We all know how costly it can be to set up a new business and the smart entrepreneur is always looking for ways to save money. The number one reason for a business to fail within the first year is lack of funds and with that in mind, here are a few ways that you can save a little money when starting a new business venture.
- Fundraising – There are a few ways that you can involve private investors, which means you can keep back a portion of your capital. Create a comprehensive business plan and look for private investors online and send each one a copy. If you can find a sleeping partner who will receive a good dividend, you will not have to relinquish any control and with an amount of capital stored away, you can weather any storms that might approach.
- Compare Prices – The Internet empowers us in many ways; if, for example, you are looking to acquire Eames chairs for the office, comparing prices from several online suppliers is bound to save money. Things like office supplies you might be able to order and pay within 30 days, which really does help and before ordering anything, compare prices with other online suppliers and this will ensure you find the best deal.
- Virtual Office Services – As we all know, renting offices can be very expensive and if you only need a prestigious business address with mail forwarding, why not choose a virtual office? You only pay for the services you use and they offer call handling and secretarial services, should you require them. Click here for tips on improving your business.
- Do your Own Digital Marketing – There are lots of free SEO resources on the Internet and if you have a basic knowledge of IT and have time on your hands, you can save a lot of money by carrying out digital marketing yourself. Find out the most popular search terms for your products or services and include these in your website and this will improve your Google ranking. Create accounts on social media platforms such as Facebook, Twitter and Instagram and with regular posting of quality content, you can generate a large social media following.
- Design and Build your Business Website – Of course, you will need to have at least a basic understanding of website design and construction; there are state of the art programs that build professional-looking websites and with some WordPress experience, there’s no reason to think you can create a suitable digital platform.
- Outsourcing to Freelancers – Rather than using an established company, why not entrust work to freelancers? The young professional would certainly charge you a flat rate, which would be much cheaper than from a large company, plus you are giving someone a chance to develop their own small business.
Click here for NZ government information on setting up a business, which should prove useful as you prepare to launch the new enterprise.