If you’re setting up a small business, whether that’s as a sole trader or as a start-up there’s one thing that’ll always be on your mind – money.
The main priority here will be spending as little at first so you can save money, and there is no end of ways to do this. Ensuring you have a great small business savings account, buying the right products such as stationery that can be obtained from companies like Collins Debden and a whole host of other ways can all be applied.
Below are our top four ways to save money if you’re starting a small business.
Find the Right Account
The first thing to do when it comes to saving money is to do exactly that – save money.
The best way to do this is through a savings account, but making sure you have one that’s right for you is paramount. When taking out business savings accounts shop around first.
Some accounts pay out much more in terms of interest rates, so ensuring you have the highest return on your money is important. After all, you want to make sure the money you do have is safe, and if it can gather more money in the process, why not gather as much as possible?
The Perfect Stationery/Bulk Buy
This may seem a bit material, but it’s important none the less. Although you may have you computer and smartphone to hand, these can go awry.
That’s why making sure you have everything from a daily organiser to a diary, notepads and refills is extremely important.
This is the sort of thing that can also be bulk bought, as it means you don’t have to keep re-stocking at times when cash may be a little strapped.
Run it from Home
If you don’t have staff, or even if you have a small number of staff and have the space, running your business from home is a smart move.
You won’t have to pay out for more premises, electric or heating, which are a whole lot of expenses saved on.
Or if you don’t have the space but someone you know does, it can’t help to ask for some mate rates.
Buy Used, Not New
This is a trap often fallen into by new entrepreneurs. When it comes to buying equipment, no matter what it is, don’t buy new unless it’s absolutely necessary.
You can often find near-new equipment you can purchase at a fraction of the cost, or you could even rent it for less until the time comes to buy something of your own.
Just think of it like a car; you wouldn’t buy it brand new if money was a little tight, so the same should apply to business equipment.
Although there are many other ways to save money when starting a new business, these are just a few to consider before beginning your journey to becoming the next big entrepreneur.
