Starting a business means you’ll be investing a lot of money, and much of a fledgling business’s expenditure will be on unforeseen necessities. In the early stages of any business it’s important to recognise the value of a well-planned finance strategy and prepare a budget – unanticipated events can place great strain on any organisation,so try out these money saving tips to be prepared for the unexpected and give your new business the running start it needs.
- Most businesses will benefit most from word-of-mouth marketing. Encourage people you know to make positive referrals to those who may appreciate your products or services. Your contacts can give your prospects your contact information, and in this way you can help create momentum for your business.
- Take control of your expenses. These days there are so many ways to handle business expenses and so many ways to throw away money. When recording expenses, it’s easy for receipts to get lost and that could cost you money. Using expensessoftware and a cloud-based service such as ExpenseIn will keep track of all of your receipts. With expenses software solutions such as this one, you also have the ability to go paperless and save money on photocopiers, ink cartridges and printing paper, too.
- Piggyback your advertising and marketing. Including advertising in other mailings such as invoices, will save you money on postage but will also give you the opportunity to market your new business. Tuck coupons and other promotional items into bags with a customer’s purchase and turn them into returning customers.
- Spread the word yourself. Add your URL to your letterhead, business cards and other items you’re handing out or wearing. Include it anywhere you can and increase the amount of visitors so that you boost your online presence via direct hits to your website and social media.
- Buy used equipment. You can save up to 60% by buying used computer equipment, office furniture and more. Check the paper and websites that sell used items. You’d be shocked at what you can find and how much you can save.
Starting a new business can be exciting but it can also be stressful with all of the extra expenses you might not have budgeted for, so save money and get a head start by using these simple money saving tips.