How To Minimise Costs When Starting A New Business

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When you start a new business, especially if it is going to be your first, keeping a close eye on costs is terrifically important.

Here are a few ideas to help you minimise your outgoings.

Premises
Starting an online business and working from home will always be more cost effective than setting up in rented premises. You may be able to adapt a spare room or garage to make a workable office space.
If you’d rather not work from home, look at hot-desking services in business centres.
If you do want a rented business office, see if can you share with someone or rent a room in existing premises.

People
Employing people can be expensive and complex in terms of the HR legalities so consider instead, outsourcing and using freelancers.
Also look at using interns and work experience students (although you must ensure you have everything legally in place for this too).

Equipment
Buy office desks, chairs and other office kit second-hand (eBay and local auctions are good places to look).
When it comes to computers/ ‘phones and other tech, ensure that what you’re buying is right for your needs and avoid any doubling up (for example, do you need a laptop, smartphone and an iPad?).
Buy office supplies only as needed or in bulk (weigh up the options to see what’s best).
Lease equipment or vehicles instead of buying.

Marketing
It is usually possible to create a website for free or for minimal costs so explore the various online ‘build your own website’ options.
Social media (LinkedIn/ Facebook and Twitter) are all free marketing platforms and great ways to raise your profile.
Emails and e-shots are also either free or low cost and telemarketing is inexpensive if you’re happy to put in the time.
Keep an eye out for regional business events you can attend. Some will be low costs, some will be free.
And if you have an interesting story to tell, press releases sent to local media and local business magazines may give you free coverage.

Free start up advice from CWRT
Do remember that Coventry & Warwickshire Reinvestment Trust can help with business start-up support.

To find out how more, simply call our friendly business team on 02476 551 777.