Cutting costs, saving money and just down right being frugal can help keep your company afloat during the beginning phases. You want your startup to thrive as quickly as possible, not drive it into premature bankruptcy. If you want to be a savvy business owner, there are so many different things you can do. Below, are 8 tips to help you run a more frugal business.
Use Energy Efficient Lighting – This can be helpful whether you have a home office space, or a physical retail location. Switching out your old energy draining bulbs for newer more efficient ones (LEDs and CFLs) can save you lots of money over time. The initial upfront costs may be a little expensive, but they can last up to 25 times as long as traditional ones and save you money on your power bill.
Pack a Lunch or … – Dinning out for lunch can really add to your expenses. Consider making your lunch the night before so that you can have it packed and ready in the morning. If you do decide to eat out, plan in advance and use Groupons or coupon deals to help cut costs. This can be really helpful if you are treating a large group of employees or clients.
Shop For Bargain Furniture – Shop smarter when it comes to furniture and retail “build outs”. Transforming a blank space into an actual business may take time and money. But, don’t spend more than you actually have to. You don’t need to buy the top of the line furniture from an expensive store simply because it looks nice. Check out discount furniture stores, auctions and liquidators to get the best bang for your buck.
Refill Ink Cartridges – If you do a lot of printing, you might want to consider re-filling your ink cartridges yourself instead of buying new ones each time you run low. Depending on which type of printer you have and how often you need to refill, you might be able to purchase a refill kit for $15 (or less), which could last you for several months to a year.
Look For Deals on Office Electronics – Search the internet on sites like Craigslist and eBay to find discounted office electronics. Look for manufacturer refurbished, and gently used items that are in excellent condition. The more deals you find, the better for your business.
Buy in Bulk– If there is something that you will constantly use like, paper or shipping supplies, why not buy it in bulk. Buying in bulk will save you a lot of money in the long run on things that are a necessity for your business.
Hire The Best Person For the Job – Sometimes businesses hire based on superficial elements instead of quality. Now, large companies may be able to afford to let the wrong people slip through the cracks, but small businesses and startups can really get damaged hiring people who aren’t a good fit. Whether a person is your friend, family member or just someone with a nice smile, they need to be willing to learn and apply their skill set to bring value to your company, not diminish it.
Write Down a Monthly Budget and Stick to it– It can be really tempting to buy the latest tech gadgets for your startup. Sure, it will look pretty cool in your office. But if it’s not in the budget, it may have to wait. Try to limit emotional spending as much as possible.