Starting up a new business and want to keep your costs down? Then here are a few ideas on how to go about it.
Use paperless systems
One top tip for reducing your business costs is to create a paperless office, using online systems as much as possible. Not only is it better for the environment, but it’s good for your bottom line too, as you’ll save on paper, printers, ink and storage space.
Engage in digital marketing
Digital marketing is a great way to take control of your business’s marketing. Both social media and your website, present an opportunity for you to raise the profile of your business and bring your brand to a wider audience –cost-effectively.
Use these channels to showcase your skills, display a portfolio of recent projects and answer those questions your customers most frequently ask you. Also, add a regular blog post to your website, so your customers see fresh content.
Utilise online directories
In addition to regularly updating your social media accounts and website, fill in as many online directories as you can, like yell, yelp and crucially your google my business page. The latter is particularly important if you want your business to show on google maps and come up in “near me” searches.
Make certain you use the same key details: your name, address and phone number for all of your entries. Conversely, create unique content for each directory when it comes to describing your services so that you build up a semantic field of different phrases describing your work: electrician, electrical contractor, electrical work etc – as this will strengthen your online ranking.
However, when writing content for your marketing material be specific and mention areas of work or expertise that make you standout from your competitors, so instead of saying “extensive experience”, say 16 years experience or however many years it is. Beware of using general phrases such as “solution” or “innovative” that could describe any business and ensure anything you do say stands up to scrutiny.
Be picky about print media
Traditional print marketing still has its place, so look out for local newsletters and magazines that include adverts for local businesses, as they may reach your target audience and often offer low advertising rates. However, social media is free to use, and your website may well have an easy to manage the content system, so you can add new articles and blogs as you wish – helping you to reduce your costs when it comes to marketing your startup.
Seek out relevant trade associations
In addition to embracing digital marketing, join relevant trade associations as they’ll be a mine of advice on industry best practice and how to make your business a success. You’ll raise the profile of your business in the industry, meet like-minded people and be able to learn from their experiences. Plus, membership of trade associations often comes with additional benefits like opportunities to market your business or discounts on goods and services.
Obtain industry accreditations
Also, seek trade accreditations for your line of work, as these give customers confidence in your services and once awarded, you often have the opportunity to advertise them on your website – giving your marketing collateral greater substance.
Join your local Chambers of Commerce
Join your regional Chambers of Commerce to raise the profile of your company, to meet other business people and benefit from their acumen. Also, see if there is a local enterprise organisation in your area for further business advice.
Consider your insurance carefully
When starting up a new business, it’s difficult to be sure what insurance policies you need. You want the peace of mind that comes from knowing you have sufficient cover, some of which may be a statutory requirement, while not taking out unnecessary policies from which you’ll never benefit.
If you want the right insurance cover without paying over the odds, speak to an experienced insurance broker. Whether it’s First Time Van Insurance, public liability insurance or something else entirely, they’ll have the expertise to set your startup off on the right track insurance-wise.
Your business vehicle
If you’re in the market for a business vehicle, then consider buying a nearly new model as they are more cost effective then new models. Avoid entering into a finance agreement that will place a burden on your business. Also, check the vehicle insurance group before you commit to a purchase to help keep costs down.
So there you have a few ideas on how to cut costs when starting up a new business and how to make the most of the opportunities available for marketing your business and developing your business knowledge.