words Al Woods
The term “start-up” can result in so many different forms.
On the one hand, you’ve got the start-up that has been given millions in seeder funding and operates from the plush offices.
On the other, you have the classic entrepreneur – trying to beat the dreaded start-up statistics and make a success in their new self-employed role.
It doesn’t matter which category you fall into; you need to keep on top of your expenses. We’re not talking about necessities like your indemnity insurance, tax obligations and other must-haves. Instead, today’s article will look at some of the best ways to make cuts – without harming your business.
Do you need an office in the current day and age?
Once upon a time, it was a no-brainer. Nowadays, the world has turned on its head. Gone are the days when businesses needed an office – they now have a decision to make. Are they going to jump on board the remote bandwagon, or are they going to shell out for physical space?
There’s no correct answer here – despite what it might feel like when you see the cost of renting office space! It’s what works for your business. For some, the savings make the decision alone. Others, meanwhile, are happy to shell out a little more just to get the obvious office benefits.
Make the internet your friend
The internet is a wonderful thing. It gives you a platform to sell your goods and services while also giving you the ability to save a fortune.
Forget about the traditional methods of advertising. They’re costly, and you’re never quite sure how effective they are. Instead, focus on promoting your brand online. It’s easy, and it’s a fraction of the cost. The feedback is also instantaneous – you understand exactly where your money is going (and where to cut your spending where necessary).
Stop buying new
In the business world, it’s easy to get caught up in the “keeping up with the Joneses” mentality. You see a new piece of equipment, and you want it. You spot a new office chair, and you need it. But do you really need it?
The answer is almost certainly no. It’s time to change your mindset. Just because something is new doesn’t mean that it’s right for your business. Second-hand equipment is often just as good (if not better) than something brand new.
You might go through a different decision-making process if you’re entertaining clients. However, on the whole, this is an area where you can save substantially.
Outsource your work
If you’re not careful, you can quickly find yourself with a large team of employees. Sometimes it happens for all the right reasons. On other occasions, it becomes a vanity figure.
Consider outsourcing some of your work. It’s a fantastic way to save money, and it frees up your time to focus on important tasks.
Review your subscriptions
Business subscriptions can quickly add up. If you’re not careful, you can spend hundreds of pounds every month on things that you don’t even use.
It’s time to go through your subscriptions with a fine-tooth comb. Cancel anything you don’t use, and consider whether you really need the ones you’re keeping.
Use free software
Following on from the last point, there’s no need to spend a fortune on software. There are plenty of free alternatives out there.
Do your research, and you’ll be surprised at how much you can save.