Business Start-Up Plans with Added Frugality

Posted by Bhavesh Joshi On Tuesday, January 15, 2013 0 comments
Business Start-Up Plans with Added Frugality
Starting up your own business has become the new “getting a job” in recent years. With many people finding that latter route is difficult, the concept of creating one has taken off. However, success in business can mean a lot of sacrifices in the early days and finding ways to start up with as little capital as possible is crucial. Also learning how to manage on a budget can make all the difference in the early days. Here are some frugal start-up tips to help you on the way. 

Office furnishings

Forget the modern, sleek, sophisticated and stylish office.  Charity shops and outlets are there for a reason, as is eBay.  They’re there for you to find cut price office furniture and supplies. OK so maybe not charity shops, but certainly don’t buy new.  Especially for premises where clients won’t be visiting, make do with the cheapest furnishings you can find.  You can buy new when you’re a millionaire and not before. 

Desk (and office) Sharing

If you are a small, or micro, business and need office space shop around carefully.  Office rentals are relatively competitively priced at the moment but consider checking out special deals and offers from providers.  Many offer ‘desk rental’ deals in shared offices which can be the most affordable option for the smallest of firms; allowing access to professional premises and facilities at a fraction of the cost. 

Rewards for all

Start-Up Funding Plan for Business
While personal credit card rewards can take a while to garner enough rewards for a weekend in Skegness, business credit card points and prizes soon add up.  Exchange them and use the resulting offers and freebies as staff rewards; your staff will feel loved and motivated and you’ll experience the warm glow that comes with getting something for nothing. 

Green Credentials

Re-use everything you can.  I’m not (necessarily) talking about hanging the tea bags out on the line to dry, but certainly any and all packaging materials can be re-used.  Envelopes (particularly the jiffy bag kind) should never be thrown away, bubble wrap, anything that’s potentially going to save you cash should be saved up and re-used.  This approach has been re-branded as being ‘green’ so it doesn’t even make you look cheap anymore. 

Cloud computing

While you shouldn’t skimp on important things like accountants, do shop around before employing one.  The field is competitive and most firms offer a range of services to suit different sized firms.  You may just need one aspect of accounting dealt with, or may prefer monthly, quarterly or annual fees.  Also streamline the process by using software such as QuickBooks, available in cloud or desktop versions to make managing money straightforward and also allowing you to prepare accounts that can be dealt with quickly (and therefore cheaply) by your accountant of choice.  The company that developed the range (Intuit) have focussed on creating accounting software for small business and are a leading brand in the UK. 

Well Rounded Staff

Not so many years ago something of a “that’s not my job” culture existed in many UK firms.  Despite the fact there is nearly always a clause in employment contracts to state “tasks as required”, not everyone was keen to do what they perceived as “somebody else’s job”.  Start ups can’t afford to allow this attitude to develop and begin as you mean to go on, training staff to take on or fulfil any role as required.  It can save time and money in the long run and makes staffing more flexible. 

Promotions and Advertising

Business Start-Up Plans
Facebook and Twitter offer free opportunities to get the word out about your products and services.  Learn to use them for both advertising and for market research and gaining feedback on your products.  You can do this yourself or hire a professional to manage your social media campaigns, however the DIY approach is definitely the one to utilise in the early days.  If you’re new to the concept check out competitors or companies similar to your own to see how they manage the “conversation” before trying to focus it on your own company! 

From finding the right accounting software for small business to cutting the costs of furnishings, advertising and staff rewards, there are a huge number of ways to manage and make money when running your own firm.  Keeping costs down in the early days is, however, essential. 

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