If you have a fantastic business idea but lack the capital to make it happen, all is not lost, as there are ways that you can greatly reduce your startup costs. One of the main reasons you can set up a small business is the digital technology we have available today and, in this article, we offer a few tips to save you money on your business startup.
- Virtual office services – You can have a prestige registered business address for only a few dollars per month, plus the provider also offers call handling services by a virtual receptionist. Search online for ‘virtual office services near me’ and this should bring up a list of virtual office service providers, then you can view the various packages. You don’t have to go to the expense of renting plush office space with a virtual office address in the CBD.
- Second-hand digital devices – There are refurbished phones for sale from a reputable online company that offers smartphones from iPhone and Samsung. Why pay a high price for new devices when you can purchase refurbished phones at affordable prices? You can also acquire second-hand IT equipment for your office, which will save even more money.
- Outsourcing – If you outsource all your printing needs, for example, you won’t need to buy expensive colour printers. There are many services that you can outsource, which will keep your costs down. In-house solutions cost money and until you have the infrastructure in place, look for third-party providers.
- Compare prices – Did you know that Google is your best friend? When it comes to comparing products, prices and services, the number 1 search engine takes less than a second to find what you are looking for. Never accept the first price you are given and, in most sectors, competition is high, which is good news for the customer.
- Home office – Why spend a lot of money renting office space when you can use the spare room for a temporary office? Many small businesses start with a home office and when you become established, you can relocate to a small office nearby.
One of the main reasons for a business to fold is a lack of funds, but with some clever sourcing and thinking outside the box, you might be lucky and manage to develop your new business and get through the first year, which is the most dangerous time.