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5 Tips for Business Owners to Save Money

Updated on May 29, 2013

So, you've just started your own business, or have been doing so for a while, congratulations! However, forming a company can be one of the toughest choices you can make in life, people often risk all they have, and putting their livelihoods at risk as a result, in hope of becoming the world’s next Richard Branson or Alan Sugar.

Since finances can be tight, especially in this day and age. You need all the help you can get, so here are a couple of the best ways business owners can save money.

1. On Printing costs

Whether you own a huge office based organisation or you run your business from the spare room in your own home, you'll more than likely own a printer of some kind for standard day to day office activities. Too many of us are wasting money each week when using our printers, when there really isn't any need to. Even though it may prove to be a couple of dollars each month it’s certainly worth taking note of a couple of the following ways.

  • Use paper on both sides - There’s a setting in your printer peripherals which should allow you to set your printer settings to print on both sides.

  • Use Black & White – When you're printing out a document that you're not going to be presenting to a client, such as a ‘please knock before entering’ sign to hang over your door, saving a bit of money and using black & white rather than colour should save a couple of pennies!

  • Refill your cartridges – This may not be applicable to all printer types, but if it does apply to you then refilling your cartridges at local hobby shops is much cheaper than buying a new cartridge.

2. Cheaper Phone Deals

Again, if you’re the owner of a large organisation or just contain an active sales department, then you’re probably racking up an extortionate phone bill each month.

Don't settle for the first provider that you find, shop around on comparison websites or simply ask your friends or other business owners for recommendations on their current provider, to get the best service for the price you pay. Also, don't be afraid to ask for a better deal from your current provider, especially if you've been a customer for a couple of years.

3. Temporary staff

Hiring temporary staff, such as college/ university students or young people enrolled in apprenticeship schemes that are looking for work experience is a great way to get some work done for free or a small fee. Either way it’s much more practical than paying big wages for a new member of staff which may not be up for the task.

Plus many apprenticeship schemes also offer incentives to businesses to hire apprentices such as discounts on services or cash.

4. Rent office space out to freelancers/ consultants

If you've recently downsized and find your office slightly bare or you find yourself only working weekends or set days throughout the week.

Then why not rent out that space to other small businesses or free lancers. Lots of businesses are looking for space, you can advertise the opportunity on many online agencies, and so finding prospective roomies shouldn't prove to be too much of a task, as long as you're asking for a reasonable price of course.

5. Buy Everything In Bulk

Within reason of course, now I'm not suggesting you go out and buy 200 office chairs if there’s only two of you in the office. Maybe more appropriate for larger companies, I suggest buying certain items in bulk. Rather than forking out more each month on items that you know you’ll need in future you can stock up on these items for a smaller cost than buying the same amount in smaller amounts. Items such as toilet roll stationery and printer paper can all be purchased in bulk.

If you require any further help or guidance on company formations, then TCS Group International will be able to provide you with a professional, experienced support on a range of related services.


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