Tips to cut Start-up Costs for Micro-businesses
Monday, January 28, 2019
Is 2019 the year when you begin your new enterprise? These tips could help you get your off to a great start.
The UK is dominated by Micro-businesses (those employing less than 10 people). According to the House of Commons Business Statistics Briefing Paper, published in December 2018, a staggering 96% of UK companies are Micro-businesses.
Starting up in business does involve an element of risk, but it could also open up a wealth of exciting opportunities. The first two years are notoriously challenging, but our tips could help you get things off on the right foot.
Seek Business Advice
Sometimes the best way to save a fortune is by investing in specialist advice. Seek out local organisations that offer advice to start-up businesses, such as Buckinghamshire Business First. Take up every opportunity for support and training. Whilst some might be free, don’t be overly cautious about spending a bit of your budget on financial, technical, HR and other business advice.
Implement a Sustainable Business Model
No matter what industry or market, sustainable business practices should be at the heart of operations. Customers care about where your products are sourced and it is important to make every effort to minimise the environmental impact of your operations. Ethical may not be the cheapest option, but strong underpinning values will help you to attract loyal customers, which can pay dividends in the long term.
Pre-owned Office Furniture
A sustainable approach can help you keep costs down too. As an example, there is no need to fill your new offices with brand new furniture. By selecting second-hand chairs and used office desks, you can save money. You can also feel satisfied that you’ve prevented perfectly good pre-owned office furniture from ending up in landfill.
Don’t feel Opting for second-hand task chairs is a compromise. It could mean that your budget stretches to a notable brand rather than selecting from the cheapest range of new chairs. You’ll be able to work more productively in a comfortable and supported task chair too.
The Recycled Business Furniture showroom is located in High Wycombe, a convenient drive from many business hubs and offices in London and the South East. Simply zip along the M4 and A404 from Slough and Reading, or the M40 from London direction. You’ll see a substantial stock of second-hand office chairs and desks, along with pre-owned canteen and meeting room furniture.
Consider the priorities of your business and the skills that you and your team bring to the table. Then identify gaps in knowledge and experience. It might make sense to undertake training to upskill; alternatively, it is often cost-effective to outsource tasks to freelancers.
Whilst you will have to pay for external services, it frees your time to focus on areas where you can apply your expertise. These are the areas where you can generate greater returns. What’s more, outsourcing allows you to be far more flexible and adaptable with your business model.
Focus on Customer Experience
Customers are essential to any business. Take time to research who is looking for the goods or services you offer and what their priorities are. Shape your business around the customer’s needs and pay attention to the small details that can really add value. It is considerably easier to sell to existing customers, than to attract and convert new customers, so consistently meeting and exceeding expectations can be an important cost-saving exercise.
Remember, as one of 5.7 million Micro-businesses in the UK, you’re not alone when starting out. Getting to know other local business owners and following this advice could help you realise your ambitions.