Photo by Micheile Henderson
One of the hurdles that aspiring business owners must overcome is to raise enough capital to keep their venture solvent during its first months in operation.
Fortunately, there are several strategies you can employ to save money while helping your business thrive:
Opt for a Virtual Office
The best part about running a business these days is that you can have a virtual office. This means that you don’t need to rent an office and pay overhead costs, such as expenses for supplies, repairs, and utilities.
You’ll save a lot of money when you allow employees to work from home. You don’t even have to worry about their productivity because you can equip them with tools that help them maximize their time.
One tool you can provide your sales department is a predictive dialer. This software reduces the time wasted by your staff in reading phone numbers from your contact list and dialing them only to end up with an inactive line.
The outbound calling system dials multiple numbers simultaneously and only connects your employees to live numbers. Moreover, it utilizes call metrics that can sense when a sales representative is able or unable to make a call.
Find Affordable Advertising Alternatives
Most small businesses don’t have the luxury of spending thousands of dollars on traditional advertising, like printing ads in newspapers, billboards, or buying TV air time. But digital marketing can help you reach your target audience at a fraction of traditional marketing costs.
One of the best ways to go about online marketing is to create a website for your brand.Then, you have to utilize search engine optimization (SEO) techniques to ensure that your website is visible to your target demographic for relevant keywords so you can rank high on search engines like Google. You can also outsource the task of optimizing your website to a freelancer or small agency, allowing you to focus on other crucial aspects of your business.
Of course, you should take advantage of social media as well. Put up official accounts for your brand on various platforms like Facebook, Twitter, and Instagram to engage with current customers and reach new ones. Don’t forget to complement your digital marketing efforts with an affordable mass text campaign.
Cash is king, but ask your suppliers if they’re amenable to barter instead. You can use your products and services as payment in exchange for other goods and deals from your vendors. You and the supplier determine these arrangements, so make sure that the terms are clear and beneficial to both parties.
Hire Entry-Level Employees
While you may be capable of running your company alone, you will eventually have to delegate key tasks and hire specialists to help you. A seasoned professional with relevant experience may be your practical choice. However, you might want to consider recruiting people with the skills and knowledge but without the years of working in the industry per se.
You can opt for fresh graduates who are looking for a way in the corporate world. The primary advantage they have over older professionals is that they have current knowledge of business tools and technology.
If the position you’re seeking to fill requires soft and hard skills, your best bet is to hire experienced people who are looking to change career paths. Moreover, they may be more willing to work at an entry-level income in exchange for working and learning more about a new industry.
Avoid Buying New Equipment
Instead of taking out a business loan and building debt for your company, look for other ways to acquire the equipment and tools you need for your office. Consider asking family, friends, and fellow business owners if they have the gadget you need and aren’t using it. They may be willing to let you borrow or rent it until you can purchase one.
If you can’t find someone who will let you borrow or rent a machine, look for stores that sell second-hand ones and check if they have reasonable prices; but be sure to inspect the device to ensure that you won’t lose money on repairs or maintenance.
Start Going Paperless
Going green can make you save money, especially if you go paperless. Consumers today have become more conscious of how their buying experience affects the environment.
Talk to your customers and inform them if they are okay with having their receipts or invoices sent to their email instead of having it printed. Aside from saving on the cost of paper, this process also makes sending other business files more manageable and straightforward.
The Bottom Line
It’s possible to save money during the early days of running your business. You just have to be aware of your operations and cut back where you can without sacrificing the quality of your products and services.