Every business will have a space that they work from. Whether it is an office or space at home, you will require somewhere to work from. Thus, there will always be costs involved. From rent to purchasing furniture and paying energy bills, there will be costs that you need to cover as a business. To save money and maximize your budget, here are 5 ways to cut business costs and reduce the expenses of your business space.
Ensure that the space is efficient before signing the contract
When you rent a space for your business, you will want to ensure that it is safe and secure before signing the contract. The last thing you want is to sign to rent somewhere that is lacking energy efficiency or safety.
For instance, you will want to ensure that the building has got an EICR. If you are wondering, ‘What’s an EICR?’, then you will like to know that it is an electrical safety report. Every landlord must ensure to give their tenants an EICR before they sign the tenancy. As a tenant, you must be aware of the condition of your electrics. A satisfactory EICR will ensure to keep your costs down as you will unlikely face electrical issues as the last five years.
Negotiate the lease
Leases are open to negotiation. There is no harm in asking the landlord for a discount on the price, especially if you are renting for the second year in a row.
When you get the timing and the approach right, your landlord will likely say yes. Being able to save money on your rent will help you utilize the money to enhance other areas of your business.
You will be paying for energy bills for your business. You might be paying for electricity or water, gas, and electricity. Either way, switching suppliers could help you save money.
Spending too much on your energy bills is a common thing. You could be paying way more than you need to. So, switching suppliers will help you get a better deal and reduce your costs.
Cut out the phone bill
Most calls can be made through the internet nowadays. Thus, there is no longer a need for a business phone.
Instead, you should utilize your broadband deal and use the internet to make voice or video calls. You can be more efficient and save money.
An eco-friendly office is a simple way to reduce costs. Firstly, you will cut your energy costs by using less heating and AC.
Furthermore, you could ask your staff to be more aware of costs and switch off their electricals at the end of the day. Although you might think switching off the computer at the button will stop the electricity flow, it won’t. Switching it off at the wall will cut the supply and the cost of the bill.
Using these tips you can cut the costs of your business bills, grow your business faster, and start saving money instantly.
One of the main things you need to think about is how to be personable. The more that you approach business in this personable manner, the easier people will find it to be on your side and to get a good sense of what you are about straight away. So when you first meet someone for a business meeting or whatever other kind of meeting you might have, make sure that you are putting yourself forward as an individual first and an entrepreneur second. This has a way of generating trust much more easily and readily.
Show The People Who You Are
Related to that is this important aspect to your general public marketing. You need to make sure that the general public can see who you really are - in other words, which people are behind the business itself. Rather than engaging with a faceless corporation, people like to feel that they know a little about you as the business owner, and the other main players in the business too. This is as simple as setting up an About Us page, hiring professional photographers like Photo Heads for your headshots, and writing bios about each individual. People really respond to that kind of thing very well.
Convey The Right Image
Of course, branding is all about image, and it’s important that you are doing all you can to give the right image at all times. This is something that takes a lot of time and patience to achieve, but it is worth it for the results that you are going to get from it. If you can convey the right image in this way, you are going to find that people respond to you much better, so it’s worth spending a lot of time at the start of the business developing this in the right way.
Show Your Ethics
These days, people really care about ethics. They want to know that the companies they are supporting are ethical, that they care about the environment and social equality issues. So if you can show these things upfront, you are going to find it makes a huge difference to how people approach you in general. It is definitely a good idea to set out some ethical guidelines and then make a big point about them in your marketing. This gives people the right idea of your business straight away.
If you are planning to start a business, it is good to remember that there is a rise in home businesses; more and more people are discovering ways to use remote work to pursue entrepreneurship with their company headquartered at home! Technology allows us to be more flexible in how and where we work, and home-based businesses come in all shapes and sizes in today's connected world.
Some require you to convert a spare room into a mini-warehouse for products, while others can be completely run online. But you can start these types of businesses using your existing space and means. It is also a means of freedom many consider worth pursuing. Starting your own business can be a fun and rewarding venture and comes in all shapes and sizes, so let's have a look at what you can do to work from home.
