More and more of us are setting up our own small businesses. If you want to make the most of the opportunity, it’s vital to keep the costs down so you can maximise your profits. Here’s a bunch of common sense ways to save cash, 26 tips for cutting the cost of entrepreneurial success.
- find a local business network you feel comfortable with – some are more formal than others, with hardcore five minute presentations and hard-sell techniques, others are more laid back and friendly
- work from home at first if you can – you can claim a proportion of your home expenses against tax and it costs a lot less than hiring office space
- set up your own website using WordPress, the world’s favourite free ecommerce and blogging platform and amazingly easy to use
- find a cheap domain name – you can pick them up for a couple of quid if you shop around
- use a Virtual Assistant to help you with the admin and organisational side of things, so you have the time you need to make the best use of your talents
- buy second hand office equipment including reconditioned technology like computers and phones
- meet prospects and clients in hotel bars and coffee shops, a perfectly acceptable practice these days with virtual businesses so common
- research tax breaks like National Insurance holidays and employment grants
- take on an apprentice under the government’s scheme
- ask around family and friends, paying talented people you can trust to handle the things you can’t or don’t want to do
- go paper-free from the offset – these days you shouldn’t need to print anything
- set up an Amazon shop
- set up an Ebay shop
- use PayPal for secure payments on the cheap – everyone’s using it
- take on a part time pay-as-you-go finance director through somewhere like www.thefdcentre.co.uk
- track down the best broadband and phone deal
- use free email marketing software
- take advantage of freelancers for design, copywriting, accounts and so on
- use www.gov.uk/browse/business to find out all the nitty gritty official stuff
- join the FSB, Federation of Small Businesses, and get cheap business insurance and a load of other handy benefits like legal support
- download free business documentation templates instead of paying a solicitor
- find a car share service and travel by public transport whenever it’s practical
- never buy paid-for online services when there’s a free ‘open source’ alternative…
- …but always pay for top class virus protection, id theft protection and firewall
- use Skype or something similar for bargain basement phone calls – local, national and international
- use the internet to train yourself in the aspects of business you don’t fully understand
What about your best tips? Feel free to leave a comment!
(Thanks to Celal at www.celalteber.co.uk for the fab free image)