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Starting a new business can be expensive, and many people want to avoid requesting business loans if possible. Of course, loans can be immensely helpful. However, there’s no getting around the fact that they do apply an added layer of pressure to you as a business owner.
Unfortunately, with so many costs involved in establishing a new business, getting started on your own might seem impossible. Even with a home-based business, the expenses can be steep. Thankfully, there are some things you can do to establish an efficient home office on a budget. Start with the five steps below:
Purchase a Virtual Office Package
Maintaining professionalism and running an efficient business when you work from home can be challenging. However, it might be easier than you think with an affordable virtual office package. With a corporate address, mail-forwarding, and receptionist services, no one has to know you’re working from home.
This can be particularly helpful when the alternative is spending thousands of dollars per month on a costly office lease. With a virtual office, you create the illusion of having such a professional setup. Customers still receive the same high level of service, but you save a significant sum of money each month.
Look for Used Furniture
It’s not uncommon for entry-level office chairs and desks to cost hundreds of dollars each. When you’re only just establishing yourself, it’s not typically a cost you want to incur. Fortunately, you can have beautiful furnishings without spending the earth. Look for used furniture at garage sales, local thrift stores, and online.
You might be surprised by how many high-quality desks, chairs, and filing cabinets are available for bargain prices due to businesses closing, upgrading, or downsizing. You can then consider purchasing new furniture once your business starts enjoying consistent revenue.
Handle Renovations Yourself
Setting up a functional home office can sometimes require a few renovations. You might decide on a new coat of paint, some wall shelves for storage, and maybe even new flooring.
Renovations can be expensive when you hire tradespeople to help. If you have DIY skills and tools (or know people who do), you might be able to save money by tackling this task yourself. You can then enjoy a fresh new office space that looks professional but doesn’t cost a fortune to achieve.
Purchase Used Tech
Most newly established businesses require technology to handle their daily operations. At a minimum, you’ll likely need a desktop or laptop computer with internet capabilities. Starting a business on a shoestring budget sometimes means you don’t have hundreds or thousands of dollars to set aside for new tech. In that case, consider purchasing used.
Approach local computer businesses and see if they have refurbished equipment for sale. You can potentially save hundreds of dollars by doing so. You’ll also be doing your bit to support the environment.
Check Your Background
Part of being an efficient business owner involves hosting video calls with clients and employees. You can save a fortune by not having to travel to their locations. However, you still want to ensure that you always look professional. This generally involves having a clean, tidy background while on camera.
If you can’t have a neutral wall without distractions, at least prioritize minimal clutter. You might also explore your video software’s background options to block your office from view entirely. Establishing a new business can be expensive, but it doesn’t have to set you back financially. Take some of the steps above, and you can have a well-established and professional office that keeps your bank account in the black.
Thank you,
Glenda, Charlie and David Cates
