Home Office Set-up, Shared Office Space, or Rented office
For starting a business, it is not necessary to purchase an office space; other cost saving alternatives can be utilized. One option is to set-up a home office which is cost effective as well as saves time and travel expenses. Another big advantage is savings on tax.
If you are not comfortable with the idea of an office at home, find a shared office space. Such premises where multiple companies or businesses share the office space are available in almost all cities. Here you can also benefit from the advice, ideas, and experiences of fellow businessmen which will help in the initial stages of your business.
If you want to have an office of your own, broach upon the idea of a rented office space. These office spaces are usually found in busy business areas and have all necessary facilities. The rental terms are easy and you can move out any time you like.
Save Cost by Buying Used or Surplus Equipment and Supplies, or by Bartering
A lot of saving can be done by buying used or surplus equipment and office supplies. Barter method is also useful and saves cost by offering your products or services in return of the same from another business.
Use Low-cost Marketing Strategies in a Limited Budget
Plan your marketing and promotional strategy wisely without indulging in over expenditure. Work out your plan and then follow it, taking care that the targets are achieved as planned and the expenses remain within the budgetary limits. A change or amendment can be made when you feel that it will prove more effective than the original plan. During the course of your marketing strategy the main focus should be on the “Return on Investments”.
Avoid hiring Employees until you actually need them
In the early phase of your business do not hire any employees; instead try to involve family or friends to work on task or hourly basis.
Save your Personal Possessions
If you are borrowing finances for business, it is necessary that you protect your personal possessions like home, car, other finances etc. This can be done by creating “Limited Liability Company or LLC”, which means that you are not personally responsible for any debt or legal judgment in case of a lawsuit against your company or business.
Develop Negotiating Skills
The skill to negotiate is extremely important and always helps whether you are dealing with a businessman or a customer. If properly utilized, it can immensely benefit your business.