Starting a business can end up an expensive process. With some you can start with minimal costs such as building a simple website. Other businesses need premises, furniture, licenses to be acquired, multiple members of staff to be hired, all before you open your doors.
Whatever business you’re starting, keeping costs down is important especially in the beginning. So with that in mind, we’ve put together a list of ways you can save the pennies and get your business off to a good start.
Embrace remote working
If it’s only you or a couple of people in the beginning, you can probably afford to wait on renting new office space. Renting space is often the biggest expense a business faces so to save money in the beginning, why not work at home if you can? You can easily stay in touch with any employees you have with messaging apps like Slack.
Buy used equipment
You might be tempted to go all out and buy a ton of brand new furniture and shiny equipment but it’s not always necessary. You can save a lot of money by buying used items that are still in good condition. Then you can replace them if necessary when you have the money spare.
Freelancer can be a great addition to a start-up trying to save money. The main benefit is flexibility. You can hire them as and when needed. They’re also cheaper than hiring employees as you won’t have to provide them with employee benefits because they’re self-employed. You might not even need to provide them with a desk as most of them work from home anyway.
Haggling for a better deal might make you feel uncomfortable but this happens all the time in the business world. If you can get a better deal, you can save a lot of money you could invest elsewhere in the business. Alternatively, you could try offering a swap of services that would benefit both parties. They can only say no.
Start off with free software
If you need software but are still in the early days, then free versions could be a good, if temporary solution. Free versions will have limited features but if you can make do, start off small and then expand and buy the full version when you can.
Our bookkeeping software Pandle has a free version that many businesses use to manage their accounts. We also have a pro version set at £5 a month plus VAT for if you want to upgrade, but if you’re already a client of ours, you can have it for free.
How are you looking to save money with your start-up? Have you got any other tips you’d like to share? Let us know your thoughts.