Small businesses often fail due to inadequate capital and excessive cost overruns, so if you’re an entrepreneur or small business owner, don’t let your business fail as a result of financial issues. Since most small businesses don’t have a lot of money available from the get-go, it’s important to manage costs while saving money for future expenses. Though some tips may save you more money than others, these penny-pinching tips are something to consider for all entrepreneurs.
1. 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 thousands of free WordPress themes available. As your business flourishes, you can always spend more money revamping your site or switch to a paid alternative down the line.
2. Consider Switching Banks
In order to make up for regulatory changes, banks are trying to squeeze out as much money 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.
3. Hire Interns
Interns can easily be found at your local universities and have a hunger for knowledge and experience. If you pick your interns carefully, you could get a lot of value for money. 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 tech savvy and keen trend watchers, which can be a major win if both parties are willing to learn from each other.
As more people work via smartphones and laptops, the traditional office has become less important and coworking is an increasingly popular alternative. Coworking members get many of the benefits of office life — a community, a work environment, and meeting spaces — without giving up the freedom of working on their own schedules. Spaces like Servcorp‘s AirOffice offer great tech infrastructure and a collaborative environment bursting with ideas and networking opportunities – all at a low cost.