There are many benefits of being a mentor; it's a transfer of knowledge and requires a true desire on one part to indulge in motivating others, helping others achieve their fullest potential and mentor people towards a particular goal. It can also help you earn some money. Many people need to find a mentor, whether for their own business or to help someone shorten their learning curve, open their minds to new ideas and possibilities. You can mentor internationally and domestically from the comfort of your own home.
You could also set your own schedule and choose how many people you can help.
Buy Products in Bulk and Sell Them Online
Many businesses center on the simple concept of importing products in bulk and selling them individually for a profit. However, this can work if you come across unique products that are not readily available in your market or zeroed in on a niche market, and you know how to serve it.
Either way, if you find products that are easy to store and ship, you have a solid home-based business idea on your hands! You can even use your home as a showroom to display your products and use social media for advertising them!
Sell Homemade Products
One look at Facebook and Instagram show a massive trend in people monetizing their hobbies, whether creating art prints, painting, or embroidery. In addition, many people are selling homemade products, and even better, many people are buying them!
With websites such as Etsy, Depop and even Instagrams shop feature, it's easy to sell your products online and reach your chosen audience! When you can control nearly every aspect of the products you sell, you can make them more cost-effective, improve their qualities, and cater to a certain audience by targeting demand in the market.
Selling your creations is a great way to share your passion with others and make money too. It may take some time, resilience and patience, but it is worth the graft!
Offer Online Services
Services are even simpler than products to start selling a home, but the challenge is allocating your limited time. Like designers or marketers, creative professionals might freelance or consult with other companies, juggling multiple clients, often remotely from their own home office with occasional travel. Others might operate based on appointments and bookings to offer their services to individuals directly.
Some ideas include freelance writing, personal training, dog walking, marketing, designing, virtual assistance. These businesses often require many networking and word-of-mouth referrals to find suitable clients, but satisfied clients will likely retain your services over time. For this reason, you do not necessarily need a large number of customers o to do well as you would with a product-based business. Depending on the service you are offering, a handful of high-quality clients can be enough to support yourself full time while working from home.
Teach Online Classes
If you have a teachable skill, you not only can share that knowledge in forums to get your name out there, but you can also turn it into online classes. There is an audience out there for any desirable skill, whether English as a second language, advanced marketing or everyday home maintenance hacks. When you teach classes online, you cannot only have the flexibility to do it from home but also choose to offer live or pre-recorded teaching and training. For example, you might provide the live courses at a premium rate, while customers can purchase the recorded sessions at a discounted price.
Grow an Audience you can Monetize
If you’re a content creator, or an aspiring one, then why not start your own blog, YouTube Channel, Instagram account or podcast where you can connect with likeminded people, share your content and connect with advertisers.
If you work in manufacturing, construction, agriculture, or any other industry that relies regularly on heavy machinery to get the job done, then it isn’t news to you that keeping that machinery running can quickly become one of the biggest costs of running the business. There are ways to slow the rising costs of taking care of your equipment, however, and it doesn’t require you to get rid of all of it. Here are a few to consider.
Create a schedule of proactive maintenanceMaintenance is crucial for the operation of any machine. However, maintenance shouldn’t only be done when you spot a problem. Create a schedule of preventative maintenance that can help you better spot any issues early, while also taking steps to address the most common points of breakage and putting in the work to put them off as best as possible. Those who operate the machines should be the ones given the responsibility of maintaining them as well, so they become more familiar with the signs of problems while operating.
Ensure more effective use
The better that your team is at actually using the equipment, then the less wear and tear it will experience. As such, it’s worth taking the time to invest in repeat operational training for the heavy machinery that your team is qualified to use. Nowadays, there are even machinery use apps that help them use them more effectively.
Work closely with the manufacturer
Rather than working with local repairmen for the heavy machinery that you operate, it may save you some money to go, first and foremost, to the manufacturer of the machine. There’s a good chance that they will sell the replacement parts you might need for them directly. It usually costs less to buy directly from the manufacturer since they don’t have the additional profit incentive to up the value that a reseller would.
Keep it in a secure location
Exposure to the elements, especially wind and rain, is going to wreak havoc on most heavy machinery. Corrosion and rust can be some of the most costly problems to fight. As such, you may want to consider changing the environment you keep your machines in with options like an industrial shed. A simple tarp over the top of your equipment isn’t enough if you have several machines that you need to keep in good condition.
