Lucy - BQ Magazine EditorWhen it comes to setting up your new business, you want to be as professional as possible, but professionals can come with hefty price tags that you just might not be able to afford in those early days. Specifically, if you need an office that corner in your bedroom you share with the dog won’t suffice.
But leases, utilities, internet hookups, equipment, etc., can be costly, to say the least, and that’s before you look at hiring any employees you might need. If you want to preserve your precious funds to help in other areas of your business, there are ways you can cut the costs to make your finances stretch just that little bit further until you’re turning a profit and can afford to set up exactly how you want to.
Lease Don’t Buy
While it can be tempting to dig deep and purchase all of your equipment new to give you a clean slate to start from, this can eat into your funds and drain your bank account faster than a toddler in a toy store. The relief of not having to make large upfront purchases can save you from unnecessary stress. Leasing vital equipment can still get you what you need, but for smaller monthly costs, that can save you on the upfront expense of buying new or, even worse, racking up credit you might struggle to pay back.
Depending on your needs and the business you are running, there will likely be more than a few options for leasing equipment you can move forward with, and while you might not be able to do this for everything, nor should you, for the more expensive purchases or even those that you won’t necessarily use every day, it is a great compromise.
Office Memberships
Office memberships are subscriptions that you pay for the use of private offices in a building that is already set up for business use. With internet connections, utilities are taken care of, desks in place already, meeting rooms and phone lines, etc., you simply pay to use the amenities, meaning you can work in an office environment, perfect for meetings with staff or clients and get the best of both worlds.
You get a base to work from without the hassle of having to pay rent on your office, invest in equipment, sign up for utilities, abide by building regulations, obtain insurance, etc. If an office is essential for you then a Private Office Membership could be exactly what you need.
Outsource
Outsourcing can be a new start-up’s saviour. A set subscription fee enables you to use another company’s resources to hope you get your own up and running. You can outsource multiple aspects of running or getting set up to help you distribute tasks and elevate standards from the beginning. From cyber security to marketing and accounting, you can outsource customer service, IT support and even R&D. It’s entirely up to you.
However, you need to assess what will give you the best ROI, be it freeing up time, improving results, generating profits, etc., and be intent on what you choose to outsource. Don’t just outsource everything simply because you can. But if investing in equipment, staff, or costly software setup fees is outside of your affordability, then outsourcing can offer you what you need for a set ongoing subscription.