8 Easy Ways To Save Money When Launching A New Business

By: 
Debbie Woodliffe

When it comes to starting a new business, the costs can rack up quickly. That’s why, from office overheads to marketing and referrals to blogging, we’ll explore some easy ways to prevent costs spiralling and discuss some common new business pitfalls to avoid. 

Keep reading to find out how you can ease your cash flow woes and focus on building a successful business… 

  1. Minimize office overheads

Often, one of the largest expenses businesses have is their office premises. But with remote or hybrid working fast becoming the preferred way of working, it doesn't have to be this way. So, why not encourage and enable your staff to work from home? It will not only help reduce overheads in the office either - research shows it can help to boost productivity and morale too. 

Alternatively, if you haven't selected an office yet, don’t choose style over substance - especially if your business doesn't need passing footfall. It’s important to find a space that matches your needs. Plus, popular locations could cost you more in rent and other costs like parking and council tax. 

         2. Think about electricity

The cost of energy is rising, so now is a great time to consider what savings you can make. There are many ways to do this, including making use of smart meters that send accurate readings to your provider, but not all suppliers have this facility, so here are some other ways to save:

  • Ensure tech isn't left on standby overnight.
  • Turn off all tech at the plug before leaving the office.
  • Turn off lights in areas where no one is working. 
  • Replace fluorescent lightbulbs with energy-efficient LED bulbs.
  • Encourage flexible, remote and hybrid working.
  • Maximise natural light in the office by opening curtains and blinds.

If you're still spending a lot on electricity or other utilities, look at an energy comparison website or hire someone to do an audit to see where you could further save money. 

       3. Go paperless

Depending on your type of business, photocopier rental fees, ink cartridges, and paper costs can drain your funds. In this digital day and age, it’s perfectly acceptable to go paper-free and encourage your customers to join you. 

If you have any processes that still require printing or physical documents, investigate ways to bring this process online or how you can save money creating them. For example, if you still need a printer for the office, weigh up the pros and cons of renting a large machine or purchasing one from an office supply shop. 

If you have items that require physical printing like letterheads, product labels or compliment slips, why not see if you can save money by getting them printed locally with an eco-friendly provider? 

       4. Maximise organic marketing

Organic marketing is a strategy that generates traffic toward your business without any upfront cost. If you’re just starting your business, take some time to maximise your presence on key channels, such as:

  • Social media sites (LinkedIn, Facebook, Twitter, and Instagram)
  • Your website
  • Search engine optimisation (SEO)
  • Emails & newsletters 

If you're doing them yourself, these organic methods of communication and marketing have little (if any) upfront cost, the only consideration is your time.

       5. Blog and content creation

Blogs, guest posts and creating content are other forms of organic marketing that are great for engaging your audience and positioning you as an expert in your field. If there is an industry website or similar relevant local news site or blog, consider emailing them to ask if you can write a Guest Blog Post for them. If they agree, then you can include a link back to your business in the article or your author bio. And it supports your SEO activity as well.  

Writing blog posts on your website is also a great marketing tool, just ensure they are correctly formatted and optimised for search engines. Use tools like Google Trends and keyword research to see if there are any specific questions or things or things people are currently searching for in your industry. Alternatively, you can check your queries and social media for any frequently asked questions from customers, and then write a blog about it. 

You should think of your blog as a tool to pull people to your website as a provider of genuinely useful and helpful industry information. Ensure that, once on the blog, it’s easy for people to reach out to you - for example, you could provide an area where they can subscribe to your email list for more content. 

       6. Ask for referrals 

No matter your business sector, creating a referral scheme is a great way to pull in new business and thank your existing customers for their loyalty at the same time. There are many, many different models of referral schemes, so choose one that fits in with your business offering:

  • Product discounts
  • Cashback
  • Fee per referral
  • Percentage of the fee returned 
  • Perks, gifts or freebies 
  • Cash rewards 
  • Staff referral scheme 

Ensure that you aren’t breaking any rules by doing this. For example, if you’re regulated within the financial industry, it's important to check that your loyalty scheme method is suitable and legal before starting. That's why it's best to look at what your competitors are offering for an idea. 

Once decided, you should push the details of your referral scheme out across your social media platforms, email marketing and newsletters to make sure any existing customers (or staff) are aware of it - then watch the leads roll in!

       7. Do your accounts online

In days gone by, most firms (no matter their size) would have an in-house accountant or finance manager to keep things ticking over. However, in this rapidly developing digital age, there are plenty of highly effective online solutions for SMEs and Limited Companies that can take care of payroll and finances with minimal intervention.

Take time to research the market and try and find out what is popular in your industry. Most online accounting services charge on a pay-as-you-go basis or use a fixed monthly fee, so the vast majority of these will end up cheaper than employing an accountant directly. 

       8. Hire freelancers or virtual workers

If you can’t afford to hire a member of staff but still require additional services, consider hiring contractors, freelancers, or virtual workers:

  • Marketers 
  • Website builders
  • Tech support 
  • Virtual assistants 
  • Virtual receptionists 

Plus, if your website gets a lot of enquiries that need handling via online chat, most chat providers can offer agents at a low cost to help you service these potential clients. 

(Debbie Woodliffe is an experienced B2B writer currently based in the UK working for Affinity Agency, a multichannel marketing agency which aims to help businesses of all shapes, sizes and development, succeed.)

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