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7 Ways to be Frugal When Starting a New Business

When starting a new business, it is important to have good financial control.businessman_holding_crystal_globe

You need to be aware that there will be a lot of costs, perhaps many more than you might expect and you may not be able to pay yourself for a while. It is therefore important to be frugal wherever you can. Below are some areas where you can do this.

Marketing

Marketing can be extremely expensive. Although it is important to build up a customer base and it will take some marketing to do this, it does not have to cost a fortune. It is possible to set up a free website and do free promotion for it. It will take time, but you can also read and learn about marketing so that you can have a go at it yourself. This will save a lot of money which could otherwise have been wasted.

Bookkeeper/Accountant

Paying someone to do your books can be extremely costly. This is something that you can learn to do yourself and save the money. If you do not think you can, then make sure you employ a bookkeeper to do the accounts and not an accountant as they are much cheaper.

Stock

Buying stock will be necessary for some businesses. However, it is important to make sure that you search around and make sure that you are getting the best price that you can. Negotiate and work hard to make sure that you do not overspend.

Utilities

You will need to pay foe gas, electric and water for your business. Whether you are working from home and heating that or in a business premises these things will still be necessary. Make sure that you compare costs to find a good supplier that will not cost you too much when you need money. Many people do this with their household bills to keep costs down and avoid debts like payday loans but do not consider doing it for their business as well.

Phone

A phone line can be expensive. Many businesses can manage on email and not have a phone these days and so it is PhoneCall1important to decide whether you want to do this. It will depend on the nature of your business but it may help you to save money if you do not have a business phone. If you do have a phone, then decide whether you will be better having a mobile or a landline as having both could be wasteful.

Premises

Renting premises can be dear. Make sure that you have a good look at all of the available options and pick something that is not too expensive. Also consider whether it would be cheaper and possible to work form your own home instead.

Personal Expenses

It is so important to make sure that your personal expenses are kept in check as well as your business ones. You need to think carefully about all of your spending. You may be having a lower salary or none at all for a while and so if you minimise your outgoings, you will benefit a lot.

This is a guest post for TheEmployable

 

 

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