Starting a business is exhilarating, but it can also be quite expensive. If you hope to get your company off the ground and keep it there, you’ll need to find ways to spend less. Check out these tips and tricks for saving money for your business.
1. Create a Home Office
If you are just starting out, there is probably no need to lease an office or purchase commercial real estate. Find a space at home where you can organize your business inventory, take phone calls, and perform online tasks. If you need a place where you can see clients, search for a local co-working facility that allows you to rent office space by the hour. You’ll have a professional backdrop for your meetings but only pay for the time you use. You might also consider converting a garage, pool house, or guest house into an office space.
2. Use a Website Builder
While there are advantages to hiring a web developer, saving money is not one of them. Using website builders to create a small website or online store is perfectly acceptable. They offer plenty of free options and the premium customization options are still more affordable than hiring a developer. Squarespace and Shopify are two popular platforms that require almost no technical skills. You can always hire a developer for a more personalized design further down the line.
3. Choose a Business Management Software
If you are a sole proprietor or have fewer than 50 employees, business management software allows you to keep track of your company without paying a full-time accountant or office manager. You can track inventory and expenses, keep customer and employee contact information, review profit margins, and much more with software. There are dozens of them on the market, so research thoroughly before purchasing one. You don’t want to waste money on something that isn’t right for you.
4. Purchase Business Insurance
Many new business owners become so focused on other expenses that they forget about the importance of insurance. Even if you work out of your garage, you need to purchase insurance for business. Your basic home policy will not cover your company’s inventory, equipment, or anything else that you lose to theft or natural disaster. Spending money on insurance now could save you thousands of dollars should something unfortunate occur in the future.
Despite the ability to save money with these tips, it is important to consider them carefully and revisit them each year. As your company grows, you may find that hiring a full-time office manager is a better fit than handling the software yourself. Your insurance could become more expensive in time and require updating as well. Remain diligent to keep seeing savings and running a successful company.