Starting a new business is expensive and don’t let anyone tell you otherwise. There are quite a few articles that claim you can start and run a successful business with no money in the bank. These aren’t rubbish websites spouting this advice either. Forbes, The Guardian and The Financial Times have all claimed this at one point or another. The question is, are they right? The answer: yes and no. Yes, you can start a business with nothing but eventually it is going to cost you money. There are certain things in business that you can’t get away with not paying for. This includes marketing, initial setup of services, unforeseen expenses, bills and maintaining a business property. There are plenty more to contend with too, but that list is probably quite a good place to start. Let’s take each of these in turn and think about whether we can minimize their impact cutting costs.
Marvelous Marketers Make Money
The online marketing industry is now worth billions, and it doesn’t take a genius to figure out why. Every company hoping to make profits selling a service or product online needs to invest in some form of online marketing. It’s important that you create an impression online. Otherwise, your business will be lost in the shuffle of all the other companies. Unfortunately, online marketing and promotion in general, can cost a lot of money. A professional SEO service for your business site can cost anything from a couple hundred to a few thousand. It all depends on what marketer you choose to use. So, if there a way to cut down the costs?
Well, if you want to reduce the expense of marketing, you first need to think about the service you’re using. There are plenty of marketers online that are running nothing more than scams. They sell the idea of a quick fix to your promotional problems that end up costing a fortune. Here’s the kicker though, they’re not even worth the money. If an online marketer promises a fast solution or rapid results they tend to be offering a cookie cutter service. For instance, they might clog your site full of keywords or links. This will have a slight effect on your ranking for a short period of time. Eventually, though, Google will correct it.
You should always be researching a marketer before you use their services. Makes sure that you know what they can offer and whether it’s worth the price. You can do this by looking at reviews and seeing if they have the support from other businesses in your industry.
Another way you can save on marketing is by setting it up yourself. For instance, you might be a local service business catering to customers in nearby areas. If that’s the case, there is no reason for you to pay for a global SEO service. Instead, you should simply set up local SEO yourself. You can do this by using Google Business and getting a profile ready. Some business owners also run their own marketing campaign by focusing on the use of social media.
Don’t Get Gouged On Price For Services
You’re going to need a lot of services in place when you start your business. Everything from phone connectivity to an online connection and deliveries will be essential. When you’re setting this up, it’s important that you don’t get overcharged on price. You don’t want to be in the position where you’re paying a fortune for the basic building blocks of your company. To avoid this, just make sure that you are price checking different businesses. For instance, you can get business phone service plans that include everything you need at a budget beating price online.
However, you do need to make sure that you don’t lose quality in the hope of gaining a bargain. You need to make sure that you are getting services that you can rely on. For instance, it would be fantastic if you can get the cheapest internet connection on the market from a supplier. But if that supplier isn’t reliable, and the wifi always crashes it’s not worth it. Instead, you should be thinking about getting your internet from a slightly more expensive supplier who is reliable. This is particularly important for an online company.
If the systems do crash or the web connection does fail you won’t be able to function on the market. At that point, you can struggle to get back on the right footing. You might even find that your competition takes your place with some of your customers.
Tech And Kitting The Office
It can cost a fortune to kit out an office with the best and latest tech. But who’s to say that you need the best or latest equipment. You might be able to function quite easily using second-hand equipment and resources. If you do this, you may be able to save a lot of money from day one of setting up your company. Instead of buying brand new equipment and computers for the office, you can purchase them second hand. These will still be reliable operating systems although they won’t be the fastest on the market. That can mean you could lose your competitive edge. So, you’ll have to weigh up whether the price cut is worth it.
You may also want to consider the complete opposite solution. Rather than investing in old tech you buy the latest models on the market. This might seem counterproductive. But, the latest tech is actually far greener. Therefore, you will save money on energy even if you spend more on the initial cost.
Buying Your Business Office
Finally, you need to consider the cost of your business office. It can be incredibly expensive to buy a property for your business, but it may also be vital. Not all businesses can be run from home, despite what modern entrepreneurs may claim. If you cut the cost of your business off choose the location carefully. By setting up in a less popular location, you can cut a lot off the asking price during setup.