For small businesses, cutting the costs of your company is key to avoiding debt and receiving a return on your start-up investment. Although it is easy to mismanage your business finances, there are a number of ways in which you can both run a successful business and collect sizeable profits within your first year.
By employing freelancers and other individuals to work on individual projects, you will save money on employing short-term staff and cut the costs of investing in a large office space. Hiring employees also gives you extra costs and lengthy paperwork through company -dependant regulations such as vetting and DBS’s, for example. Instead, freelancers are relatively easy to find through websites such as Upwork and Fiverr, which work by allowing you to find individuals with the particular skill set that you need to complete your project.
Rent out Office Space
Signing a lease can be extremely expensive and commit you to a long-term contract. However, if you rent out office spaces if and when you need them, this will cut costs such as energy bills and business rates, and you will avoid paying monthly for office spaces that you do not need or use.
For instance, you can find private offices spaces www.thebrew.co.uk whose London locations give you access to a smartly designed and bright office space from which to do your work. You will even be invited to networking events from which you can promote your business and connect with other business owners.
Save on Energy Bills
If you do decide to sign a lease on office space, you should consider the amount that you are spending on your energy bills. With the amount of technology and gadgets that an office uses, from computers to mobile phones, energy bills can be expensive.
You should consider using comparison websites to find the best provider for you and switch from the energy company that you are currently using. Some energy companies even provide specialized business deals that will allow you to have unlimited, fast internet and business support for your start-up.
Build Your Own Website
One of the first things that many companies do when starting up their business is employ an external website builder to help build their website for them utilizing their skills in graphic design and other necessary experience.
However, even if you are not experienced in graphic design or website building, you can make simple and yet professional looking websites with online website builders in a matter of seconds, such as WordPress.
Although many of these have premium schemes that you can utilize if you want extra features such as choosing your domain name, their basic themes are professional enough that you can use them during your first year.
As a small business, cutting costs can be high on the agenda. However, there are many ways in which you can reduce your expenditure in your first year, whether that be through renting office space or out-sourcing unessential work.