Opening a business is a dream shared by many. After all, seeing your ideas brought to life, building something from the ground up and becoming your own boss is an exciting concept! If you are determined to open your small business, you will have to find a way to make your dreams a reality. But even though to own your own business is truly worth it, it takes a lot of effort and hard work.
Cash flow remains a major challenge that affects the growth of small businesses, because they tend to work on a tight budget. The tight budget though, can be transformed into an opportunity.
Below are amazing 5 tips to help small business owners from any industry:
1. Working from home at first
The benefits of beginning your business by working from home, often outweigh the costs. If you work from home you will have autonomy, flexibility, comfort. You don’t need to pay the cost of having an office and you will save in terms of commuting and food. When you work from home, it’s a lot easier to find the time and motivation to make healthy, budget-friendly meals, which both your body and your wallet will thank you for.
As a small business, you might still need, once in a while, to hire a meeting room to carry out a training session or team building day with your staff. You can as well always hire a professional, well-equipped space where you can meet with clients or partners. Working from home, at least in the beginning, can be a great way to save lots of money.
2. Buy used furniture and office equipment and make green choices
If your business requires you to have a proper office, you can save money by deciding to acquire used office furniture and equipment. There is plenty of used furniture and office equipment that is still in very good shape, that you can buy for a lower price. If you make your space more energy efficient you will as well lower your utility costs. You can get a printer that prints on both sides to reduce paper waste, keep your office equipment on a power strip to turn off when not in use. By saving energy you reduce costs too.
3. Always Get Three Quotes Before Making a Purchase
When setting up your business, make it a habit to research and get various quotes from everything you need for your small business. Research the products you need, take down the product information and get quotes from at least two other sellers. You should bargain the price as well, as many times, if you let a vendor know that a competitor has quoted you a lower rate, then he or she will either meet it or beat it in order to secure your business. It is always worth asking and you could end up saving a lot in the process!
4. Use Independent Contractors
If you use a few independent contractors, you might be able to save money. Using independent contractors enables you to have flexibility, and avoiding paying certain withholding taxes. So you might prefer this, rather than hiring traditional employees. Before you consider this tactic, you should check to make sure the independent contractors meet the taxes criteria. There are other government-related stipulations that you must follow, so try to get advice about this from your accountant.