Posted by : Amanda Stein Saturday, September 22, 2012
Setting up a new business can be liberating. Knowing that you are working for yourself and to your own watch can feel empowering. With many people losing their jobs or being made redundant in the recession, it’s no wonder that many have decided to become their own boss. You don’t need a massive bank balance to set up your own business either. Entrepreneurial spirit is the driving force for many to ensure they are taking their own financial security into their own hands. Here are a few ways you can save money when setting up a new business.
Cut Down On Overhead Costs
When setting up a business you may be able to get away with working from home to start with. This will instantly reduce overheads and cut out commuting and any childcare costs. When your business starts to expand it may be a good idea to co-work. Coworking is a great way of sharing office space and you won’t feel as isolated as you would working from home. When your business starts expanding it may be a good idea to rent out some office space and sublet some of the rooms out to other businesses. If you need more space opt for industrial over commercial office space as the rent is cheaper.
Choose laptops as these save up to 90% of energy compared to a desktop pc. While your getting up and running you could look at buying used office equipment from businesses that are closing or selling up, this will be at a margin of retail price.
If you have a business where you are selling items and need storage, second hand shelving and pallet racking is a good idea. There are various companies which provide second hand storage facilities and warehouse racking. You can create your own storage area with low cost pallet racking and used shelving.
To cut down on costs you could look at hiring an intern. College graduates are always looking for valuable work experience to increase their chances of employability. Fresh graduates have alot of creative and innovative ideas and are keen to get exposure and some will work unpaid.
If you have children looking for extra pocket money or a family member out of work offer to pay them if they help with your set up such as leaflet delivery.
Create links with other entrepreneurs. Seek out small start up companies in marketing, accountancy or an area relevant to you and strike a deal. Offer your services at a discounted price if they are also willing to. This is a great way to interact with other businesses and build up all profiles.
Word of mouth is one of the most powerful ways of gaining exposure. Network at local business events in your area. Tell friends and family about your new venture and ask them to spread the word.
Depending on the type of new business your developing, it’s important to know your clients. Be a guest speaker at a charity event, gala or open day. Set up a stand at a festival or exhibition and offer free sample products and demonstrations. Alternatively create discount vouchers on your website or on a leaflet to get people interested.
Start to make yourself visible online. Look at creating social media business pages. These are a great way of allowing customers to interact with you in real time and a great way of getting promotions and news noticed. If you have a website create a blog for it. Consistent blogs on your site will enable your site to keep being fresh and will also help you move up the search rankings on Google. Generate a link which goes directly to your social media page to alert people of this.
Make your own business cards. As your new business is evolving it’s bound to change direction so there is no point in spending loads of money on getting them done professionally only to change them again.
Try and “piggyback” where possible. If you're sending out letters, invoices or statements put leaflets, newsletters and vouchers in with these.
This article was brought to you by Qubestor who supply low cost storage solutions for your business. Including new and used pallet racking and shelving for warehouses.