The majority of people tend to end up working in employed positions. This makes sense. After all, there generally need to be more workers than employers for businesses to work and flourish. This mindset is ingrained in us from a young age. When we attend school, a whole lot emphasis is placed on achieving qualifications in order to appeal to potential employers down the line, rather than priority being placed on the knowledge and skills that you are picking up in the process. We are also taught interview skills, spending plenty of time figuring out how to sell ourselves to others for appealing job positions. However, it’s always important to bear in mind that you can work for yourself. Setting up a small business truly does allow you to pursue your own dreams, rather than spending your life building somebody else’s dreams. You get to choose your area of specialism, you choose what direction you want your business to take as it progresses, and generally have control over everything to do with your home life. Now, one thing that tends to put people off setting up their own small business is the cost involved. However, there are various ways that you can significantly reduce the costs of setting up a small business. Here are a couple to consider!
- Coworking. One of the biggest expenses that you are likely to come up against when setting up a small business is a commercial property. Individuals or agencies leasing commercial properties tend to want long term commitment, as they don’t want to have to fork out the expenses of advertising their space a couple of months down the line. However, this can prove extremely expensive and is a rather precarious move to make, as when you set up a small business you can never be entirely sure that you will inhabit the same space for extended periods of time. You may decide that the world of business management is not for you and want to back out of the venture, or alternatively, you may grow and expand and need a bigger space before your long term contract is up. People tend to compromise, opting for below par commercial properties that will accept shorter lets. However, this doesn’t have to be the case. A good option for individuals setting up small businesses is to engage with Novel Coworking. Coworking is an option that allows you to share desirable commercial spaces with other professionals. This means that you don’t have to make sacrifices when it comes to location, commercial property quality, or any other factors that make a workplace desirable.
- Setting up online. An alternative, or something that you can do alongside coworking, is to set up and operate online. The popularity of online commerce has increased dramatically over the past few years. Just look at the profound success of companies such as Amazon. Operating your business online offers customers plenty of benefits. They can make purchases from you or book your services around the clock from the comfort of their own home. However, it has benefits for you too! When you operate online, you only have to pay for web design, a domain (which generally costs a minimal sum per annum), and perhaps the services of a web host.
- Work from home. A final option that you have on your hands is to start off working from home. If you can operate your business completely alone and independently from a remote location, this could definitely work for you. This saves costs in regards to commercial property. However, while you work from home, you should consider investing in a virtual office space. All business require their registered addresses to be available to the public, so investing in virtual office space helps to maintain your privacy, rather than sharing your personal address with the world. Just bear in mind that when your business begins to experience success and expand, you’re probably going to have to upgrade!
These are just a few different ways that you can actively reduce the costs of setting up a small business. Implement them into your plan, so you can put your savings to good use as soon as possible!
Note: this post contains contributed content.