Owning a start-up business is incredibly difficult, those first few years when you are finding your feet in the world of business, trying to make connections, get your name out there and at the same time trying to juggle your finances so that even if you don’t make a profit, you at least keep your head above water. Finance in business is always the number 1 priority but it is during the beginnings of your business that you have to pay particular attention to each penny that comes in and out of your business and be ruthless when it comes to spending and saving your limited finances. This is often easier said than done, particularly if you are operating in an already expensive city, if you are in this situation then here are some tips for you on keeping your finances down in an expensive environment.
Shared Office Space
You will no doubt of one day owning your own floor in an office block or perhaps even your own skyscraper, that will come in the future but right now it is about cost-saving and shared office environments are the best place to launch your business from. There are lots of companies like BE Offices who have several locations around London for example, that provide you with everything that you need from an office space, great internet, central locations, conference rooms and quiet spaces for meetings and important calls. The best part is that these type of offices are a fraction of the cost of renting your own office.
Cut the Benefits
The task of running your own business is already difficult enough without dishing out great benefits to your employees, this may sound harsh but if they truly buy into what you are trying to do then they will understand. These early years of your business are critical financially and whilst you should be giving your staff an acceptable salary, don’t overdo it. The better approach is to keep your wages at an average level and only doll out rewards and benefits when you can afford to do so.
Conventional banner advertising continues to be a popular means of marketing among companies despite the growing benefits of digital marketing. The reason for its popularity is its affordability in comparison to other forms of marketing, such as tale-marketing where you have to pay enormous sum of money to air your company. Banner advertising has become far more advanced to its predecessors, thanks to digital technology. It is essential you have a reliable company who are known for banner printing make your banners so you can achieve the most effective banners to advertise with.
Because of your location in an expensive city, the cost of things that are business critical will have an additional percentage thrown on top of them, to avoid paying through the nose for important items for your business you should be scrutinizing ever penny you are about to spend. You should be shopping around for the best deals on everything, even if that means heading out of the city to buy it. When buying items for your business, regardless of whether it is machinery or paper you should be looking to build connections with suppliers who can offer you discounts for repeat business, this will grow you network list and save you money at the same time.
When it comes to running a business in an expensive city, you need to drill down to every last bit of money that you are spending, question how necessary it is and always look for cheaper options, if you truly want your business to succeed then this is where it starts.