Are you a new business owner? This is how you can save money for your business.
In case you are a small business owner you know that staying within the budget is not the easiest thing. A bad cash flow management is the number one reason the companies fail. In this article we provide some ideas to implement and save some money in order to achieve an organic growth. You most probably have applied some of the below by now. Some of these ideas might save you more than others but as you should already know, every penny counts. Of course each company has different directions so and their expenses but investments as well.
Advertise in the community around you.
Marketing and advertising is luxury for the smaller companies. Is not so easy to compete with the big guys in advertising right? One way is to try to be active with local advertising (if you own let’s say a shop in the neighborhood – or a point of sales) without spending a ton of money. Internet and social media is of course a very economic and practical way to prepare a targeted campaign in your district. The other way is to advertise in the local news or in the roads with some ad boards. In case you are operating through internet with your business you should definitely use social networks and Google as to promote you brand. You can save even more money in case you can do the social media yourself instead of hiring someone else. But this requires time and dedication in order to be done correctly. Most of the entrepreneurs believe they can do it all but at the end they do nothing right. Better hire people to do some things, so you can focus on other things.
Use the DIY website builders.
If you don’t own a website, you better have one the soonest. If you are a business owner you don’t want to miss the opportunities a website can bring for you. You can prepare a simple design website by yourself via many different platforms such us go daddy (wordpress), squarespace or wix and in case of an ecommerce the shopify platform. If you have the basic knowledge to do it yourself you will save some money designing a basic online presence. But don’t expect to do fancy things. You will just have a simple website with basic functions. In case you need more is better to go to a professional. Making your own website can be fun idea but can turn to be very annoying and time consuming for someone with no experience.
Go after the industry conferences, seminars and presentations.
If you consider yourself an industry expert then is a wise idea to make connections and create influence on others. Some ways to showcase your knowledge and expertise is to present your work, or speak to conferences. Those events are also a great place to approach new customers and create new connections.
If not necessary, don’t use an office yet.
Technology offers us great opportunities and we can now operate from anywhere with just a computer in our hands. Of course this does not apply in all the cases. Is important at the early stages of your business to try operating from various places. Rent and monthly bills are the most important expenses of a startup and very often kill the businesses. In case you are operating in Cyprus and looking for a home to operate with your team you can look for a shelter to the incubators like ARIS in Limassol and IDEA in Nicosia. They provide a business place, facilities, advisory from experts and support and help you fund your start up.
Buy used equipment where you can.
When you make the big decision to move to your offices you will face big expenditure. A very good idea is to look for used office equipment and furniture. The reason is because a used office table, shelves or technology can still do the job and operate properly for many years. Computer screens, office chairs, printers, pc’s can definitely operate if in good condition. You can invest in top technology and fancy furniture when you pocket is big enough.
Outsource some projects to your trusted collaborators instead of having payroll.
Without a doubt, having employees which you can trust is the best. Building up a team spirit and having a team focused on the same target is the best for your company’s growth. Nevertheless in your first steps you have to be very careful with whom you collaborate. The best case scenario would be for you to start with some collaborations and outsource job until you are totally sure you can hire your first members. Make sure your steps here are stable and very precise.
Try to do exchange of services where possible.
Exchange of services is a very common and practical way for small sized companies to save some money. Think about how many companies struggle to survive like you, and trying to expand with low budget. Definitely an exchange of services will benefit both don’t you think? Find people you can trust. For example if you are an accounting firm and you need a designer – there is definitely a space for collaboration between you two. Be careful though with these kind of exchanges. Remember that a good agreement is a must in these case to be on the safe side.