Opening your very own business is something to be proud of! If only you could kick back and enjoy reaching your goal. Instead, there’s even more to think about once you’ve opened your doors.
Chances are, money is on the top of your list of worries.
You will always have to spend money to make money, but that doesn’t mean you don’t have the power to control how much you spend on a daily basis! Here are some simple tips that you can start implementing today that will save you money.
Reduce Fees When and Where You Can
How much do you spend on fees? They can add up fast, and before you know it, you’re paying tens or even hundreds of dollars on extra costs that are associated with the services you’re already paying for!
You have the opportunity to save quite a bit on various fees like checking account fees, ATM fees, and credit card fees if you take a close look at those fees and consider alternatives. For example, if you pay a remote employee with Remitly, you can reduce or eliminate fees that are costly with other money transfer services.
Work with More Independent Contractors
There are some benefits to hiring full or part-time employees, but at the end of the day, it will cost your business more money. You will likely have to offer benefits, like health insurance, and you’ll definitely end up paying more in taxes. Not to mention, you have to worry about paid time off.
One of the biggest benefits of working with independent contractors is the fact that you’ll undoubtedly save a lot of money. When you hire contractors, you don’t have to worry about all that stuff. You don’t have to worry about the traditional interview or hiring process either, which can save you both time and money!
Rethink the Office
Starting a business used to mean renting an office space. That can be so expensive! Instead, rethink the office.
Can you work effectively out of your home office? If you have employees, can they work from home? Even if you feel like you have to have an office, if your employees can work from home at least part of the time, you may be able to get away with a much smaller space. You can save even more if you’re willing to work in a local coworking space!
Whether you’re working out of a rented space or you’re working in your home office, you could be throwing money down the drain if you don’t go green. A few green money-saving tips include:
- Switch to LEDs
- Turn off power strips at the end of the day
- Print on both sides of the paper
- Install a programmable thermostat
- Go digital and reduce paper consumption
Saving money doesn’t have to include complicated plans and strategies. You can start saving money today! With the tips on this list, you can save hundreds of dollars every year that can be reinvested to make your business even better.