Any startup can benefit from a few money saving tips, so here are ours:
1. Office Space
Rather than investing in “usual” office space, opt for communal space. It does not only cost considerably less, it will also help you connect with like-minded individuals. These office spaces tend to offer a great culture & will help you meet other entrepreneurs whose skills could complement your business.
2. Office Furniture
If you choose to have a dedicated office space that needs to be furnished, always seek second hand office furniture. There are many companies such as www.recycledbusinessfurniture.co.uk or www.lamoffice.com that specialise in this area. Or simply go on www.ebay.co.uk or www.gumtree.co.uk
3. International calls
There is no need for expensive phone bills, even when your business requires you to make international calls. There are many alternatives to choose from, such as Skype, Google hangouts or VoIP. Just remember that your correspondent can see you if you choose to make video calls!
4. Negotiate everything
However big or small a purchase is, you should always try to negociate everything to get the best deals. Even when it doesn’t seem like much, saving on every single purchase can make a considerable difference at the end of the month.
If you choose to go with a high street bank, there are considerable savings to be made by choosing the offering carefully. Most banks will nowadays offer a free 12 to 24 months period. Beware of the fees after the initial period. The annual cost can then reach hundreds of pounds.
There are however alternative finance providers such as www.apsgroup.com that offer similar business bank accounts at a fraction of the cost with immediate approval, which means you won’t have to go through any credit checks.
As a new business owner, you will probably try to do just about everything. Don’t. Instead, focus on what you are good at and outsource the rest. Companies experienced in other areas will do a better job than you, quicker and probably cheaper than you would once you take your time into consideration.
7. Free Apps, websites & hosting
Make the most of all the free resources available on the Internet. Don’t pay for anything unless you really have to. There are several companies offering free hosting for start-ups Rackspace, Google cloud and Microsoft BizSpark are just a few of them.
8. Apprenticeships & Internships
These can be a goldmine to any business. Many very talented individuals will be willing to join a fun, fast pace company at the start of its journey for its working environment and the long term prospects it offers.
9. Small accounts
You are a small business who only has limited accountancy needs.A cheaper , small accountant is all your business needs at present. Don’t spend unnecessary cash on big accountancy firms until you have a need for it.
Grants are not always easy to obtain and competition can be fierce, but they are well worth the reward. Look out for grants in your area and apply to as many as you can. This extra cash will no doubt be very welcome, it may also help push your business to the next level.