It is no secret that the economy has led many small businesses to think of new, inventive ways to save money. Free social networking sites such as Twitter and Facebook help business to make their presence known in the online community, while saving a great deal of money.
Many other ways exist to save money, such as implementing do-it-yourself legal work. Entrepreneur.com listed MyCorporation as a leader in providing do-it-yourself legal work, which in turn can save your business hundreds on legal fees. MyCorporation also provides similar services such as online incorporation, DBA registration and trademark applications. Here are a few other tips Entrepreneur.com lists for cutting costs in your small businesses:
1. Share office space. If the downturn left you with empty desks, sublet them to other entrepreneurs. Or instead of owning your own office space, take advantage of the booming marketplace in temporary and shared office space. If you only need an office to impress customers once a year at a big meeting, you don’t need to pay rent on an office year-round anymore.
2. Buy secondhand office furniture. If you’ve ever priced new office furniture, you know it’s a major cost if you’re starting a business, moving offices or remodeling. But you can buy furniture for your office from liquidators and often save 50 percent or more.
3. Go virtual. Some surprisingly large and successful companies don’t have offices at all these days. Their teams are entirely virtual, and everybody works from home, wherever in the world they are. This company structure allows your business to tap into a broader talent pool, since many of the best creative minds won’t relocate and want to stay home-based.
4. Hire contractors. Full-time employees are a major cost, both in terms of fringe benefits and possibly office space to house them. Evaluate carefully if you really need a full-time staffer, or if perhaps you could save by having a contractor work part-time or on a per-project basis instead. You could even contract out your top management — for instance, get a CFO to come in one day a week if that’s really all you need.