Within the first few months of operating, a lot of businesses start to fail. In fact, it is common for a new venture to operate at a loss for the first few years but if you weather this storm, it will surely be a rewarding experience. Overhead and high startup costs can be your biggest enemies, good thing there are ways to go around these issues with the help of technology. For those who are struggling with their business or those who are still in conceptualizing how to establish their business, here are some diverse ideas from capitalizing on your skills to renting out a Regus virtual office space.
Stay away from high-prized service providers. Given the current state of your finances, there are times when you have to take economies and say no to things that you can’t, obviously, afford. Most of us believe that good service can come with a huge price but though this doesn’t hold true all the time. There are lots of unique businesses which are available to you and some free services are better than paid ones. If the monthly payments for the services that you avail puts a big drain on your cash flows, eliminate it and go for free or low cost services without sacrificing the quality of your services.
Know when it is possible to “do it yourself” and when not to. Time happens to be one of the most important commodities. If you have time as well as the right talents and skills to do something on your own, then go ahead. A DIY arsenal can save you a lot of money. If marketing is your forte, taking over the PR team will be a good move and so on. But, if you are merely doing a task just to save money, it might do more harm than good. Expert advice is an initial investment and it can be a good way to ensure that you will not be facing huge problems later on.
Remember that your skills and your time is a currency. Money is one of the most important aspects in starting up a business but it’s not the only thing you need to keep the business going. You can actually tap into other things such as bartering your skills and your time. By offering services to other companies in return for the services they offer, you can preserve your capital, get more media exposure, free up excess inventory and overcome the rough patch in the seasonal flow.
Exploit your networks. Connections are really important if you want to make a name in your industry. A solid network is a small company’s bargaining chip. You can call favors from experts in your family and friends and you can also get in touch with trusted colleagues through this network. Of course, social media is also a great venue but the best way to get the word out about your business is definitely through your connections.
Utilize a virtual office. Overhead eats a huge chunk of the cash flows for any company and finding a way to overcome this is such a challenge. One way to save a lot of the needed capital for your business is to go for a shared office space or a virtual office. There are a lot of companies that offer these services such as Regus. You also have the option by opting for coworking spaces. This way, you save cash not just on the rent but also on the overhead and in the furnishings.
Starting a business is one way to experience an improvement in your future but the journey can be tedious. You should be prepared to weather a lot of storms to reach your goals.
