Save money setting up a small business – 26 ways to save cash

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business womanMore and more of us are setting up our own small businesses. If you want to make the most of the opportunity, it’s vital to keep the costs down so you can maximise your profits. Here’s a bunch of common sense ways to save cash, 26 tips for cutting the cost of entrepreneurial success.

  1. find a local business network you feel comfortable with – some are more formal than others, with hardcore five minute presentations and hard-sell techniques, others are more laid back and friendly
  2. work from home at first if you can – you can claim a proportion of your home expenses against tax and it costs a lot less than hiring office space
  3. set up your own website using WordPress, the world’s favourite free ecommerce and blogging platform and amazingly easy to use
  4. find a cheap domain name – you can pick them up for a couple of quid if you shop around
  5. use a Virtual Assistant to help you with the admin and organisational side of things, so you have the time you need to make the best use of your talents
  6. buy second hand office equipment including reconditioned technology like computers and phones
  7. meet prospects and clients in hotel bars and coffee shops, a perfectly acceptable practice these days with virtual businesses so common
  8. research tax breaks like National Insurance holidays and employment grants
  9. take on an apprentice under the government’s scheme
  10. ask around family and friends, paying talented people you can trust to handle the things you can’t or don’t want to do
  11. go paper-free from the offset – these days you shouldn’t need to print anything
  12. set up an Amazon shop
  13. set up an Ebay shop
  14. use PayPal for secure payments on the cheap – everyone’s using it
  15. take on a part time pay-as-you-go finance director through somewhere like www.thefdcentre.co.uk
  16. track down the best broadband and phone deal
  17. use free email marketing software
  18. take advantage of freelancers for design, copywriting, accounts and so on
  19. use www.gov.uk/browse/business to find out all the nitty gritty official stuff
  20. join the FSB, Federation of Small Businesses, and get cheap business insurance and a load of other handy benefits like legal support
  21. download free business documentation templates instead of paying a solicitor
  22. find a car share service and travel by public transport whenever it’s practical
  23. never buy paid-for online services when there’s a free ‘open source’ alternative…
  24. …but always pay for top class virus protection, id theft protection and firewall
  25. use Skype or something similar for bargain basement phone calls – local, national and international
  26. use the internet to train yourself in the aspects of business you don’t fully understand

What about your best tips? Feel free to leave a comment!

 

(Thanks to Celal at www.celalteber.co.uk for the fab free image)

 

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About Author

I’m Kate Goldstone. I live just outside Brighton, high up on the South Downs, with my husband Tony and our three cats. I’m dedicated to saving money, spending less, buying wisely, cutting waste, re-using, recycling, re-purposing and generating cash from the stuff I no longer want.

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