Starting a new business is both an exciting and challenging time. It is the opportunity to build something amazing, but starting a new business means you will potentially face many obstacles along the way and the whole experience is a learning curve. To make a success of your new venture, you will need to try and make a profit while keeping down your overheads. You will have more chances of this happening if you can keep your startup costs as low as possible.
In terms of premises, it is better to start off small as this is likely to cost you much less. As you expand your business and become more confident in your ability to succeed, you can always move to larger premises at a later date. You can then spend the money you save on developing your business.
A great way of saving money is to consider buying good quality, second-hand office furniture. It will still serve the purpose you require it to do, but will cost much less than buying all the items of furniture brand new. Look out for businesses that are closing down and want to sell off their furniture. This is often as good as new at a fraction of the cost.
Avoid the temptation to buy more stationery than a stationery shop in the early days of your business. Only buy what you absolutely need and look out for offers on the items you will definitely use. It may be worth setting up an account with a stationery supplier as they may offer a loyalty scheme and a large trader is more likely to offer regular discounts. Keep track of what you use in the first few months of trading as this will guide you in the future in terms of what you use regularly and which items were a waste of money.
This is one area where it is better not to skimp on what you spend. Buying cheaper appliances and equipment, such as office printers, may mean that you will spend more in the long-term replacing items or having them repaired. It is better to pay a little more in the beginning, buying a product manufactured by a reputable brand that comes with either a warranty or a guarantee. In the early stages of your business, only buy the pieces of equipment that you absolutely need. Don’t be tempted to buy frivolous gadgets that you may end up never using.
Regardless of the type of business you are starting, it is likely that you will need to print. This means that you will need to buy paper and ink cartridges. These are two items that you can save money from even from the start. Buying remanufactured HP ink cartridges from Cartridge People can save you between 40 and 50 per cent. Further money can be saved by setting your printers to draft mode as this uses less printer ink.
Similarly, opting for a lower quality of paper for your daily office use will save you money in comparison to a higher quality paper. To save money on both printer ink and paper, be careful not to print documents with errors in them. This can be prevented by thoroughly checking through all your work.
Keeping the costs as low as possible when you are starting up a business can give you a much better foundation for future success. It will help you to keep within your budget, save money that can be spent on the development of your business and help you to start making a profit as soon as possible.