If you are starting a business, especially now, it’s hugely important to keep a tight reign on expenses.
Here are a few of our favourite money saving tips for startups:
Use Free or Low Cost Software: There is plenty of free software available that will help you run your business without breaking the bank. Google Docs for example is free, and [GSuite] offers you “Software as a Service” from as little as £3.33 per month (have your email handled by gmail but under your own domain name, with extra drive storage), and Open Office are great alternatives to expensive business and word processing software for example.
Develop a Low Cost Website: Low cost doesn’t have to mean low value when it comes to websites. Try using something like WordPress as a platform for your site and then choose an attractive theme to customise the look and feel.
Share Space: Working from home can be a great way to keep costs in check when you start out but if this isn’t an option (or you’d rather not) then see if you can share space (and costs) with someone else. Co-working and hot desking spaces are popping up all over the country and offer everything you need – and some company – for just a few hundred a month, often less. If there’s not one near you, try approaching another business directly – many will be happy to reduce their monthly outgoing right about now.
Get Bank Freebies: Lots of banks have startup accounts that offer bonuses – usually discounts on products and services like insurance.
Use Online BookKeeping Software: Hiring a bookkeeper is expensive and so is bookkeeping software. Online alternatives like [KashFlow] offer a simple way to keep track of your money, produce company accounts and create invoices all for a modest monthly price. You can also get some comparison information and reviews from [CloudWards’ Best Accounting Software Review]
Shop Around: And when it comes to insurance or other business necessities, make sure to do your research as there can be big differences in prices between suppliers. This goes for everything from your electricity bill to your broadband provider.