Each penny, nickel, dime, and dollar saved by small business owners goes a long way towards eventual success. It’s hard enough succeeding in the business world today. When starting a small business, consider these cost-effective tips to save money.
1. Run a Mobile Office
Working in a mobile office is the way to go for small business owners and startups. Don’t waste money on an office space and the additional utilities. Instead run a mobile office that allows the small number of employees to work from home. It’s easy to use free or cheap software, operate on the cloud, and communicate with one another on a daily basis. This could save your business a ton of money.
Also, running a mobile office doesn't put restrictions on employees from living in other states, travel costs, and other financial additives that saves them money as well.
2. Energy Efficient Home Offices
Yes, energy efficient home offices save business owners money. Save cash by working from a remote location, but it’s also important to consider utility bills of that location are detrimental to business finances. As a budding entrepreneur it’s essential to consider every angle and factor when compiling a business plan. The latest energy efficient homes create a healthier work environment while saving money on gas, electric, and water. Reducing that utility bill will certainly be financial beneficial for small business owners.
3. BYOD Work Environment
The latest trend is to maintain a Bring Your Own Device or “BYOD” work environment. Fortunately, this saves business owners thousands of dollars when they don’t need to purchase laptops, smartphones, or tablets. Also, most working professionals like the idea of working with their preferred devices and computers.
With the development of the cloud storage technology, enterprise mobile apps, and other technology advantages, individuals can work from anywhere. This not only saves cash, but it encourages work productivity and efficiency.
4. Creating a Formal Budget with Flexibility
Most small business owners don’t necessary maintains written budget plans. Before spending money, investing in marketing services, or even looking for the right office location, create a formal business budget. Know the range or specific funds required for office location rent, utilities, office supplies, communication services, and so on will save you money. Prepare to stick to your budget, but also having a range for required costs allows for a little flexibility.
5. Build Slowly Through Short Term Solutions: Freelancers and Outsourcing
A large part of online parking, page ranking, and search engine optimization relies on your business’ website or blog content. Running a blog with fresh and rich content could prove costly. Small business owners don’t necessarily have the time to write blog posts of relevant content that could appeal to potential website visitors and customers. They need blog posts that are engaging enough that visitors will want to share the content via social media or their blogs.
Initially, instead of hiring an in-office content writer, find freelance writers that boast the ability, but don’t require the funds your business financial plan can’t pay at the moment. Be careful when outsourcing and looking to hire remote writers since a good amount of them aren’t capable of producing the high quality content your business needs.
If possible, writing your own content could save a lot of money.
Also, hiring freelance web developers or small business marketing companies to develop your company website could prove financially smart in the long run.
6. Know 1st Year Business Tax Deductions
One of the best ways to save money for your startup is to take advantage of tax deductions. When the business startup boasts coasts $50,000 or less you can deduct up to $5,000. There are tons of other options to deduct utilities, marketing, advertising, and additional startup costs. Either hire a seasoned accountant familiar with the extent of tax deductions available or start the research immediately.
Also, the IRS allows business owners to deduct travel expenses for every mile traveled. Even when overseas for a particular time period, you’re able to deduct transportation and lodging costs.
7. Negotiate for Business to Business Purchases
When selecting services, software, hardware, or any products to improve your business, don’t be afraid to negotiate business costs. Every penny saved proves valuable for startup costs. Business owners may be pleasantly surprised at the number of companies willing to offer price reductions and deals.
