How to Save Money When Starting a Business
How to Save Money When Starting a Business

In current times, every spare penny is a godsend. The cost of living is at an all-time high, and with many people’s wages increasing at lower-than-inflation levels, the amount of money left in your bank account at the end of the month is likely to be dwindling month on month. Thankfully, there are other ways to make some money other than your regular job.

If you’re looking to make a little extra money, there’s a huge benefit to running your own business, whether you want to go full-time self-employed or have a small business on the side to complement your day job. There are all sorts of things you can do: make and sell your crafts and produce; provide an expert service like tutoring or writing; you can even buy and sell products using your expert marketing abilities to turn a profit.

However you’re planning your new venture, it’s essential to have a solid business plan. Starting a business is a costly investment, so being thrifty in certain areas can not only save you money; it can save you time and energy too. There are lots of different ways of saving money when starting up your business and it’s important not to cut corners, but to opt for cheaper solutions. Here are a few ways that you can save money while still offering a quality service.

Buy recycled products

Not only does this boost your green image, but it’s also usually a lot cheaper. Printer cartridges are some of the most expensive office products, so buying refilled or recycled cartridges can save you hundreds of pounds every year. Similarly, using recycled unbleached paper for casual printing around the office is a good money-saver as it’s usually cheaper than the professional high-quality white paper.

In addition to this, looking on eBay or pepperfry for office furniture can be a great way to save money as many companies will sell off their old furniture for a fraction of the cost of buying it all brand new.

Only buy what you need

It can be tempting to buy a lot of fancy software and equipment, but if you’re a start-up, you probably won’t need anything too complicated until your company grows. Similarly, if you’re investing in business cards for your employees make sure you only buy what you think your company needs.

Don’t invest in a company car

If you have to travel around a lot, then try to opt for the train, which is often cheaper than getting a taxi or driving. Companies such as Zoom also offer the option to rent cars by the hour or the day for businesses that don’t need the regular use of a car but have to make trips that are more convenient in a car.

Use open source software

Open source software is software that’s maintained by a community of developers who then let users have the product for free. There’s a whole range of software you can use at your business for free including the operating system Linux, content management system WordPress, and Open Office, a word processing suite that rivals Microsoft Office.

In addition to this, there are products which are developed by large companies and can be used for free, like Skype which is developed by Microsoft and Google’s Drive software which lets you share and edit documents within the cloud. If you’ve only got a small number of employees then using free software can be a great way to save money in your startup days, as a lot of this type of software only requires you to pay once you hit a certain number of users or reach a specific limit on the amount you use.

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