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Guest Article - How to Save Money as a Start-Up

Tue, 19 March 2013

MyVoucherCodes provide a quick guide to saving money when you're starting out in business...
The team over at MyVoucherCodes are a real dab hand at saving you money. When you’re just starting up your own business, knowing how to manage your finances properly is crucial so we asked them to provide a few tips on how to make the most of your start-up budget...

As an entrepreneur or small business, the thought of sticking to a ‘shoe-string’ budget can often feel like a mammoth, darn near impossible task. You might have taken care of the initial costs, things like planning and premises, but you’re unlikely to have even scratched the surface of the rest. With advertising, utilities, wages and even keeping the office full stocked with tea: there will be endless reasons for you to shell out.

Not only this, but in today’s technology-mad day and age, it can sometimes feel like if you’re not kitted out with the best media suite available, you’re falling behind. Of course this is not always the case, but with most new companies being rooted in technology, the days of having just one desktop computer per office are long gone.

Undoubtedly, technology can be the one thing which can cripple a start-up’s budget. However by implementing just a few shrewd money saving strategies, there are ways to limit the amount you spend. Besides, it’s worth remembering that all businesses have to start somewhere, so even though you might be frustrated at the lack of initial flexibility, (fingers crossed) it won’t last!
Encourage employees to use existing items
Although you might be keen to provide an employee with a new laptop or phone, it’s a wise move to try and implement the ‘Bring Your Own Device’ scheme instead. By encouraging workers to use their own personal device, it can lead to more flexibility with regards to working hours outside of the office, but also, it means you won’t have to sacrifice vital amounts of money investing in new products. Despite some critics bemoaning security issues- in its simplest form, it can undoubtedly be a force for good.

Search for second hand
Despite second hand often being seen as a last resort, when it comes to technology, this isn’t always the case. Refurbished computers, i.e. those that have been repaired or overhauled, can look and perform to the same standard as ones that are fresh off the shelf. Furthermore, with technology having an incredibly fast turnover, refurbished doesn’t mean you’ll have to buy relics from ten years ago, quite the contrary; you could get your hands on an iPad 2 without having to pay the full price tag. So, although the initial idea might not sound so appealing, don’t dismiss it entirely – it could prove beneficial in the long run.

Search for business deals
Nowadays, with even the biggest companies being forced to tighten their belts, small businesses are really coming up against it. One small upshot could be that retailers are being forced to lower prices too, as well as giving into greater demand for consumer deals and special offers. By searching for business discounts online, you could find some useful price reductions. With good deals available on stationery and general office supplies as well, you might find you’re able to save on more than just technology.

The very notion of starting a new business undoubtedly means having big ideas. However, in order to get off the ground, there’s no shame in starting modestly and trying to save money on items that would otherwise put a real dent in the budget. As history, and the success of companies like Dell and eBay has taught us, starting from nothing doesn’t mean you have to stay that way.

Mark Pearson, chairman of MyVoucherCodes commented: “With lots of start-up businesses failing within the first few months, it’s so important to invest your money wisely. If it’s possible to cut costs on items like technology, take full advantage. You might feel like you’re scrimping and saving now, but in the long run, it’ll be worth it.”

See our Funding page in the Business Library for more information about how to manage your finances: /business-library/funding/.

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