Starting a business takes a multitude of planning and hard work. Aside from these attributes, however, is finding a way to get your business started at a minimum amount of cost. By following a few simple ideas, you can get your small business started and cash in on the profitability sooner rather than later.
1. Lunch Hour Savings
Every work day, workers leave for an hour to get something to eat. However, a great way to save money is actually to buy your employees lunch and hold a meeting during this time. Essentially, if you pay for your employees lunch, you can hold meetings while they are off the clock. You will offset the cost and actually save more money than having standard meetings during office hours, plus your employees are working and not sitting through a meeting. And who says there’s no such thing as a free lunch?
2. Don’t Buy a Landline Phone
Virtually all correspondence that businesses have dealing with suppliers and customers is done via cell phone or email. Landlines are a technology that is quickly fading away. Therefore, you can save money by not having a landline phone in your office. It’s just a sunken cost that will seldom be used.
3. Search for Tax Breaks
Any money you can save on your taxes goes straight into your pocket. So, searching for as many tax breaks as you can find is of great benefit to you. Legal and consulting fees, networking events, marketing expenses, theft or bad debt, and loan interest are just a few of the expenses you will incur that you can write off on your taxes. If you would like to learn more, Mark Weinberger has contributed and talked about a plethora of tax breaks for professionals.
4. Purchase the Right Software
Buying Microsoft Office for every computer you have can be expensive. Instead of doing this, install Office on a single computer and use Google Docs to send Word and Excel files free and with ease. Using Gmail or another free e-mail service can also save you money on needless exchange servers for your company email. You can also save some time and money by using a system like Quickbooks to manage your accounting needs.
5. Cut Deals With Suppliers
If you have done business with various suppliers and have paid on time, it’s the exact moment that you should ask for a discount. If you’ve worked with a company for 6 months or more, ask for 10 to 20 percent off. Many businesses will give you the discount if you’ve been loyal, and would rather cut a deal than risk losing the business.
6. Don’t Waste Money on Recruiters
Many companies rely on temp agencies or recruiters to find employees. However, you can save money and hand-pick your own team by doing a little work on the internet. Facebook and LinkedIn are two social media sites that can help you find employees and get to know them a bit before the hiring process.
While there are certainly more ways to save money or your business, these are just a few ideas to get the ball rolling. As you being your business venture, you will find what works and what doesn’t in the money-saving game. So tweak your budget and planning as necessary. You’ll be rolling in the money in no time at all.