Axis Business Services, Shirethorn House, Prospect Street, Hull, HU2 8PX

Five Money Saving Tips for Starting a Business

If you’re looking to try your hand at building a successful venture read on, as this week Axis for Business reveals five money saving tips for starting a business.

If There’s Ever a Time to Save Capital…

As an energy and telecoms provider to SMEs up and down the UK, Axis for Business knows what it’s like for any ambitious entrepreneur when they decide to take the plunge and start their own business.

Your idea could generate serious capital in the long-term, but in the short-term you have very little to play with. That’s why if there’s ever a time to consider how you can money, it’s when you’re thinking about getting your company off the ground.

Position Your Company to Embrace Success with These Five Tips

If you implement the following five tips, you can ensure you use the limited capital you have to hand wisely, so you can position your company to embrace success…

  • DIY: In all sense of the phrase. If there’s a job you can do yourself instead of frittering away money getting someone else to handle it, then by all means do it. When you’re starting a business you don’t have enough capital to hand to waste on decorators, receptionists etc.

 

  • Eliminate Personal Expenses: If you free up some capital, you’ll have more to ensure your business strives to reach the dizzy heights of success, which is why you should eliminate personal expenses where you can. Could you live with a friend for a while and plough your rent money into your company?

 

  • Rely on Your Contacts: Do you have a friend who’s a master decorator? Do you know the name of a good supplier from your time in your previous job? If so, use those contacts to secure mates rates and lower the outgoings attached to building your business.

 

  • Chase Revenue: When you’re a small business with limited cash flow, every sale is vital. If someone’s unwilling to pay, don’t take any chances. Chase revenue any way you can. If you have no other choice, invest in the services of a debt collection company. Now is not the time to tread lightly.

 

  • Find Cost Efficient Suppliers: When it comes to everyday expenses such as energy and telecoms, you need to trim the budget any way you can to keep your business in the red. Make sure you sure you find cost efficient suppliers such as Axis for Business to keep your outgoings down.

Growing Pains

Every new business goes through this period. However, it is perfectly possible to endure these growing pains and develop a successful venture as long as you remember that at this stage, saving money is absolutely, one hundred percent vital.