Running a small business can be a daunting task not least in the current economic climate, so it is important that right from the beginning you put in place solid operational foundations that will support you in everything you do.
From payroll and HR policies all the way down to internet connections and telecoms systems, having complete trust in your operational capabilities will allow you to drive your business on knowing that you don’t have to worry about basic day to day issues. Here we go through the various start-up costs in any business and how to analyse which you need and which you can do without.
Office Space
Do you need an office? It may seem like a silly question but actually, do you? There are great options for new business around the country to provide a great alternative to buying or renting an office space. You can work from home, hot desk in an office, shared workspaces or even use an internet café.
If you do need an office, consider its location. Keep it close to your home to keep travelling costs down, but also ensure your customers or suppliers can find it easily (if this is relevant) and look for cheaper alternatives if you can.
Consider what you actually need for your business and save money when you can; you can always rent an office when you get big enough and are making more money.
Phone systems
If you are expecting calls from suppliers or customers, you need to invest in a good quality phone system so you can manage the influx of calls.
Again, be realistic about what your needs are and get a small business phone and broadband package to meet this. Do you just need to make calls or do you want a system which can access data from the network, or additional features like conferencing, call transfer and intercom?
Many companies will offer a range of product options which can cater to different needs depending on the business size. You might want a service for fewer than 20 which offers integration between desktop and mobile on the same number, allowing staff to work on the move or at home and retain their business phone capabilities. This could be a more cost effective way of managing your business, allowing you to be more flexible.
Staff
Who do you really need? Try and keep staffing costs down where possible. Staff costs can become high as well as the additional stresses of managing a group of employees. Start off small and recruit as and when you need to.
When you are recruiting, aim to get someone who has a good range of skills which you can use in different parts of the business. Allow them to help you in a number of areas as this will help you to manage your time as well as giving them better job satisfaction.
Technology
When setting up your business, carefully think about what technology you will actually need and what you can do without. Is it likely you will be going to a number of meetings or sales pitches, if so would it make more sense to buy a tablet and a separate keyboard rather than a desktop.
Also think of multi-purpose devices. Do you need a printer, if why not get one which prints images, scans and photocopies? Then limit the use of it and make sure the ink which goes with it is of a reasonable cost.
Remember your mobile! Our mobiles are full of useful technologies and apps for all sorts of uses. Make sure you are getting the most use out of yours to keep your costs down.
Starting a new business is a very expensive process so question each part of your set-up and ask if there is a cheaper or a more efficient way of doing it. You can always buy more or grow bigger later when you are making more money and can afford it.
Have you got any other efficient ways of working while saving money? Let us know…
Katherine Walker writes about how to start a new business, organising and growing your business and how to manage your finances.
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