Lease it instead of buying it
The next time you find you have a need for machinery you don’t currently have, don’t immediately rush to buy it. First of all, consider if you could lease it from a local machine hire company. It might be more cost-effective if you don’t need to use that machine too regularly and, what’s more, you don’t have to pay the costs of maintenance when you’re done with it, simply return to where you leased it.
Keeping and maintaining business machinery is always going to be a cost your business has to contend with. Hopefully, the tips above make sure those costs don’t go sky-high, however.
Setting up your own business can be hard, and there is a long list of things that you need to consider before taking the plunge and going it alone. However, there are a few things that are often overlooked that are very important parts of your business. Here are a few of the things you need to consider.
Having a business website is the backbone of creating a digital presence. But websites are often an afterthought. Then the problem lies with a rushed website that looks unprofessional. This is a shame because a well planned website can help you in so many ways. You can showcase your brand, get all of the company information put in one place, and it can be a touchstone for customers.
A lot of people rely on social media in the early days of their business as a way to grow awareness. This is great, and we can’t knock it, but it is a limited way of doing things. Having a good social media page is a must, but there should be a website that people can click through that is independent from the various social media platforms. This way, you can stay in control of the content that you put out there.
Having to work from home for the last year and a bit has put a focus on how the world has changed. Now employers are trying to find ways to ensure that there is no further disruption between their clients and their employees. Companies such as Voip are tailored to helping businesses, something that is very useful if you are trying to navigate the new world of working from home.
Having a company phone can be as big as having your own network to having a separate phone number for business calls. The most important thing is, it will keep your own personal number private, providing separation from your company.
A business address
Have you thought about where your business is going to be registered? It is completely legal to register your business at your home address, your address may be made public. This can be pragmatic for a variety of reasons, especially if you want to keep your business and personal life as separate as possible. This is very important for female entrepreneurs and can provide extra safety that people won’t know your home address.
If you have a small business, it might be tempting to use your own account for managing your business accounts. There are a few problems with this, and a big one is mixing up your own finances with the company books. Opening a business account can be cheap and a great way to keep finances under control. You also get extra protections with a business account that doesn't come with a personal one, so it is worth your while asking your bank what they can do for you.
These are some of the most overlooked things when it comes to setting up a business but depending on the type of business you are opening, there can be many other things that you will need to include.
All aspiring entrepreneurs have one thing in common: they want to compete with the big boys who have already made a name for themselves in the business world. No matter what line of industry you're in, you'll almost certainly have a rival, and it may be hard to stand out and be discovered when you're new to the game. So, how can you catch the attention of your target audience while you're fresh to the game in order to ensure that your business survives? Check out some of our fantastic and effective methods to get your business noticed in a big way.
While there are many other forms of advertising available on the internet, we recommend Google Ads since it is not only the most popular search engine, but it also tailors its advertisements to both consumers and companies. It's actually a very simple premise that works by showing ads that are related to the consumer's search history. Customers will see ads for items they are likely to be interested in, and companies will not have to worry about their ads being shown to the incorrect people. You'll have total control over your ads and be able to see precise analytics on how they're working.
Do something unexpected
Trying to conform to what every other similar company is doing isn't going to help you stand out. While it may seem to be the rational thing to do, taking a chance and doing something entirely unexpected will attract attention. This may be as simple as designing a billboard that no one would anticipate from your field of business, or as radical as making a promise that your customers can't resist such as creating a world where everyone is connected, just like https://worldmobile.io/smartvillage do. Different is always better, no matter which path you take.
Write your own jingle
We've all had a catchy jingle stuck in our brains at some stage, which is why it's a great way to advertise your business. Radio and television commercials are effective ways to engage people and keep your product or service in front of their thoughts. All you have to do now is come up with a creative jingle and get the word out!
Contact online influencers
In today's world, almost everything centers around the internet, and many people have taken advantage of this by using it to spread the word about something they care about. There are a slew of top bloggers and vloggers who can spread the word about something in the blink of an eye, so reaching out to these influencers to work out an agreement could be worthwhile. To get your name out there, you might utilise link placement, banners on their website, item reviews, or even sponsorship.
