Minimising starting costs for your business

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The first few weeks of any new business are an incredibly delicate time. One aspect that deters many people from starting up their own business is the initial start-up costs. However, you can set up a professional and usable office at minimum expense. Here’s how you do it…

Get funding

In an attempt to help rejuvenate the economy, the government are keen to support any new business ventures. If you are looking to set up your own small business, you can pitch your idea to a panel and receive a start-up loan, if they think your company has a future. These loans are normally around £4,500 and have a fixed interest rate of 6%. This money can go a long way in setting up your office space.

The government also has a range of grants available to new businesses, so it is worth checking out their website for more information.

Budget office furniture

You may be able to save money in other ways, but one thing you can’t scrimp on is your office furniture. You will need to invest in suitable office desks and comfortable chairs to make the space usable for your staff. Viking has a great range of office chairs and desks at affordable prices that would be the perfect addition to any workspace.

Filing cabinets, printers and shelving can be expensive to buy new, so check out websites like Gumtree and Freecycle. If a company is upgrading or moving their office, they often list such items on these sites at discounted prices or for nothing at all.

Outsourcing payroll.

Outsourcing payroll is a great way of keeping your costs down. If you were to keep payroll in house, you would have to invest in an expensive payroll system and regularly fork out for software upgrades. In addition to this, you will have to employ someone to operate the system and also cover the cost of their training.

You do have the option to outsource your payroll. Specialist companies with fully trained staff will manage your payroll on your behalf. This can often be a cheaper alternative, plus it removes an element of stress from the business. It will also free up your staff’s time, allowing them to focus on the more important tasks at hand.

All of these are simple ways that you can minimise your costs and help maximise your gains during this crucial time for your business.