5 Ways to Save Money When Starting a New Business

Starting a business is a dream for many and a huge leap of faith. Many are put off in pursuing this ambition as they believe it takes a lot of spare change. In fact, starting a business can be achieved for as little as £100. You just need to know the right people and have access to the right information.

Here are five ways to save money today:

1.     Find Cheap Office Space

If it’s not viable to work from home, for instance, you need to meet clients or need a better wifi signal, cheap office space can seriously lower your overheads. You don’t have to rent a full office, you can share office space with someone else, cutting your costs in half. You can also rent a desk in an office, you’ll receive a registered address, and enough space to conduct your business. There are many office space rental options for those looking to save money when starting a new business.

2.     Delegate Effectively

It’s natural for you to want to do everything yourself. Your business is your pride and joy and it can feel strange handing over some of the control to someone else. You’re more likely to save money if you delegate the jobs you hate to someone who actually enjoys the tasks. For example, choose a real SEO expert for your Google ranking, a writer for your website, a PR company for your magazine advertising, and a web developer for site design. If you choose wisely, you’ll find you earn more than enough to pay their fees when you’re constantly working on areas you love. Every entrepreneur has a great team.

3.     Hire a Good Accountant

A good accountant can save you a fortune on self employed tax while uncovering all the tax rebate opportunities you’re entitled to. You could find you start your business with a windfall, simply because you chose an accountant who has your back.

4.     Crowdfund Your Idea

Crowdfunding is a popular way to raise money for new businesses. You can do this the traditional way or you could ask for foreign coins and currencies. Using a converter such as Cash4coins will help you unlock the hidden value in these forgotten notes and coins, while donators won’t feel out of pocket for donating their useless change collection.

5.     Make Sure Every Investment has a Return

Every penny you spend on your new business should provide some return. For instance, if you hire a good copywriter, the words should help your website convert. A PPC expert will ensure you receive enough profit to pay for their services, along with more besides to put back into your business. When choosing freelancers for your business, even equipment and products, make sure you calculate the return you’ll receive for the money spent, and make sure it’s always worth it. 

6.     Consider What You Already Have

You don’t always have to rent an office or work from your bedroom, if you have a garden, you could find a good garden shed, outbuilding or outdoor office that could give you the space you need for less. Even a garden gazebo can be adapted to suit, and make working in the garden a joy during the summer months. Take a look at garden furniture and garden buildings online and see if any could suit your needs at this time. If you do find a good space for your own man cave or she shed, you could save money on office rent, business rates and the daily commute.