How to save money on your fledgeling business

Starting your very own business from scratch is a daunting prospect. But when you’ve finally decided to take the plunge and step into the world of business, you need to be flexible, you need determination and above all, you need money

Whether you’ve taken out a business loan, borrowed money from your parents or you’re bootstrapping to get your business off the ground, as a new company, you’re still going to need to look for ways to save as much money as possible and keep your costs low. The last thing you want is a huge amount of debt stopping your business from growing – check out for the latest in debt advice. 

Here we’re going to look at how you can save money on your fledgling business.

Go green to save green!

It’s a fact that the more eco-friendly your business is, the more money you’re going to save on things like utility bills and office space. Whether you’re working from home or you’re renting a business premises the greener you go, the more green you’ll save! Switch to LED bulbs, choose alternative energy sources and consider energy-efficient tech and appliances. 

Own brand goods are great!

Of course, you only want the best for your business and your employees. But, these days the most expensive doesn’t always mean the best quality. From toilet paper to coffee and tea supplies, even copier paper and branded office furniture. Discount or off-brand products are just as good as their more recognised counterparts. Just check out the reviews and shop around first!

Cut back on meetings

Meetings seem like an important aspect of any business day. However, when you’re paying your team by the hour, the amount of money you’re wasting is staggering. Could you communicate what needs to be said via email? Or with a quick huddle in the middle of the office? Meetings aren’t always as productive as we’d like them to be, with many people slacking off or even dragging the meeting out to avoid going back to work!

Outsourcing could be the key

From IT support to customer service jobs and even those creative roles. Thanks to modern technology, most of these jobs can be done remotely. Reducing the need to provide yearly salaries, insurance, employee benefits and provide an expensive office space that you’ll need to run and pay for. Consider remote or freelance workers to complete most of your daily tasks. 

Cyndy Lane

Cyndy is business journalist with a focus on entrepreneurship and small business. With over a decade of experience covering the startup and small business landscape, Cyndy has a reputation for being a knowledgeable, insightful and approachable journalist. She has a keen understanding of the challenges and opportunities facing small business owners and is able to explain them in a way that is relatable and actionable for her readers.