Starting a new business can mean that money is tight, so it’s only natural for entrepreneurs to look for ways that they can save. If your budget is smaller than you’d like, these tips could be just what you’re looking for. While nobody likes to compromise on the quality of their products or services, there are plenty of other areas where you can cut back or make some serious savings, regardless of the industry you’re in. However, if you really are struggling financially, make sure you consult an accountant or advisor to see if there’s anything they can do to help.
Renewable energy
Lots of people are under the misconception that sustainable practices will cost them more money, but it’s actually the opposite. Taking steps such as installing your own solar panels will allow you to cut down on your energy bills and potentially even generate income depending on how much power you use. If you are thinking of investing in renewable energy, make sure you learn about PPA before diving in, as this will help you to understand how your energy choices can impact you financially.
Low-cost marketing
If you’ve been paying for adverts in magazines or even online then you might be using a whole lot of your budget on promoting your business. But marketing doesn’t need to be expensive and can be incredibly low cost or even free. Try your hand at setting up social media profiles or writing blog posts and publishing them on your website. While you will have to learn about SEO and analytics, you’ll be investing in yourself and furthering your skills.
Investing in software
Some of your admin or data entry needs could be easily met by the right type of software. Most software solutions won’t be completely free of charge, but they will work out cheaper than paying an employee or freelancer. Make sure you shop around for deals and look out for software solutions that take care of more than one problem you’re having.
Work remotely
Renting an office space and paying for all the utilities that go along with it can prove to be expensive, but thanks to technology many businesses are now choosing to have a remote setup. This can really slash your monthly costs, allowing you to invest in business development. Many employees are also looking for remote opportunities these days because of the flexibility it affords them. It might take a little bit of getting used to, but most entrepreneurs find that productivity actually increases when their team works from home.
Go paperless
Printing and the cost of paper can make up a significant chunk of your quarterly budget, so going paperless could be a great option. You’ll still be able to get in touch with all your customers via e-mail and can use services like DocuSign for contracts and legal agreements. If you’re reluctant to go completely paperless, giving customers the option of opting out of paper communications should still bring you some savings.
