Categories: Finance

Entrepreneur.com: Ways Your Small Business Can Save Money

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.

Learn more ways to save your business money by reading the rest of the article HERE. Once you’ve decided to start saving money, let MyCorporation help you! Found out more HERE!

Deborah Sweeney

Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With extensive experience in the field of corporate and intellectual property law, Deborah provides insightful commentary on the benefits of incorporation and trademark registration. Education: Deborah received her Juris Doctor and Master of Business Administration degrees from Pepperdine University, and has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in corporate and intellectual property law. Experience: After becoming a partner at LA-based law firm, Michel & Robinson, she became an in-house attorney for MyCorporation, formerly a division in Intuit. She took the company private in 2009 and after 10 years of entrepreneurship sold the company to Deluxe Corporation. Deborah is also well-recognized for her written work online as a contributing writer with some of the top business and entrepreneurial blogging sites including Forbes, Business Insider, SCORE, and Fox Business, among others. Fun facts/Other pursuits: Originally from Southern California, Deborah enjoys spending time with her husband and two sons, Benjamin and Christopher, and practicing Pilates. Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Deborah, and MyCorporation, have previously been honored by the San Fernando Valley Business Journal’s List of the Valley’s Largest Women-Owned Businesses in 2012. MyCorporation received the Stevie Award for Best Women-Owned Business in 2011.