Getting into a business venture is an idea that strikes individuals who find the regular jobs boring and growth prospects limited. There are examples of regular job holders and people with mediocre academic credentials making it big as entrepreneurs. However, the big problem that such wannabe entrepreneurs face is cash crunch or shortage of funds! Just setting up a business venture is not enough, you also have to think of the running costs. From starting a venture to making it profitable – it takes time. In between, the regular bills have to be paid for various services. So, how do you keep the expenses of a venture under control? It is not tedious either. With careful planning you can manage running cost of the venture.
According to this article, you can in fact learn how to reduce your business expenses in a more effective manner. Below listed are the tips that will help you learn how to reduce your startup business expenses:
- Shared workspace– Unless you plan to run a home based venture, renting office space will be required for running a business. However, you may opt for shared workspaces. This is what many startups do and it will help you save a significant amount. Such workspaces also come equipped with internet access and electricity supply. So, you will be able to save a lot of running costs eventually.
- Third party vendors– No matter your venture deals with mobile accessories or sells organic food, using certain services become necessary. You may need to take printouts and make bills for various needs. Instead of investing in expensive printers and incurring running costs on paper and cartridge you may opt for a third party printing service provider. The same can be said about cleaning services.
- Compare and analyze– To keep the running cost of your venture, it is prudent that you compare the rates of various service providers in the region. With a little effort, you may come across entities that offer cheaper rates or more than one service. For example, you may opt for bundled internet and cellular services for business usage. You may start with entry level packages and as the business grows, opt for bigger plans.
- Energy saving– You cannot avoid using certain devices and appliances, even in small business setups or startups. You have to use lamps, computers and kitchen appliances at the workspace, for example. It may be a good idea to buy energy efficient or solar powered devices. Their buying cost may be more, but your running cost will go down significantly. You can also reduce the usage of paper at the workspace to keep running costs lower.
- Cloud service– Using computers and software is almost mandatory for any business today. If you want to use software for your small business venture, opt for freeware or Cloud services. A lot of companies rely completely on cloud services for data storage, access and backup. You can use services like Onedrive, Google Drive and there are many others. There are and use such software for office productivity and many other needs.
- Social media– You can make good use of various social media services to promote your business and its services and products. This will help you save money that will get spent otherwise on advertising through printed mediums and conventional methods. You can make profiles for your venture in Facebook, Instagram and Twitter to begin with. Offering these platforms to launch promotional schemes and get more buyers is prudent. Trendy users use social media for diverse needs and you can widen the user base soon. Satisfied customers can also be useful in spreading word through such online platforms about your business without you paying anything.