Building a business and being your own boss are no easy feats. While the thrill of victory can be immensely satisfying, the W only comes after a lot of hard work and savvy planning. Small businesses run the risk of failing within just a year’s time, and avoiding bankruptcy is your primary focus during that time. Here are the tips you’ll need to stay afloat and eventually grow into a lasting and successful company.
Electricity is a fundamental utility in modern life, and businesses are obligated to keep the lights and air conditioning running all day every day. This can create monumental power bills, and that cost can set you back during your early days. Solar energy provides a much more cost effective alternative to the conventional power grid, from installation to monthly costs. The panels themselves are fairly inexpensive, and they will drastically reduce your price per kw/h. When you buy solar panels, you’ll also need to shell out for a battery that can house any excess charge for use after the sun goes down to maximize your time off the grid, if not stay off the grid. However, even reducing but not eliminating your reliance on the power grid is better than nothing and can still reduce your monthly utility costs by quite a bit, and you can always add additional cells in the future.
Printing has long been a staple of businesses of all kinds, and that principle is changing in recent years. Digital alternatives to printed documents have taken over in the name of going green, and this move has been a boon to the bottom line of many businesses. Printers can be costly, but they are rarely the bulk of the costs associated with physical documentation.
Repeat costs such as paper and ink are insidious, because, while they aren’t overly expensive in the moment, their repetitive nature compounds the expense over time. Moreover, there’s no real sacrifice in ditching printing, because consumers are happy to have fewer papers to lug around or keep track of, instead relying on a device that’s always by their side. Likewise, the paperless model tends to result in some much needed positive PR among eco friendly consumers hungry for more sustainable business practices.
Embrace Budget Options (Temporarily)
Marketing is a fundamental part of helping your business grow, and no one should skip out on high quality, professional marketing. However, the same can’t be said of a business that is struggling to stay in the game. Low cost alternatives to expert marketing campaigns are a good example of “you get what you pay for,” because they will have a less substantial impact in exchange for a more affordable price point.
Depending on this model of marking is an effective way of staying in business when you otherwise might not and should at least be considered. Likewise, the supply chain offers you a way to save a lot of money at the expense of some truly valuable services. By cutting out the middleman and buying from manufacturers instead of distributors, you can cut the costs of supplying your company.
However, the markup associated with distributors comes with the perk of value added, making them the default way for businesses to get their products. While you should take advantage of these additional luxuries when you can afford it, there’s no shame in making this short term sacrifice when your back is against the wall. That being said, make sure that even a cost effective supply chain is reliable, or you’ll risk damaging your business instead of saving it.
Managing your company will be an immense challenge, especially early on. However, overcoming this challenge is far from impossible, and the right planning and execution can make it much easier to flourish. These tips will help you create a sturdy infrastructure for your business that will give it a chance to grow and triumph.