When you’re starting a business, funds can be tight, especially when it comes to micro businesses.
Building a business on a small scale will of course mean operating on a lower but that doesn’t mean you can forget about all the formalities, such as branding and technology costs.
However, there are ways in which you can reduce costs when starting up a business.
Below you’ll find some of the most common and useful ways to cut costs when setting up a micro business without compromising on quality…
Branding will quite often be one of the costliest things when it comes to setting up a business is branding.
Many people looking to set up a micro business go over the top with how much they spend on things like logos and design, when there really is no need to.
Yes, it’s an important part of building your business but there are tools out there in which you can offer up a brief and they’ll create fantastic logos for relatively low cost.
These tools that automate the process make the branding process so much easier and are far cheaper than hiring a designer or agency.
Some technology can be costly but others will save you a significant amount of money over the long run.
More and more businesses start online now to avoid costs such as rental for space, whether that be retail or office, so that’s always a good place to begin, while there are also tons of low cost tech solutions to help various aspects of a business.
Ditch Your Landline
Having a landline fitted and connected is a cost that can be completely unnecessary these days.
It’s only a low cost but every little helps and the recurring monthly fee can be used more effectively, such as in social media advertising.
A cellphone used for business can be just as effective and what’s more you can answer your calls whether you’re in the office or not.
As well as this, social media, contact forms and live chats online (although resource is required for this) is also useful, particularly the former which is becoming a must use when it comes to customer service.
No More Paper
Not using paper can also save costs in a number of areas. Starting up completely digitally, including offering digital receipts will save money not only on paper, but printing equipment, ink cartridges and filing cabinets etc. Not only that but it’ll save space too and the environment.
More and more business are going paperless, and it makes sense with connectivity continuing to get quicker and more efficient.
When it comes to promotion your start-up micro business, you really don’t need to spend tons of money on marketing and advertising.
Facebook advertising can usually be extremely effective at just the snip of the cost of print advertising, while simply being active and engaging with your audience is just as important – something which doesn’t cost a penny!
Committing that bit of time to engaging with customers online can boost both customer service and reputation, which of course then leads to sales.
Have A Budget & Stick To It
Perhaps most importantly, the best way to keep costs low is by having a budget and sticking to it.
If you start your business with a budget and then dividing that budget so you know exactly where it is to be spent, you can manage it much easier.
There are dozens of methods to ensure a budget is stuck to, and by having one you can also break each aspect of spending down and look further at where you can save. Split your budget into sections and then explore how you can cut costs even further, you may even end up saving that little bit more!