniture, electronics, software, and anything else they will need at a fraction of the price.

Money is going to be tight for almost every new start-up, and this is why cutting back on expenses should be on the business owner's mind at all times during those first few months and years.

1 comment:

  1. I have a whole box in my closet of unused/leftover office supplies that I always check before going to Staples. It has saved me so much money.

    Good article!


Join 1000's of People Following 50 Plus Finance
Real Time Web Analytics