Running a small business can be a tough juggling act – particularly when it comes to incomings and outgoings. We’ve rounded up some of the best ways to put pennies in the piggy bank so you can invest more in your product or service.
1. Share your office
A home office is the ideal cost-saver, but if that’s not an option or it’s no longer big enough then think about sharing office space. Your local council can tell you if there’s a small business hub in your area, or look for one of the commercially run office spaces that are popping up around town. You pay only for the space you use, which can range from a single desk in an open-plan area to private offices and boardrooms.
2. Be mobile
Who says you need an office at all? If your business only needs you and your computer to run it, you can keep it interesting and work from cafes, libraries, public buildings – even on the train.
3. Reduce your energy use
Keep energy costs down by switching off all equipment at the wall each night, using natural light when it’s available and switching to energy-efficient globes when it’s not. Depending on the size and scale of your business, you can even branch into solar panels and energy-efficient heating and cooling. The right energy plan can also save you money – try our compare plans and rates to find a plan that suits your business.
4. Use online phone services
Cut communication overheads by using an online phone service such as Skype. In most cases, you’ll chat for free – or very cheaply.
5. Outsource smaller tasks
Being the person who has to do everything means that small tasks can suck time away from your main game. Online freelancing services like Fiverr, oDesk and Elance can take on small jobs for next to nothing, and virtual assistants can take care of administrative tasks.
6. Try low-cost marketing
There’s no need to use expensive PR or advertising to get the word out about your business. Email marketing, a letterbox drop and networking at events cost time – but not much money – and are very effective. Reaching out to your market via social media in a genuine way can increase inquiries about your product or service.
7. Reuse and recycle
Gumtree, eBay, Freecycle and your neighbourhood op shop can be excellent resources for office furniture. Pick up desks, shelving and filing cabinets, or even glassware, mugs and a kettle. There are also services to help you refill and reuse your printer cartridges.
There’s no need to cut back on your daily coffee to reduce business costs. With some small changes, you’ll soon be saving money.