Unfortunately, owning a business isn’t as simple as coming up with a great idea; You also have to make your business money. Nine out of ten businesses fail, and, without any cash, your business is sure to be on the more unfortunate side of this statistic. The best way to ensure your business has money is to sell as many of your products or services as you can, but that isn’t always the easiest thing to accomplish, especially if you don’t have any money to spend on marketing and advertising. If you can’t do this, you have to try to save money instead. Luckily, there are various ways that you can do this. Here are some for you to consider.
Buy In Bulk
You can often get a discount on anything from pens to electronics, as long as you buy them in bulk. For this reason, it ordinarily makes sense to spend a little bit extra in the short term to save a lot in the long term. However, while this is often a great way to save some cash, be sure only to do this if you are getting a good discount, and it’s something that you’re actually going to use; Otherwise, you’re just buying for the sake of buying.
Rent, Don’t Buy
Buying in bulk is a great way to save some money in the long term, but if you needed to save money in the short term, and need some spare cash now, then you might find that renting is the way to go. If your business engraves jewellery, for example, and your CO2 laser tube broke, it’s probably sensible to rent a laser for a short while, until you have some more money and can afford to replace the equipment. The same theory can be applied to any of the equipment in your office or anything you need to create your products or fulfil your service.
Buy Second Hand
When it comes to purchasing office equipment, like desks and computers, you can often save over half of the cost by buying second hand, rather than brand new. Most of the time, you can’t even tell that the equipment has been used before, so you don’t have to sacrifice quality for savings. You can often find some great stuff on eBay, at auctions, in newspaper classifieds, and on social media.
Use Natural Light
One of the biggest expenses that you will have to pay when it comes to your office is the electricity, so it makes sense to use as little as you possibly can if you need to save money. One of the best ways to do this is to ensure that your office gets a lot of natural light and to utilise this natural light as much as you can. Doing this will also help to keep you feeling productive and will give you the energy boost that you will likely need throughout the day.
Heating your office is something else that you will likely spend a lot of money doing throughout the course of a year. To cut cost a little here, turn the thermostat down a few degrees, and wear layers to keep yourself warm. This might not seem like a big change, but it can save you a lot of cash over a year. The natural light will also help to heat up the office so that you don’t have to spend as much money on gas.
As a businessperson, it would make sense for you to print out lots of important documents and have them filed away, but it’s not actually necessary and is costing you and the planet. If you’re just keeping your documents in a filing cabinet, they can just as easily be saved onto a hard drive, which is often safer, and saves you a lot of money on paper. Although it might not be possible to go completely paperless, you’d be surprised at just how much is unnecessarily printed off and filed away, when it could simply be saved.
Post Jobs On Social Media
Job posting sites are great, but they are also incredibly expensive, and often bring an unnecessary amount of applications which you then have to spend hours going over. Instead, it makes much more sense to advertise your jobs on your social media accounts, which is free, and ensures that those that apply for your job already know about your business and support your business’s values.
Every business needs money to survive, so, if you need to save your business some cash, the tips above can help.