When it comes to running a business, you may be fearful of being able to do it affordably. One of the biggest drawbacks for entrepreneurs in starting their business is the fear that they won’t have enough money to start one or run one. If you take the plunge and open your small business, you may feel limited on resources and even time, so every dollar counts. When you’re looking for ways to cut costs, maximize results, and avoid breaking your budget, here are a few ways you can run your small business affordably.
Working from home
Do you really need an office? Do you have staff working in your office with you? The ways of virtual offices are becoming more and more common because of their many benefits. You and your staff may be able to work virtually in which you share projects through the Cloud, communicate by phone or email, and only meet in through video services like Skype.
When you go this route, you are now eliminating the need to pay for a workspace, resources, equipment, and more. Plus, many times when a staff member works remotely, they end up working for you on more of a freelance way rather than a full-time employee needing a salary with benefits.
This could result in a huge cost savings for you because you can outsource the work you need by the hour to employees or virtual assistants working from their own remote locations. Keeping your staff members at part-time will allow you to avoid full-time benefits and utilizing their time where you need the help the most.
Take on more yourself
Many entrepreneurs end up acting as a jack of all trades and wearing all of the hats; from accountant to customer service department to sales. If you want to hire help for the various tasks but need to conserve your spending, consider taking on these roles for the time being and bringing on extra help later.
You could always outsource your administrative work to a virtual receptionist so that you can quit worrying about incoming calls, sorting your emails, scheduling appointments, and answering every frequently asked question of your customers. You could also hire a freelancer to help with your company’s blog and social media updates. That way, you can focus on the budget and marketing strategies until you have the resources to bring on more help.
Other cost-cutting tricks
When you need to make a large purchase, consider if the product or service comes with a free trial run. Software typically allows you to use a free trial which will save you a ton of money making sure it’s the right fit for you. You can typically get other free items if you don’t need more premium features, such as email marketing like MailChimp.
Are you wasting money to have a landline so that your office appears more professional? This is another benefit to a virtual receptionist because their phone number can act as your business number while you can continue to just use your personal cell phone. Do you always treat your staff to lunch or endless coffee? It may be time to reassess every cost you have and decide if it’s truly benefiting your company or causing you to feel broke. The more you can save towards growing the business, the more your business can increase sales and gain recognition down the line.
Run your business affordably and make sure you are only spending where it’s really necessary in order to best utilize your limited resources.