If you run a business you might have pondered about business operating expenses and may even be losing more than a little bit of sleep each night thinking about how much money your business spends on a weekly, monthly, and yearly basis.
You might have started your business thinking that it’s going to be some sort of cash cow, but, once you got started, the expenses started rolling in. First of all you likely had to purchase some sort of equipment (computers, hardware, tools, communications devices, etc.) which might have set you back financially.
Starting a Business is EXPENSIVE
Recent studies show that the average cost to start a business from scratch is right around the $30,000 mark. Whether you’ve just started a new business or your business has been in operation for years, you’re likely interested in ways to save money in order to make up for that investment.
Rethink Your Marketing Scheme
If you’ve been using a marketing or advertising agency for your outreach efforts, you might want to rethink this decision. Big name advertising agencies pull in the big bucks because they charge high retainer fees and generally charge monthly for their efforts. You can get just as good results from hiring freelancers and focusing on your SEO efforts through smaller companies — which will likely end up saving you thousands of dollars.
Hire Remote Staff
Whether you decide to enlist the services of a remote assistant, hire employees for certain areas of operation to work from home, or other remote staffing options, you will start to save a ton of money on overhead. You won’t have to keep a big office to work out of, you will likely dodge having to pay for benefits and extensive training and onboarding. You also won’t have to purchase snacks for your staff any longer. Check out Dormzi.com if you want to hire freelancers at a reasonable price.
Instead of printing documents you can use online technology for employee paperwork, that way you save on paper, printing, as well as storage space. By keeping documents online you can put them on the cloud or save them on an external hard drive, instead of having an extensive filing system.
Online video technology has evolved over the years and your business can benefit from holding meetings virtually, which will save you the expense of having to keep meeting rooms. You can interview potential employees via Zoom and conduct regular meetings with your employees to keep everyone in the loop. This will save you and your staff loads of cash in transportation expenses as well as the cost of keeping large offices in order to conduct meetings and other business operations.
For instance, if you’re in the automotive industry, creating a virtual showroom will save you a considerable amount of expenses from having to hold and operate a brick and mortar showroom. Having a traditional showroom in any industry that calls for it will take manpower and cost a pretty penny for upkeep. With a virtual showroom you can even show and sell buyers products that you might not necessarily keep on hand.
Once you start saving money by taking one or more of the measures listed above, you can invest that capital to grow your business.