Being a small business is not easy, that is a rather safe assumption to make. Maybe it is easier in some ways, since you are not yet bound by too many corporate shackles, and maybe your workload is not anywhere near as overwhelming as some other companies, but you do have your own set of problems. Like making sure you have enough money to pay your employees at the end of the month, or making sure that you have enough money to put food on the table after you are done with all the company expenses. As a small business you tend to have to cut corners when it comes to expenditure. You are not yet rolling in the dough, but you are hopefully on your way there. It is definitely a tough time, and often it is the period where you make or break your whole business, testing it in the wide world rather than confines of your mind. The best thing you can do, is think about it as a transitory phase, and that greater things await you in the not-far-off future. To help you through this, let’s quickly talk about a few ways in which you could be money-efficient during your startup period so that you can afford to pay your loyal staff at the end of the month.
If you’ve ever been involved in some sort of project, you are probably already familiar with the term “scope creep”. It is the idea that the scope of what you are trying to do expands and grows as time goes on, adding on more and more things to the to-do list, often making the project slightly too ambitious and not very realistic. Initially, make sure you scale your business ideas back, to make sure this doesn’t happen at an unmanageable scale. At the end of the day, you should reach for the stars, but initially just make sure that things are kept relatively contained.
Managing your venue
If your business has finally made that big jump out of your basement or garage and into a venue of its very own, then good on you, you are well on your way to becoming a successful entrepreneur with their very own functioning company. The only problem is, that venues cost money, and right now that is probably a rather limited resource. Fortunately, you can save some money here and there in order to make it not completely drain your pockets.
- Save on computers. Buy adequate but affordable equipment that’s slightly on the cheap side. Maybe even second hand computers for now, or better yet, refurbished ones.
- Keep practicality in mind when setting everything up. Don’t get carpets, get something more resilient and easy to clean like some plastic flooring. When the nice people over at JHS carpets say “check out our vinyl floor tiles”, it might just be worth listening this time.
- Don’t go out of your way to get super fancy desks for your office just yet. Either get someone to cut you some basic countertops for the office which you can easily affix to the walls and floor, or just go do some shopping in IKEA and pick out some cheaper desks and tables.
*This is a contributed post