Starting up a new company is a scary yet exciting prospect with hundreds set-up every day by budding entrepreneurs. Not all of them work out however, due to poor business models, management or most commonly financial woe. There are ways to keep costs down that will help your company and ideas grow without breaking the bank and ultimately your dreams.
Avoid Bank Loans
Most banks have schemes in place to provide loans for start-up businesses at better rates than some of their other packages. These still come with a certain amount of interest which can be hard for new companies to pay back when working on a limited budget and requiring time to make a profit. Instead reach out to family and friends who may be able to provide a loan with a much better interest rate than any bank. Use a crowd-funding website to raise initial funds if appropriate for your type of business.
Use Car Leasing Deals
It’s likely in the early days of your start-up you’ll need to attend countless meetings. One of the most cost efficient ways of doing this, especially if a few of your employees require vehicles too, is to use a business car leasing deal. Select Contracts can lease any make or model of car, offering some of the newest models at great prices along with cheaper models to suit restricted start-up budgets. One advantage is that these include breakdown cover too.
Put Off Using Office Space
Another expensive overhead for new companies is renting out office space. It may give off a professional air but you need to consider whether it’s a necessity. Saving money by working from home until the business is in the black or just renting meeting space is a better option. You can always rent meeting space and have mail sent there to add a professional gleam.
Maximise Social Media Presence
The easiest and cheapest way for free marketing and to build an online presence is to open an account with all the major social media sites and to post regularly. Websites can be set up for very little and email marketing is a cheap way to market your business and track how effective your online action is. Link any posts you put out to other, bigger businesses and online media to capture attention and reach a larger audience. Whatever your business, the internet is the cheapest and most effective tool at your disposal so use it wisely!