Studies show that insufficient capital and excessive cost overruns are the top two reasons businesses fail. If you’re an entrepreneur or small business owner, one of your most important duties is to not get burned with these types of financial issues. Though some tips may save you more money than others, these penny-pinching tips are something to consider for all entrepreneurs.
Use a Virtual Office
Virtual office space allows business owners to maintain a professional image while cutting back on the overhead associated with leasing an (full time) office space. By using a virtual office instead of renting a traditional office space, you’ll also be able to use independent contractors and cut back on additional costs associated with providing benefits and insurance to employees. Ideal for companies who don’t require everyday access to an office but still wish to maintain a professional image via a business address and phone-answering services, a virtual office is a great way for small business owners to save money for the things that really matter.
Free Blogging & Website Platforms
Instead of spending thousands of dollars up-front for a professionally designed website, consider starting with a template-ready website or blogging alternative. Though WordPress is generally thought of as a blogging software, the range of ways in which a business owner can use WordPress are broad. Although some “themes” cost money, there are still thousands of free themes available.
Consider Switching Banks
In order to make up for regulatory changes, banks are trying to squeeze out as much revenue as possible, especially from small business owners. Do everything in your ability to avoid fees like ATM surcharges, bounced check fees, and debit card fees. If switching to another bank will cut costs significantly, switching banks may be a good way to ensure the financial longevity of your business. Additionally, investigate all loans catered towards small business owners and choose the loan that offers the most perks and comes with the lowest interest rate.
Hire Interns/Temps
Interns are thirsty for experience and knowledge, and can easily be found at your local college. Often times, students are required to have an internship at some point during their tenure. Additionally, if an intern’s work impresses you, you may consider bringing them on as a full-time member of the team upon graduation. Typically, interns are up-to-date when it comes to new trends and technology, which can be a win-win if both parties are willing to learn from each other.
