Running a Business on a Budget

When you are just beginning your small business journey, it’s especially important to watch your budgeting. Here are a couple of places you need to go all-in and a couple where cutting costs can mean more money for other investments.

Keep It In

Some parts of your business, from big to small, require an investment that can’t be avoided. If you’re running a business from home you may be tempted to use your personal cell phone for your business. Don’t do it. Investing in either a VoIP solution or a dedicated business cell is the way to go. Not only does it look more professional, but it also protects your privacy. If you aren’t accounting savvy, doing your own accounting can cost more money in the long run. Even accounting programs expect a certain level of basic knowledge. Take the time to either hire someone to set up your accounts and explain the system to you, someone who will review your books and file any taxes, or both. Finally, if you find you can’t react in a timely manner to orders, questions, complaints or returns, you need to hire help immediately. A good business cannot survive poor customer service.

Let It Go

On the other hand, customer service is a place you can save money. Consider outsourcing by hiring a company that specifically provides customer service representatives. The longer your business can be run out of your home or your local coffee shop, the more money you are going to save on renting an office, paying its utilities and furnishing it, so outsourcing can be your friend. It’s also a reason to consider hiring a couple of part-time people before hiring a full-time employee. Paying for a custom website is another place to look at cutting costs, at least at the outset. Many website hosting companies also have templates that will allow you to quickly and easily build a business site that will get you started.

The key here is to have a budget. Decide where your limited funds will do the most good.

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