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Office space is a huge expense for many businesses. Fortunately, there are many ways to save costs in this area. Here are four options for companies on a budget.

Work from home

If you’re running your business solo, there may be no reason spend money on office space at all. Most businesses only need a computer and a phone. An office space can be nice for meeting clients in person, but you could simply opt for video calls or meet people in a local coffee bar. If you rent a property, you may even be able to claim some of this on expenses by working from home.

It’s worth always having your own private work space to limit distractions. By making this a designated office space it may also help to separate your home and work life. It could also be worth getting a separate phone and number for business, as well as using a virtual address so that clients sending business mail don’t know your home address.

Once you start hiring employees, you may want to think about moving, although it’s possible they may be able to work from their homes too. The only issue may be that communication is slower than it would be in an office.

Try working from a ‘coffice’

Using a laptop, it’s possible to work from any location. Coffee bars have become the go-to alternative office, allowing you to get out the house and also serving as a great place for meeting clients. You may want to avoid certain coffee bars around certain times, as they could get busy and noisy, making them distracting and unsuitable if you need to take phone-calls. Libraries, parks and even bars are other places you could consider.

Think rural

If renting or buying an office space is the only option, there are still ways that you could save costs. Location can have a big effect on rates. Urban areas are almost always favoured for being central, but unless you’ve got clients regularly coming into your office, do you need an urban office space?

Opting for somewhere rural and out of the way could possibly be cheaper. A lot of farmers convert their barns and rent them out to potential business for a cheap rate. You could even buy a barn and convert it yourself. Issues could be getting electricity, which may require buying a generator. Look out for diesel generator sales online that could help save you money. Alternatively, you could consider solar power.

Share your office

Shared office spaces are ideal for small businesses. You could buy somewhere yourself and then rent space to another business to help pay the mortgage. You could alternative rent space of another company. There are even specific co-working spaces, in which multiple businesses and individuals share space. Not only will this cut costs of rent, but it will also cut costs of bills too and allow you share certain resources like printers and paper.

Only someone that has set up their own small business knows how difficult it can be. You have to put in so much time, money, and effort and sometimes still can’t get your business off the ground. Keeping your business successful is even more difficult. Studies have shown that most small businesses collapse within two years of their launch, so pay attention to these tips if you want to do the opposite.

Customer Service Is Key

It doesn’t matter how great your product seems, if your customer service is poor, no one will buy from you. To improve your customer service, ensure you only employ staff who are friendly, polite, and seem to want your business to succeed as much as you do. If they’re only there to get paid and leave, and have a negative attitude, they aren’t the employees you need. You should also ensure that there is always someone available to handle any queries or complaints from your customers. If you respond quickly, and in person, your customers will know you care and are more likely to return to your business in the future.

Advertising

If your business is going through a slow stage, don’t give up. At this point, you should invest in plenty of advertising to get your name and products out there for all to see. You want loyal customers that keep coming back, but new ones are necessary too. Otherwise your business will never be able to grow.

Get One The Web

Selling your products online is a smart way to find new customers, sometimes even from all over the world. As long as your advertising is great, anyone that can’t make it to your store is sure to buy from you over the internet, even if they do have to pay a small shipping charge.

Perfect Your Product

No one is going to keep buying what you’re selling unless it’s perfect. Make sure you have done plenty of market research to ensure that there’s actually a gap in the market for your product. If there is, and people like it, now is the time to start thinking big. Precision machining can be used to mass produce your product to a flawless standard that simply cannot be met by human production. This will save you time, if you’ve been making your product yourself, and ensure that all of your products are perfect.

Proper Finance Management

As soon as your business starts making a regular profit, it would probably be a sensible idea to hire an accountant. Things like tax can be difficult to understand, but it would be your accountant’s job to understand for you. This would take the pressure off you, and allow you to manage other aspects of your business. Your accountant can also advise you on ways to make running your business more cost effective, so they really would be worth the money.

There’s no greater feeling than seeing your business thrive, so stick with it through the difficult times. Just follow these simple steps and have some faith in your small business, and it will be hard to go wrong.

Setting up your own business is tough. But, sometimes, taking the next step is harder. In the beginning, you’ve got a clear plan of how you want to set your business up, what you want it to be, who your target market is, and where you will be in a year’s time. Along the way, however, these things often change. You may have found your intended market aren’t interested but that you thrive in another area. You spend the first few years muddling along, changing your plans to reflect the market and economy and leaping over hurdles at every turn.

Then, you suddenly find you’ve hit those first heady targets. Your business is working. You’re doing well. Now what? It can be easy to become complacent and just let things carry on. But, with new businesses starting up and new entrepreneurs appearing every day, if you aren’t going forward, you’ll quickly get left behind.

If you are ready to take your small business to the next level, here is what you need to do.

Focus on Customer Service

In the start, you won’t have had much time for the finer details of customer service. Now is the time to tune it up. Spend some time thinking about ways you can improve and make sure any staff know the plan. Excellent customer service is one of the ways to set yourself apart from the competition and develop a great reputation.

Make Sure You’re Still Getting the Best Deals

The deals you brokered when you started out, aren’t necessarily the best value for money for your larger business. This goes for everything from rent and web hosting to suppliers and utilities. You could easily save yourself money by making some switches. Money which can be reinvested in your business growth.

Think Big

When you first set up, your targets were probably relatively small and realistic. If you’ve met them, it’s time to think bigger. Can you target a new market, should you be asking yourself “How do I start exporting?” or is it time to bring a new product to the market place?

Never Stop Learning

One problem small business owners have at this stage is thinking they know it all. Well, you don’t and you never will. Make sure you are always learning and developing. Spend some time taking courses or getting advice.

Look into New Systems

Technology changes and develops all the time. Sometimes at a startlingly fast rate. Make sure any software you are using is still the best for the job it does, consider investing in better computers and equipment and look for any updates. Staying on top of the game when it comes to technology and systems is an excellent way to keep your business fresh and ensure it can grow.

When it comes to pushing your business to the next level, it’s important that you keep an open mind. Try to think big and set yourself both long and short term targets. One problem a lot of people have is that they just don’t know what to do next. Take some time to think about where you want to be in 10 years, then start following these tips to help you get there.