Setting up a company isn’t easy and one of the biggest challenges facing many fledgling firms is keeping expenses to a minimum. After all, financial pressures tend to be particularly acute when businesses are first set up. If you’re keen to minimise your costs, keep reading. Here are three simple but effective suggestions that could help you keep your spending in check.
1. Ensure you’re getting the best deals from suppliers
From your electricity and gas to your stationery, it pays to look carefully at the deals you’re getting on your supplies. If you’re not careful, you can end up shelling out much more than you need to for goods and services. Although it may take a little time, it’s worth scouring the market to see if you can find more competitive offers. Something as simple as switching your business gas supplier could save you hundreds of pounds each year. It may also be worth asking your existing suppliers if they can provide you with more attractive deals.
2. Choose your premises carefully
It can be tempting to go for a large, plush workspace in a prime location, but this will pile on the pressure in terms of your overheads. So, when you’re looking for a base for your business, it pays to choose somewhere that offers impressive value for money. This may mean opting for a smaller space in a cheaper postcode. At the very beginning of your business journey, you might even be able to get away with working from home. Whatever you do, don’t rush into signing expensive contracts for commercial real estate. This is the undoing of too many budding businesses.
3. Make the most of free marketing
There are now many different ways to reach out to customers. As well as traditional forms of marketing such as TV, radio and print ads, it’s now possible to connect with consumers through social media. In fact, this particular form of marketing can be especially useful to new companies because it’s free. All you need is some time and an effective strategy and you can get your message through to your target audience. So, if you’re not already taking full advantage of sites like Facebook and Twitter to grow your customer base, now’s the time to start. This can help you keep your marketing costs down while still enabling you to achieve impressive sales levels.
Balancing the books will always be difficult for startups, but if you are shrewd in your approach and follow tips like these, you should be able to trim your expenses.
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