Putting your name out there isn't easy, but if you use the ideas we've provided, we're confident that your company will stand out from the crowd in no time, and you'll be getting the customers you want for your business.
As a business owner, you need to make sure that your company reaches its maximum potential. This means that you need to work to ensure that business does see a high level of growth. While growth should never be instant, you must ensure that you keep up with the competition. Here’s how to ensure that you’re not falling behind.
Speak To A Professional
First, it’s important to make sure that you do use a professional service. The temptation here will be to DIY your marketing. However, this is always a mistake because you will end up using tactics that are either outdated or have a black mark against them by Google. If you speak to an SEO consultant, then they will be able to make sure that you are taking the right steps when marketing your business. When you contact a company like this, you should always check the tactics that they are planning to use. It’s important to explore whether they do have a solid plan in place. You should also check whether they are researching your company. If they don’t need to complete any research into your brand, then we guarantee that you are going to receive a cookie-cutter service.
Next, you should explore researching your competitors. You need to look at what they have done in the past and then work to correct their mistakes while learning from their strengths. The easiest example of this would be with their content strategy. Every business should be using content as part of its marketing campaign. With the right content, you will be able to give your customers a reason to keep returning to your site. By researching competitors you can look at content they have used that has worked before. You can then tweak, adjust and improve it to ensure it brings more for your audience.
Customer Reward Scheme
Finally, you need to make sure that you are exploring ways to deliver more value to your clients and customers. If you give more value, then you will be providing them with greater reasons why they should be choosing your company over key competitors. There are lots of different ways that you can deliver value. One of the best is to introduce a reward scheme. The big benefit here is that it means that customers have a reason to keep buying from your company rather than to buy once and forget about your business. It shows them that you care and that you are ready to tackle their pain points.
We hope this helps you understand some of the ways that you can ensure that your business grows faster than ever. When you’re looking at options like this, the thing to remember is that results are never going to be instant. Indeed, if you do see your company grow overnight, then it’s a strong sign that there are blackhat tactics involved that you must avoid at all costs. Services that promise instant marketing results are often no different than get-rich-quick schemes. They are always bad news.
Do you see yourself as something of a DIY expert? You do a lot of projects around the home, and it's something you're genuinely interested in. If that's the case, why don't you put your skills to more use and start a business? If you have the ability to make things or fix things, you can always make money from your talents. So, here are three business ideas that make the most out of your DIY skills:
Everyone loves handmade gifts as they're unique, made-to-order, and authentic. A lot of people prefer buying gifts like these because it looks like more thought has gone into the overall gift. So, you can start offering to make custom gifts for people based on their requests. One great hack is to try this and use epoxy resin to create colourful handmade gifts or ornaments. Of course, you can also carve things out of wood - or do whatever your area of DIY expertise is. If you're used to doing a lot of metal or glass work, you can really create some awesome gifts.
Another idea for something you can make and sell to people is handmade furniture. People need furniture, and buying handmade stuff can add something different to their interiors. You can make chairs, tables, beds - whatever you can think of! The fact that it is made by hand will give it an edge over any mass-produced items right away. Once more, you also have the uniqueness of your goods to give them an edge over branded products. You can offer to make bespoke items as well, which might make it harder to sell lots of items quickly, but could help you sell your projects for more money. No matter how you look at it, making furniture and selling it to the masses is a winner.
That's right, you can literally do what you do around the home, but in other people's homes and for money! Everyone needs a handyman to help them with little fixes around the house here and there. You can call upon your DIY skills to go to people's homes and sort out their issues. Honestly, the world is your oyster with this business idea - you can advertise as many services as you want, depending on how competent you feel. From fixing garden fences to sorting out the plumbing, there's really no limit to what you can do with this idea. However, if you are going to offer services involving things like plumbing or electrics, you will need to have the right qualifications. So, keep that in mind as you branch your services out.
There you have it; three business ideas that make use of your DIY skills. Are you sick and tired of spending every waking second in an office? If DIY is the thing you look forward to most in life, why not make a career out of it? You've already got three ideas to mull over, but there are so many more out there as well.
Author - Chris
Author, Editor, Creator of this website.