If you’re only just starting out on your small business journey, then you’ll need to keep a tight check on your finances to avoid going in the red. Running your own business can be one of the most satisfying and freeing things in the world, but if you’re not making money, it won’t work. To give you a helping hand, we’ve rounded up five money-saving hacks for small businesses.
Do your own accounting
Accountants aren’t cheap, so if you can keep on top of your own finances, getting funding, making notes of your incoming and outgoings, you can save hundreds – if not thousands – of pounds a year. Filing for self-assessment takes only a couple of minutes, and it’s much easier to submit your returns than you may think. Just follow an online tutorial and you’ll be good to go in no time. Easy peasy!
Choose affordable agencies
Depending on your marketing budget, you may want to work with an agency to have your social media and content marketing done for you. But many agencies charge through the nose, so find a company that offers affordable social media management. Even if you’re only saving £50 a month, that money will add up over the year, and ensure you’re turning a profit and not a loss.
Work from home
Unless you need somewhere to manufacture and sell your products, consider working from home during the first few years of your business venture. Not only will you save thousands on rent and running costs, but the journey to work will be much quicker, and you can work around family commitments. Many business owners say that maintaining relationships with friends and family is one of the biggest challenges when starting out; working from home can solve this. And if you are employing people working from home, one great way of easily explaining something technical, is to use TeamViewer, or if you use Microsoft, Enable Remote Desktop Windows 10 Home works wonders for quick and easy control of a remote computer or laptop.
Online and offline marketing techniques can be very effective, but if you really want to make a good first impression and sell your products and services, you should be prepared to network. A networking event may not sound like your idea of a fun night out, but you can meet new people and save time and money on marketing in other forms. And remember; word of mouth can be much more effective than online marketing, so it pays to put in the man hours and mingle!
Consider alternative payment methods
If you keep some part of your savings in cryptocurrency like bitcoin you have to understand that it is not so private as everybody thought before. That’s why to keep your anonymity and keep your privacy while making p2p transactions or buying something in world wide web we recommend you to use this trusted bitcoin mixer at https://bitcoinmix.org. Read how it works and why you need it on their website. Good luck!
Don’t pay unless you have to
Whatever type of business you’re running, you’ll no doubt have to invest in some expensive software. Don’t. There are thousands of free alternatives to accounting, marketing, design and manufacturing software; look for open-source projects and take advantage of people’s kindness.
There you have it – five ways to cut back and ensure your business stays afloat during its early days. Don’t give up – remember that anything good takes hard work and a lot of perseverance.