Save Money in the First Year of Business Without Breaking the Piggy Bank

So, you’ve found your dream business and you’re ready to get started. You have all the skills you need to get going and your prospects for the future look bright. There’s only one thing standing in your way — money. The first year of business is renowned for being financially tough and many first-time business owners won’t take home much of a wage until the business is established. However, there are few ways you can save money during your first year if you’re on a tight budget. Here’s how you can do it.

Bartering

As a new business, there will be plenty of things you need. You’ll need to make connections with suppliers, whether they’re supplying your products at cost price or just filling up your cabinets with stationery.

There will be a few businesses that are willing to barter if you have something you can offer in return. That way, you won’t be spending your profits on supplies, so you’ll have a much bigger budget for advertising and marketing. Here are another 4 simple business methods to make your life easier.

Hiring Staff

In the first year of business, the last thing you need is to be paying out wages that are unnecessary. So, if you can do the job yourself instead of hiring someone else to do it, you’ll save yourself a lot of money. If you find you can’t do without the staff, consider advertising volunteer or apprentice positions.

That way, you keep your costs down and your staff gain valuable experience in the industry and what it takes to build a business from scratch. If you need to hire staff with specific skills, like graphic designers or content writers for your website, consider outsourcing the work instead of hiring a permanent member of staff.

That way, you’re only paying for services when you really need them.

Buy in Bulk

When you initially start a business, there will be lots of things you’ll need to use constantly, like paper and printer ink. The last thing you want to find is that you’ve run out of these vital items while you’re trying to work. You can often save money by buying these items in bulk from warehouses and storing them away until they’re needed. In the long run, in makes more financial sense than buying items as and when you run out.

Work Online

You don’t need a fancy office to start a business these days. In fact, most of the time all you need is a laptop and an internet connection. You can save a lot of money by opening an online business and there are often few start-up costs.

For example, becoming a freelance writer doesn’t require much financial input; just a lot of time and patience. By setting up a business online, you can work anywhere you want — from home, the local coffee shop, in a hotel room. Many WiFi connections are free, and you can often claim tax back on your home internet connection.

However you choose to save during your first year, you can be sure it will help your business to flourish.

A Loose Lease System — What Can You Get Away with Renting in Your Business?

The one thing that is a big drain on our resources when we are developing our startups is cost. The main issues we have when it comes to cost is the upfront impact of it, if we have to buy a lot of large equipment and supplies that require a one-off payment, this can effect our budget drastically. So what is the best option? If you have to stretch your finances, the best option is to pay for things little and often, in other words, leasing or renting. These are things that can help the business in a moral sense, because of the lack of financial stress. So what are the things that you can benefit from leasing as opposed to buying?

Low Angle View of Slightly Opened Door Structure

A Fleet

The issue with buying a fleet of vehicles is that it can be very expensive to buy equipment that is going to run into the tens of thousands of dollars, money that you don’t have when you’re starting out. There are many fleet suppliers now that lease their vehicles out, such as Flex Fleet, which is very handy when you are running a business that has to deliver items, or you’re working on a building site and need supplies transported safely and quickly.

The other benefit of leasing vehicles in this manner is that the haulage companies will have most up-to-date vehicles. This means that it’s not just safer for travelling because of the safety equipment, such as anti-lock brakes, but it’s also a bit better for your overall image, as people will be able to see that you have a contemporary fleet at your disposal.

Equipment

Again, this depends on the type of business you are running. The main thing with purchasing equipment on a lease is that it will be cheaper upfront. So if you are working in a manufacturing company, it is a great way to keep your costs low in the meantime, but your output at a high rate. Your equipment will benefit from this, as will your employees, and therefore productivity will remain high.

Image Credit: Pexels

Cloud Computing

This is a very common resource that is leased, or outsourced, right now. The overall benefits of upgrading to a cloud operating system is that you can upscale according to your business’s needs, and the cloud provider is responsible for protecting your business. This is a choice that many companies do now, for obvious productivity reasons, but it’s also beneficial for the environment and is a great way for you to streamline processes.

Your Staff

Outsourcing is something that is very popular with small businesses now, it’s a great way to get tasks done quickly, and there is no need for any excess staff. This can result in moral implications for your business in relation to how you liaise with your permanent staff members, but in small businesses, it is a necessary evil if you want to upscale.

Overall, costs do need to be kept down, which is a difficult thing to do, and so as a result, leasing or renting is an easier approach in the short-term, there is less fuss in the grand scheme of things, and it will help you to manage your costs better while having the most sophisticated equipment and processes.

How to Make Sure Your Carpark Is the Best Possible First Impression for Your Business

When it comes to our business properties we tend to focus more on the interior space, than the exterior. This of course makes sense, as we spend much more time inside the office than in the outdoor areas. However this sometimes means that we aren’t making the most of the outdoor areas we have available to us.

As your outdoor area and more specifically your car park, is usually the ‘first impression’ for your company when your clients come to visit and it is the first and last thing your staff see on a daily basis, it is crucial that this area is doing your business justice. If you feel that your car park is looking a little neglected and tired then follow our simple tips on how you can improve this area so that the outside of your business looks as good as the inside.

black-and-white, cars, parking

Resurface for a nice facelift

Old carparks that have been neglected for many years can often lead to uneven and bumpy tarmac surfaces that can damage the suspension on cars and also look very unsightly. Therefore one of the best ways to give your car park a facelift is to resurface it and repaint the parking space dividers so that the area looks as good as new.  

Providing sheltered seating areas

There are many reasons why your staff may need to spend more than a minute or two outside in the carpark, so why not think about creating a sheltered area where staff can spend a few minutes enjoying a bit of fresh air.

Putting in aluminum canopies will not only provide shelter but can also enhance the entrance to your business. Think about putting in a bench or two under your canopy to provide an area where staff can sit in the fresh air and take a much-needed break outside whenever necessary.

Close-up View of Cars

Designate parking spaces and keep the peace

Staff squabbling over the best parking spaces is something that every business owner can do without, so why not try nominating spaces to your staff. By numbering up the parking spaces and allocating a number per member of staff, you will be able to stop people from disagreeing about who gets what space.

It’s an extra step in ensuring your staff doesn’t start the work day off in a bad mood that someone has taken ‘their space’ again. You can then also create a clearly labelled visitors section to the car park which will look really professional when you have investors, partners, and clients coming to your office to visit.

Add some greenery and colour with plants

Putting in some shrubbery and plants is one of the best ways that you can improve the overall look of your businesses carpark. Sometimes all that is required to make your parking area look welcoming is just a pop of colour and a sprinkling of nature. So spend a little bit of time researching the types of plants and flowers that will last the longest in the type of climate your office experiences through the seasons.

In addition you will need to make sure your car park is security conscious with a CCTV system and also make sure you don’t forget those environmentally conscious employees by providing a proper designated bicycle parking zone too.