At any startup, whether it’s riding a nice wave or going through tough times, there is always the issue of money lurking in the shadows. If your new business is just taking off and you’re starting to realize that you’re running low on cash, you need to tighten things up now before your money problem becomes a full-blown crisis. Here are five tips for saving money any new business can employ.
Share Workspace and Costs
It’s always wise for a new business to show some modesty in regards to their workspace. One of the best ways to save cash is to share your workspace with other new or established businesses to keep your costs low. Besides saving on rent, sharing workspace also gives you the opportunity to find others ways of sharing costs. For instance, you can share the cost of office supplies with the other businesses such as copy paper, printers and janitorial fees. You also might wish to consider sharing the secretarial services you need with the other business or businesses you share space with.
It’s a dog eat dog world out there with so many people vying for the same jobs. This is why you might want to consider employing some interns on your staff. Doing so is a very affordable way to get some of your tasks done plus your business is sure to benefit from the expertise another person brings on board. If you do decide to place an ad for an intern, be very specific about what type of skills and experience you need. Remember that you will have to take time out of your daily schedule to train the intern you bring on board so make sure you have time to dedicate to this. You may be very pleasantly surprised to learn that there are many people out there who are fully qualified and enthusiastic about working for you. The nice thing about hiring an intern is that you won’t have to pay them a big salary as part of the benefits they’ll receive is good hands-on work experience.
Build Buzz the Affordable Way
You don’t have to pump a lot of money in various forms of advertising these days. Instead of spending money on advertisement you’re unsure will work, use free methods for building a buzz around your business. If you haven’t done so already, get your business on social media and then get busy posting interesting info there to share with your followers. Hold contests on your social channels and reward the winners with products or services you sell. Starting and maintaining a business blog is another low cost way to advertise your business. Just be sure to research the keywords you’ll focus on as you’ll need to use the same phrases your potential customers use when looking for products and services like yours.
Another good way to gain exposure for your business is by attending local events and sponsoring sports teams. Print up some low cost advertising fliers and then hire some youngsters to leave around town in highly traffic areas like supermarkets, shopping centers, community centers and libraries.
Hunt Down Bargains When Shopping For Supplies
One of the best ways to trim costs is to become a frugal shopper. Whenever you need to buy supplies for your business,take the time to look around for the best deals. It doesn’t matter if you need pens & pencils, office furniture or web content creation services, there are deals out there just waiting to be discovered. And it’s important that you separate what you need from what you want. It’s far too easy for business owners to spend money on things they don’t actually need. Be honest with yourself. Do you really need that brand new computer or is it just something you’d love to have because it’s loaded with all the latest features?
Prices for products and services are almost always negotiable. If you adapt the mindset that you will negotiate with vendors every time you need something, you’re bound to save a considerable amount of money down the road. Remember that people who are selling products and services want and need to sell. If you show you’re very interested in something someone has to sell, you’re bound to be able to work out a deal that results in you paying less. Make it a practice that you never pay full price for anything until you’ve tried to get the item for less. Soon, this practice will become second nature to you and you’ll get better and better at negotiating.