Here’s How Savvy Startups Slash Their Costs By More Than 50%!

According to the Startup Britain website, around 500,000 new businesses started trading in 2014. That’s quite a significant amount, and it shows that the entrepreneurial spirit is anything but dead and buried in the UK!

Many of those new startups will go on to become large companies. But, did you know that all successful businesses have one thing in common? I am, of course, referring to the fact they kept their startup costs to an absolute minimum!

In today’s blog post, I will share with you the secrets of starting up any new business on a shoestring. Don’t worry; you can thank me later for these tips!

Lease instead of buy

When you start a new company, you will doubtless have little in the way of financial resources to spend on things. To keep your cash flow healthy, you are better off leasing the items you need where possible instead of buying them.

Examples of what you can lease include computers, printers, machinery and so forth. The other benefit of leasing is that you can offset your lease costs against your tax bill. That means you will have less to pay on your VAT and corporation tax returns!

Use A VoIP telecom system

Here is a tip that applies to new startups that comprise several people, as well as “one-man bands.” Instead of paying lots of money for phone lines, use a VoIP telecom system instead! In case you wondered, VoIP stands for “Voice over IP.”

In a nutshell, it uses the Internet to route calls to your office, and to dial numbers outside of your premises. VoIP systems like the Mitel 3300 let you create your own internal extensions for a fraction of the cost of PBX systems. They also offer other features like convergent technology.

In layman’s terms, that means any device like a smartphone can connect to your VoIP system. So you don’t even have to be in the office to receive calls to your business number!

Work from home

The thing about offices is that they cost a lot of money. Even for something the size of your home’s “box room”! Until you’ve got enough cash to sustain such an expense, I recommend working from home instead.

You might think that doing so doesn’t portray a professional image to your clients. But, let me explain a few ways of how you can get around that problem:

• Pay for a “virtual” address. You can pay for the use of a commercial address, and you can even have your post sent to that address too;
• Hire meeting rooms. Those same virtual address providers can also offer meeting room facilities, and you can hire them on an hourly basis; and
• Hire a “virtual assistant.” Too busy to answer calls? You can pay someone else to do that for you. That way, you don’t miss out on potential new client opportunities.

By following the above secrets and tips, you will slash your startup business costs by more than 50%!