Who needs to save when you have an awesome product or service right? Though having a great product or service is half the battle, there’s a lot that goes into running a successful business. Part of that means having the financial means to keep the business fully operational as you provide products or services to your clients on the daily basis. Much like running your household, running a business will require setting up a budget as well as learning how to save money to keep company expenses low and profits high.
Did you know that approximately half of all businesses end up failing within their first few years of starting? The reason is not the result of poor products or service, but because of the lack of financial resources to keep the business running. In order to keep your company from becoming a statistic, here are some options you might consider to save money:
Saving Around the House
When you’re just starting out in business your funding will typically come from your own pocket. This means you’ll want to cut down on the unnecessary spending in your home so that you have more money to invest into your business. Here are some suggestions to saving on some of the most costly home expenses:
Your utility bills can get out of hand if you’re not paying attention. There are ways in which you can save on utilities such as your energy bill including the option to switch providers. Many states in the US now give residents the power to choose their own electricity provider. As companies vie for the business of consumers you can often find real savings. LocalElectricityCompanies.com gives more information on the power to choose providers in qualifying areas.
The food bill is another costly expense that could be draining your budget pretty quickly. Some ways in which you can save on the food bills would include checking for sales, clipping coupons, building a stockpile, and eating out less (which could be costing you thousands of dollars each year).
Home entertainment such as phone, cable, and internet services are nice to have but can take a huge chunk out of your income. To save money on home entertainment services you can look for alternative services such as satellite providers or streaming services or look into bundle packages which can make the services a lot more affordable.
Saving at the Job
Once you’ve gotten your home budget under control you can begin to cut back on costs in the office. Whether you run your business from home or from a brick and mortar location these tips are sure to come in handy.
Buy Used or Refurbished
When it comes to purchasing office equipment and furniture for your work space you should look to purchase used or refurbished first. They are often still in decent condition and can save you a decent amount of money. You can find reliable technology such as computers, printers, and tablets that have been repaired and put back on the market for sale. They often come with some form of warranty so that you’re protected. Used office furniture can often be easy to find at secondhand stores or at yard sales.
Use Free Marketing Platforms
Marketing is a huge part of starting a business of any type. Sure it is an important to making your company relevant, but that doesn’t mean you should go broke trying to make it happen. Thanks to modern technology, there are plenty of free platforms that can be used for marketing your products or services. Investing in social media accounts for instance is one way to network and connect with potential new customers.
Barter Your Services
You got into business because you thought you had a great product or service to offer. So why not put it to use for you when it comes to saving money. Let’s say for instance you’re a web developer and you’re in need of someone who is a web designer, you might consider offering to help them develop a site in exchange for putting together the design elements of your company site. This way you’re not actually spending any money, and it is also a great way to get future business.
Having money to effectively run a business does not always have to mean looking for lenders or investors. Sometimes, all you have to do is take a look at your current personal finances and adjust things. With the money you save from changing certain things in your house and in the workplace, you should be able to build a nest egg that will help your company’s operations.
Image credits to : Lars Kristian Flem