When you’re launching a business, there are so many hidden forms of expenditure that pop up and that you might not have planned for. It’s a daunting time, as you put everything into trying to make your business as successful as possible.
That’s why being able to be as lean as possible and cut unnecessary costs where you can is key to good business growth and more importantly, your long-term prospects as a start-up.
We’ve put together a few different ways that you can try to keep your expenditure to a minimum, so you can channel it in areas that you need to.
Being aware and responsible for your start-ups’ carbon footprint almost goes without saying in the current climate, but as well as the social good that comes from this, there’s an economic case to be made too. Staying on top of your start-ups’ environmental impact can help you to cut costs in the early stages of your business. Simple things such as making sure that equipment is switched off or activating hibernation features for your computers and tech overnight or at weekends. You can also reduce paper usage where possible, replace equipment with second hand options where you can, use a green server and keep control of wastage.
It’s rare that you’re able to recruit the number of employees needed to grow your business immediately, but there are lots of areas of expertise that are required to keep things on track. It can be worth outsourcing in the early days to keep your business lean. HR, payroll, accounting and marketing are all areas that really need experience and specific skills to make sure your start-up is compliant and doing all the right things. Outsourcing gives you the chance to get on with running the parts of your business that you have expertise in, instead of muddling through and hoping you’re doing things properly or going through massive expenditure by hiring full-time employees.
Office rent and the amount spent on all of the equipment and associated costs can be one of the biggest forms of expenditure in the early days of your start-up. It might feel like to be taken seriously, you need to have sparkling, shiny premises, but it’s not worth jeopardising your business for superficiality.
The perfect solution to this is using shared office, e-spaces or virtual offices to be able to access facilities when you need to, hold meetings and co-work with other businesses. At Hyde Park House we offer really flexible options for the businesses we partner with, as they grow their business. And the best thing is you can adapt and choose different options as you move your business to the next level, for example if you start to hire more employees you can transition from an e-space to a serviced office, or vice versa.
For more advice and info about how flexible office options could be the best option for your start-up, get in touch with our experienced team today for more info.