Creating and starting your own business requires investment and budgeting, which is why it’s important to pinch pennies where you can.
No matter your business, industry or location, these 10 money saving tips should get you and your new business started on the right foot.
- Use cloud computing. These days every new company uses some kind of software and there are so many to choose from. You can simplify a lot of tasks by using software that is based on cloud computing. For example, Google offers Google Drive for a project management software that is cloud-based. Or an expense management software is perfect for controlling receipts, expenses and bits of accounting.
- Go green. While it might seem expensive at first, going green will actually save you money in the long run. Whether you work from home or own a business space, the more energy-efficient your work space is, the less you’ll pay in utilities. Begin with switching to compact fluorescent bulbs or if you are able to spend the cash, solar panels are even better. Or for something simple, cut the amount of paper you use in your office.
- Cut down on meetings. Is that weekly meeting really necessary? Take a look at everyone’s calendars and get an idea of how much time is really being spent in meetings. Evaluate the costs and if all the meetings are really beneficial to the company. You can probably cut back on formal discussions and use that time for completing tasks.
- Get sponsors for events. There are many reasons why you might want to throw a company event and this is the perfect opportunity for you to save some money and join with sponsors. This can mean a higher-quality event and more press for everyone involved.
- Do your own marketing and PR. Take the time to learn things like marketing and PR for your company. There are many free online classes you can take to familiarise yourself with this particular area. All new businesses need marketing and hiring a PR professional can cost a lot of money. Save yourself the headache and do it yourself.
- Stay on top of your accounting. This goes without being said but keeping an eye on your accounting will definitely save you money. Pay your bills on time and don’t miss deadlines.
- Hire employees with little work experience. This doesn’t mean hiring the first bloke off the street but don’t get too picky when hiring your employees; it could cost you more money. People with little work experience are looking for entry-level positions and will typically take a lower salary than someone with more experience. It might take you time to teach them the ropes but employees such as these are usually motivated and happy to learn.
- Keep your good employees. High performing employees are a very valuable asset. They make you money and keeping them around will save you money down the road – so keep them incentivised.
- Share an office space. Sharing your office space with another company will save you money on monthly costs such as rent and utilities.
- Buy used office equipment and furniture. If you know where to look, you can get used furniture and other items for a fraction of the cost.
Saving money when starting a new business is a great way to begin your new venture. Use these 10 money saving tips to get you more bang for your buck!