3 Ways to Make Big Savings in Your Small Business
Starting out with your small business can be an exciting but stressful time.
Generally, any new venture requires a lot of time, capital, and passion to get it off the ground. A lack in any of these departments can land you in all kinds of trouble. The time and passion aspects of building your small business are central to your own work ethic.
However, making sure your cash flow is in the best possible shape can sometimes be a little difficult for anyone new to entrepreneurial circles. It might not be easy to stay on top of your cash flow at a time in business that is notoriously volatile. Nonetheless, there are ways to make sure you are doing everything you can to keep costs down and profits up when you’re starting out.
RELATED ARTICLE: MOTIVATIONAL QUOTES TO INSPIRE NEW ENTREPRENEURS TO NEVER GIVE UP
Consider Your Choices with Telephony
Recent advancements in technology have led to a lot of change in the workplace. One thing has remained the same, though, and that is the need to communicate.
Without a phone line, your company runs the risk of looking amateurish and untrustworthy. Therefore, getting yourself a customer hotline should be a priority. This doesn’t, however, mean than you need to pay for an actual telephone line. With many online options available, the need to have a physical line tied to your company is long gone. In its place is a plethora of services that are cheaper, more functional, and infinitely more flexible.
The likes of Skype, RingCentral, and Vonage offer subscriptions for regular telephone numbers. Calls are routed to your smartphone, tablet, PC, or any other platform you desire. They also come with the added bonus of video calling. Plus, they can easily be expanded should you decide that you need another line for a new employee.
As long as you have a steady internet connection, the calls can be equal to, or even better in quality than a standard landline. All this comes at a price that is cheaper than your average landline package. And it’s a lot more useful.
If you’re a starting a business that is flexible in its locale, landlines make little to no sense. Equally, being contactable while you’re on the go is fast becoming a necessity for the modern small business. As such, you have a choice between an expensive single-function service, or a more malleable cheaper one.
If You Need a Loan, Make the Right Choice
Getting your small business off the ground can in some instances require more capital than you personally have available. In situations like this, a loan is a perfectly respectable way of getting your business up and running.
Choosing the right loan, though, can be confusing. Various factors will affect the type of loan you’ll be able to acquire. These factors include how much money you need and how long you have been in business. Further, your lender will want to know how much you are making in profit.
What’s more, different lenders have different rates at which you have to pay them back, and how much you will have to pay back overall. Take your time to look around, compare business loans, and select the one that best fulfills your needs.
Choose Premises Appropriate to Your Means
Before you sign up to rent an office space for the next 12 months, ask yourself whether you really need to. An office could be a necessity for some small businesses, but not everyone needs to have one. Especially when your small business is in its fledgling stage you might be better off working from home.
However, if that is impossible or impractical, there are some companies out there who specialize in short term, rentable office spaces. This can be anything from a single desk in a small room to plush meeting rooms, or even entire floors for bigger teams. This approach can be great for small businesses for these big reasons:
- Firstly, you can rent on a daily, weekly, or monthly basis.
- Secondly, you can often find a space that’s near to wherever you happen to live.
- And thirdly, you can rent rooms that are more luxurious than anything you could currently afford with yearly leases.
If you have an important meeting with a client, rent the penthouse meeting room. The next day, simply rent the standard office desk. This way you look impressive to the onlooker when you need to exude the “wow” factor. But you’ll save money by renting only the more conservative rooms for the rest of the week.
With a little effort, research, and planning, you can save a lot of money for your small business by simply working within your means. You might find that don’t need to tie yourself down to long and expensive contracts, and it pays to look at the alternatives.
With so many options available, there has never been a more exciting time to start building that empire.