Starting a new business can be an exciting time. It’s an opportunity to take a new course – a chance to move away from working for other people and make your own money. For savvy entrepreneurs and business minds, starting up a business comes naturally, but for everyone else, it can be a stressful and costly time. If you want to save money when starting up, check out these five simple tips. They’ll help you cut expenses and increase your chances of success.
The chances are that you’ll have every faith that your new business will succeed, but there’s no guarantee that it will. To save you money and prevent you from going too deep into the red, avoid committing to contracts or tariffs, and instead find low-risk alternatives. So, for example, instead of buying premises for your business or laying down a three-year deposit on an office lease, rent instead. That way, if something goes wrong, you’re not tied down.
The same goes for car insurance – if you’re hiring a van for the day to make a delivery and need cover, look at temporary car insurance from a provider like Call Wiser rather than spend hundreds of points on cover that you’re not going to be using.
If you want people to find out about your business, then it’s essential that you invest in marketing and advertising. However, finding a marketing agency to suit your budget may be a challenge, with many charging hundreds or even thousands of pounds a month. Set up social media accounts for your business, use a website builder like Squarespace or Wix, and start blogging. Producing regular content, whether that’s information about your brand or industry news, will give you a competitive edge and keep customers coming back.
Marketing your business for free could prove incredibly useful for your business. They recommend creating local awareness by getting featured in local newspapers and trade magazines; starting an email marketing campaign to generate leads and build an audience, and using public relations to find influencers that you can “stand on the shoulders” of to boost your brand. There are a whole host of options to consider – and most are free.
Outsourcing is one of the very best ways to build your business and save money in the process. Whatever you choose to outsource – whether that’s building a website, marketing your business, producing legal documentation to go alongside your products or sales, outsourcing is a cost-effective and low-risk method of getting work done. And, when you define outsource in meaningful ways, you don’t have to worry about hiring somebody – if you don’t like the work or you no longer need the service, you end your agreement and don’t have to pay a penny.
Give Sales A Commission
Sales is another important thing to take into consideration – especially when you’re in the early days of your business. Whether you hire a sales team or use freelancers, create a generate commission scheme so that people are attracted to your business. By rewarding your team every time they generate a sale, you’ll increase their job satisfaction and boost motivation levels. Plus, commission-based sales allow you to keep fixed costs low.
Another method of commission-based marketing that’s effective, especially for digital start-ups, is affiliate marketing. Launch an affiliate scheme and reward bloggers, influencers and businesses a percentage cut of any sales they help you generate, and you’ll quickly see people signing up to market your business for free. This is a risk-free lead generation and marketing solution, and it’s used by some of the world’s biggest businesses. As My Content Co writes, an affiliate scheme can help you to reach your target audience more effectively.
Do It From Home
In today’s new age of technology and always-on business, there’s no need to open a physical store for your business or splash out on an office. Work virtually – whether that’s from home, your car, your hotel room or even your bed – and you’ll save thousands of pounds, which you can put back into more important aspects of your business. And, when you hire your first employees, give them the opportunity to work wherever they want, too.
In fact, on top of money-saving, working from home offers other benefits. You won’t have to commute to work, which will save you time (and money), you’ll be more productive, as you’ll be working where you feel most comfortable, and it’s more environmentally friendly.
Starting a business can be one of the most rewarding things in life, but it’s important that you keep a close eye on your budget so that you don’t overdo it. Follow these five top tips, and you’ll have more money in your bank account to make your business work.