You can’t put a price on the freedom and happiness that comes from being your own boss. However, that’s not to say that starting off as an entrepreneur doesn’t come with some money woes at the beginning.
In this tricky economic climate, even the most ambitious and hardworking SME owner can find themselves feeling financially crippled by overheads and business rates. In order to keep your head above water in the first few months, and during any rocky patches, here are a few money saving tips all business owners should be aware of:
There are untold financial advantages to operating an environmentally venture; from the immediate savings from not excessively printing out irrelevant emails and going paperless, to the bigger long term tax savings. Going green saves your business money, as well as the environment, plus is more appealing to potential clients and customers – a win, win all round.
One of the biggest overheads for many small businesses is the money spent on renting an office. For many, working from home is not an option, for various reasons – but that’s not to say that splashing the cash each month on swanky digs is the only solution. ‘Hot Desking’ at collaborative offices is becoming more and more popular amongst startups and freelancers and can see you save hundreds of pounds each month.
‘Hack’ your office
If your business requires a permanent base and an office is the only way to go, ensure you keep your bills and expenses to an absolute minimum. Have you got a heating pump installed to get the most out of your system? Do you really need to splash out on top of the range furniture when an Ikea desk works just as well? Be frugal and focus more on seeing your money build up in your business account rather than build up a beautiful collection of soft furnishings.
Avoid using huge, national chains and companies where you can and work with other local, small businesses and freelancers. Chances are, you’ll get a better, more personalised service at a fraction of the price that big companies charge. Not to mention that it’s always a great way to network and build up connections which may materialise into future work.
Networking events can sometimes be draining, pricey, time consuming and achieve very little in terms of bulking up your contact book. However, social networking is quite the opposite – businesses are built and flourish on apps we can download on our phones for free. Advertise your services on Twitter, connect with influential people on LinkedIn, keep a photographical journal of your successes on Instagram and keep a note of future ideas and plans on Pinterest – the possibilities are endless.