Last Updated on Apr 8, 2020 by James W
When you’re a bootstrapped business trying to get off the ground without much cash, you have to carefully consider where your money is being spent. There are a million and one costs to factor in from equipment to insurances, to staff, taxes and everything else. On top of this, you need to pay for premises, a base where you can run your business from. And let’s face it, office space is expensive– especially if you live in a busy city or an expensive part of the world. Each time you pay your rent you’re cutting into your profits, which can be particularly problematic especially in the early days when you don’t have a whole lot of spare cash. Thankfully there are things you can do which allow you to run a fully functioning business, without the need for a huge office.
Outsource Areas of Your Business
These days you can outsource just about any area of your business, from human relations to payroll to fulfillment, blog writing, video editing, accounting and much more. What this means is instead of dealing with these processes in-house, you hire a third party company to take care of them for you. Since these specialist companies will be experienced and up to date on all of the latest employment laws, it gives you peace of mind that everything is being handled efficiently and by the book. It also means that you can keep your office space smaller since you do not have to hire additional workers in-house. Outsourcing can save you money too since recruiting, interviewing and training staff is expensive, you then have to ensure that everything is being handled correctly or you risk ending up with tribunals or lawsuits. Outsource the areas of your business that you don’t want to deal with yourself, and then you have the time and resources to focus on the things you do.
Use a Colocation Centre
A colocation center is essentially data center facility, where businesses rent space for servers and other computing hardware. This is useful since the center provides the building, cooling, power, bandwidth, and physical security- it means that there’s less that you have to deal with on- site and again it means you can keep your office smaller. It’s worth looking into the pricing of colocation and seeing if it’s something that would work for your business. If it’s cheaper than buying additional equipment and spending more on a larger office space then it’s something to consider.
Make Use of Business Software
Your business is never going to function entirely without employees. However, the right software can certainly automate things, and make many processes quicker and easier. This could allow you to hire fewer people, and this can mean a smaller office space. A few years ago you’d have had people sat doing tedious manual tasks that took all day. These days, business software can make light work of it in a matter of seconds. It means the employees that you do have are being used to their best potential.