Cost Saving for Small Business Start Ups
The entrepreneurial spirit what makes our economy diverse and unique. However, for many, starting a small business can be a daunting task full of unknowns. Cost analysist is always a main part of writing a business plan, and in that process, it is beneficial to take note of cost saving areas.
Some common startup costs are universal, regardless of the type and scale of business. These can include the expense of equipment and supplies, real estate space, licenses and governmental/legal fees, inventory, employee salaries, and advertising, just to name a few. Most of these needs are subject to unchangeable costs. However, a savvy business owner can always find ways to lower overhead and increase the bottom line.
One of the most important, yet underestimated, elements of any business new or existing, is marketing and advertising. While other expenses are considered to be “one time”, the advertising and marketing portion of business is reoccurring. Let’s face it, we have to self-promote and constantly stay in front of the consumers if we want to our business to be successful. There are two practices that can save money without risking the quality of your public relations.
Negotiation should be every business owners’ number one go to skill. Advertising can be bartered and traded with services and goods, cross promotion ideas and other cost saving perks. Many advertising outlets will work with new businesses to find ways both can fulfill needs. Remember, these agencies are in need of your money just as you are in need of their services. That is where negotiation lives, and it never hurts to get creative.
Which leads us to the second way to save on marketing your business. Creativity is at the heart of every entrepreneurial venture; it is what spurs action. Remember, you are your business’s best asset, no one knows it better than you. Taking charge of marketing materials has never been easier. Brochures and print copy can be written and designed by you; no need depend on another as you are the expert on your business. Logos and slogans can be printed on just about any item imaginable by reputable and professional companies, who’s goal is a satisfied customer. These businesses can also be a resource for branding ideas and cost saving promotions.Realizing that you have options, being creative with negotiations, and utilizing companies that work directly with you in your marketing and promotional materials, will enable you to remain in control of your costs. These practices will aid in establishing long term relationships with service providers and ensure your success in your small business.