New business owners should always be relentless at keeping costs down. Starting a business is difficult, so they must always be on a constant search for savings. Here are several ways a startup business can save money.
Coupons are not just for people to use at the grocery store. Business owners can also take advantage of coupons as well. Businesses can save money on their purchases by using sites like retailmenot.com. These sites are full of coupon codes for just about any online store around. Business owners typically buy in bulk, so saving some 15% off your office furniture for example can turn into huge savings.
A new business doesn’t need everything new. You can find amazing deals on used office furniture, fixtures, cabinets, computers and other equipment. Many times companies go out of business and end up having a fire sale of all their used things. Savvy business owners can find good deals on both eBay and Craigslist.
Running a business can get expensive. Often times, owners are short on cash and don’t want to get another loan. One way to get what your business needs is to barter with other business owners. You can exchange services with each other. That way, no money is exchanged and both sites get what they want.
It’s common for employee wages to be the highest expense for a new business. That’s why business owners should not hire more people than they truly need. Rather, get help when you need it. For example, if you need a marketing person, choose to hire a marketing firm instead. You’ll pay them a one time consultation fee instead of paying
As far as computer software goes, there are typically paid and free programs. Many believe that the paid versions are the only way to go. But there are some pretty decent alternatives to many popular programs. You can get free versions of virus, photo and video editing, spreadsheet and word processing programs.
Business owners often times do not want to get their hands dirty. But as a new business owner it’s important to keep costs down. One way to do that is to do things yourself. If something breaks, fix it yourself. If the floor is a mess, clean it yourself. When an owner can be a jack of all trades and do things themselves it can really reduce overall expenses.
Promoting a new business is very expensive. After all, nobody knows what you sell or where you sell it if you don’t advertise. But luckily for business owners there’s a new way to advertise that’s incredibly cheap. It’s called Facebook, Twitter, Yelp and Groupon. With Facebook and Twitter, you can get the word out completely free. Better yet, with Twitter and Facebook, your most loyal customers will spread the word for you. Yelp is great because a few good reviews can convince others to try your business out. Groupon can be useful for a new business in need of clients as it can bring in thousands of new customers and thus it can propel your business to the next level.
Starting a business is a huge undertaking that requires tens of thousands of dollars to get started. Ideally, you’ll want to fund your business with your own money. But if you need more, getting a loan from a bank or a peer to peer lending company is your best bet. It’s important to have good credit before you apply for a loan so you will not only be approved but get a good interest rate. Another financial method for keeping your business going is an invoice factoring service. Here’s how it works: after you try an invoice factoring service, they will collect payments for you and give you up to 90% of the invoice within 24 hours. Some businesses need instant money constantly, and this type of service provides just that.