Running your own business can be rewarding, liberating and even fun. You get to work at your own pace and be your own boss. However, sometimes the outgoings can eat into the profits so it is always a good idea to be as frugal as possible without cutting corners. Here are a few ideas the will help keep your bills lower and help you maximize profits.
- Do you need premises?
Leasing or purchasing premises can seriously damage your profit margins. Even if you own your building outright there are heating and lighting costs, broadband and insurance bills and travel costs to get to and from your business. This is why many people now choose to work from home. If you sell a product, is there any way you could have an online shop and website? If you make your money by selling a service or services, could you go directly to your clients or convert a room in your home into an office? If you only work a few hours a day then it might be worth renting out a room for a few hours a night instead of paying for an expensive lease.
- Can you save money on legal costs?
Most businesses need legal documents at some point. However, getting solicitors to draw them up can be very expensive with many of them charging hefty hourly rates. Avoid the extensive fees by using legal document templates. You can find everything from employment contracts to tenancy agreements on Net Lawman and if you want extra help the legal time who run it will even review it for you. It is much cheaper than getting it drawn up from scratch.
- Do you need staff?
If you find that you need to delegate some of your work then it might be worth weighing up your options before taking on employees. Once you take on staff you will need to pay them a set wage and they will be entitled to holidays, sick days and a whole host of benefits. It is definitely worth doing this if you need someone full time in your place of work and you want to maintain staff loyalty. However, if you only have occasional projects and your work load varies from week to week, it could be worth taking on freelancers. Lots of people work remotely these days as it gives them more freedom and flexibility. Most will only charge for the work they do and you can still get them to work regularly for you. If you can find good freelancers, it could save you a fortune in staff wages and you will still have someone skilled and reliable.
- Are you getting the best deal from your suppliers?
If you create products or resell products then you will have suppliers. Quality is important to maintain your reputation and standards. However, it is still worth shopping around to see if anyone else offers the same quality at a better price. Regularly price checks the items you buy and try and buy the whole sale if it works out better value. If you find a better deal, renegotiate with your suppliers. You might be surprised what deals they will offer you to maintain your brand loyalty.