How to save money when setting up a business

When setting up a new business every penny counts. At the same time, you don’t want to cut corners, you want your business to be known for it's quality and create a great reputation. We’ve come up with a few ways to help you save money when setting up a business from scratch.

So how can I save money?

Work virtually

Take advantage of recent advances in technology. Nowadays with free WiFi in most public places you can work from pretty much anywhere on your tablet, phone or laptop. It isn’t necessary to go through the expense of setting up an office any more.

Use free software

There is so much free software available online that there is no longer a need to pay for most types of software. These software programs can be used to manage finances, plan projects, and track customer interests and spending habits. And, before you pay for any software, make sure you use a free trial first to work out if you really need it before spending a penny.

Smart marketing

Online marketing is not only the way forward, but it’s also very cheap! Using social media, such as Facebook, Twitter and Instagram, to promote your business is proving more effective than traditional methods. Hashtags are particularly useful for drawing customers in and helping them to discover your products and services.

It’s not what you know…

…It’s who you know! Make use of the people you know, any free help you can get when establishing your business is helpful. You may know someone who has knowledge of building websites and could create you a professional website for free. Or, you may know a graphic designer who could help you with your brand identity by designing an attractive logo. Use the talents of those you know, people will be more willing to help than you think.

Offer expert advice

Your potential customers need to see you as an expert, a business they can trust to deliver high quality products and services. There are several ways you can position yourself as an industry expert for very little money too. You could offer classes, speak at local meetings, or even start a blog to demonstrate that you know what you’re talking about.
If you’re interested in setting up your own business, but don’t know where to start or how to run a business, we offer a course in Starting Your Own Business. Our Starting Your Own Business course gives you the basic knowledge and confidence needed to start your new journey. To find out more about our course go to our website or call a Student Adviser on 03300 563100.

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Sharnie Carter

Passionate about marketing and education. Currently studying a CIM Level 6 Diploma in Professional Marketing via distance learning. When I'm not working or studying, I'm spending time with my young son and husband or hinching!

How to save money when setting up a business