Tips to Start Your Small Business in A Cost-Effective Way

Date: Tue Sep 24 Author: Chelliah Nakeeran

Setting up a business is costly for most entrepreneurs. Not everyone is fortunate enough to have sufficient capital or the blessing of the bank. 

Even if you can raise the funds to start a small business, it makes good business sense to budget wisely through the growth stage and operate on low start-up costs. 

One of the first goals small business owners should look to achieve is to identify solutions that enable you to make significant cost savings. The suggestions below will point you in the right direction. 

Hire Virtual Office Space 

Having a physical location for your business gives your brand a presence, credibility and a verified address to register your company. The issue many small business owners find, however, is that renting your own office space is a financial burden. 

Renting virtual office space costs significantly less yet still provides you with access to all the facilities you would expect to have in a fully-functioning office. We have printers, photocopiers, scanners and AV equipment that enables you to give presentations on-site. 

Virtual office space also provides you with more flexibility. You only pay for space you use when you need it, so if there’s no reason for you to be in the office you can work from home or a cafe without any unnecessary expenditure.

Not only that, but Low-Cost Letterbox also provides additional services that enable you to establish yourself as a small business without the hassle and expense. 

For example, our company formation services handle all the legal formalities of registering your business with Companies House and HMRC. You can also use our address in central London as your official trading address – which inevitably projects an excellent image for your business. 

Hot-Desking and Virtual Meeting Room

Not every business needs an entire office regularly. Hot-desking provides a cost-effective solution for small business owners that can often work from home but occasionally need access to office facilities. 

Co-working space also gives you the opportunity to meet up with other businesses, freelancers and entrepreneurs. Not only do you get the vibe of a working office, you increase your opportunities of acquiring customers. 

Likewise, small businesses that appear professional and established instill confidence in people. Having a physical office – virtual or owned – gives clients a good impression and raises their expectations. 

To that end, virtual meeting rooms enable you to meet clients face-to-face. This projects a professional image for your business and instils trust in your clients.

Invest in a Telephone Answering Service 

A telephone answering service is a cost-effective means of appointing a professional receptionist to screen your calls and project a credible image for your company – but without the expense. 

Hiring a professional receptionist in-house comes at a cost – around £16-£20k a year to be precise. A telephone answering service is far more cost-effective and frees up cash flow for you to invest in other areas of your business. 

Other than salary demands, you also save money by avoiding National Insurance contributions, sick and maternity leave, pension benefits and potential office space on the ground floor. 

Our professional receptionists provide the same service you would expect from an in-house recruit – but for a fraction of the cost. It also means that you and your busy team are not disturbed unnecessarily and can focus on building your business. 

Virtual office space will save small business and entrepreneurs significant capital that you can invest in other areas of your business. For more details, contact LowCost Letterbox today and speak with a member of our friendly team. 

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Author: Chelliah Nakeeran

Chelliah Nakeeran is the Founder and Managing Director of LowCost LetterBox. He writes articles on virtual office and address sector.

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