How to Save Money When Opening Your Own Business

OlufisayoJanuary 23, 202001,045 views

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Are you about to start your own business? Congrats! While the initial set up may be an exciting prospect, you may also be concerned about managing your money to ensure your business gets off to the best start. After all, in business, every penny counts -so it’s important to spend it wisely.

Here are some top tips that will help you save money so your business can thrive.

Choose used or DIY furniture

Need an office space to get up and running? Worried about how much furniture and IT equipment will cost? Then it may be worth choosing pre-loved office furniture instead of brand new. Many pieces are in great condition and will be a fraction of the price –saving you heaps of cash that you could spend elsewhere. Or, have you considered DIY furniture?

Take a look at well-known stores like IKEA for DIY desks, chairs, lamps and more that you could use to kit out your space! If you choose to build your own furniture, you’ll need to set aside some budget to buy adequate power tools and batteries for the job.

Be energy efficient

Being eco-friendly in business isn’t just doing your bit for the environment – it’s kinder to your wallet, too. This is because the more energy-efficient your space is, the less money you’ll need to fork out on energy bills.

There are loads of ways you can make your space green, whether you’re opening an office, shop or other business. For instance, you could invest in LED light bulbs, and opt for a printer that switches off when not in use.

Don’t be afraid to negotiate

If you’re just starting out, you may need to establish relationships with suppliers or with potential sellers of your product/service. When in business meetings with suppliers and sellers, don’t be afraid to negotiate on the terms they offer you.

While you may be keen to get them on board, you may be able to negotiate a much better deal for your business simply by asking the question. The key is to understand the value of your business and theirs to ensure you can negotiate fairly without upsetting anyone.

Now that you know some initial cost-saving techniques, you can put a plan in place to help you stay on track of your finances during the initial set up period of your business.

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