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May 04

Starting a Business: Money Saving Tips

Reading Time: 2 mins

Starting a business is an exciting time in your life, but with so many new businesses finding it difficult to operate due to spiralling finances, you want to make sure you keep an eye on your cashflow. It can be hard to think of ways to do that, however, when you’re under the pressure of working long hours trying to get your business off the ground.

That’s why we’ve come up with three extremely simple and useful tips to help your business save money.

 

1. Get a storage lockup

You might be surprised just how useful having your own lockup storage can be, it can really open some opportunities to save money. First, you will be able to take advantage of the savings that you can get by bulk-buying goods. As your customer base grows, you’ll require more stock, but when you’re just starting out it can be difficult to justify bulk-buying, even if it can offer you savings in the long run. As often there is nowhere to store the stock! However, having your own storage locker, you will have a place for the extra stock! A storage locker can also double as overflow for other business items and furniture and can even be used as more affordable improvised office/working space if necessary.

 

2. Embrace low cost marketing

It’s important to get your business noticed as quickly as possible, the more traction you can develop earlier, the quicker your business will become profitable. Marketing is often seen as expensive, but the reality of it is quite different. There are so many low-cost marketing options open to you. While you are a new business, it’s time to be creative and try as many different ideas as possible to spread the word about who you are, and what you do. Take advantage of the accessibility of social media, and make yourself known in the local community.

 

3. Hire a professional accountant

It may sound counter-intuitive at first – but this is about saving money, and here we’re suggesting you spend it, the important thing is that saving money involves making good investments. The services of a financial professional are always a good investment, and you should take steps as early as possible in your business development journey. The right accountant can help ensure your finances are properly structured, which means you don’t end up wasting any operating capital – invoices can be properly managed, your taxes efficiently handled, and you have more free time to focus on building your business.

 

4. Make smart decisions

There are going to be opportunities where you need to expand your resources and one of these might be to do with company travel. It could be that your staff need certain vehicles for their trade or it might be more financially beneficial to lease a vehicle, rather than spend all that money on public transport. It’s worth checking to see if you’re business is suitable for this so that you’re making smart decisions with your money from the offset. Think You’re Cut Out for Doing Van Leasing? Take This Quiz. This quiz can help you decide whether leasing a van is going to be a good decision for your company.

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