Starting a small business almost always requires capital. Although some people are able to start earning money before they acquire office space, growth will be restricted until they hire employees. It’s simply impossible for one person to run a thriving business alone. Far too many promising entrepreneurs never reach that point because they don’t think they can afford employees and office space. Fortunately, there are some solutions that could help a small business owner grow their company without going into debt.
Negotiate on Office Space
Commercial lease agreements are much easier to negotiate than residential ones. Property owners expect their tenants to negotiate. Small business owners can often get lower monthly payments by offering things that make the deal more attractive to the owner. For example, by extending the lease to three years as opposed to two, the owner may be willing to accept less in rent, especially if the office space isn’t in a highly desirable area.
Purchasing new office equipment is going to take a lot of capital. The solution to this dilemma is to buy used. Office resale stores often have sets of matching desks so it won’t be obvious the furniture isn’t new. Business owners should also shop for refurbished cubicles. It’s very possible to set up an attractive office space without buying anything new. Employees and clients will never know the company didn’t invest a large amount of money to make the office space look professional.
Every purchase a business owner makes doesn’t have to involve the exchange of cash. Many entrepreneurs trade services with each other. For example, an accountant may trade tax services with a website designer in exchange for creating and maintaining their website. The trade is valuable to both parties and can save both businesses a lot of cash.
Owning a business can be very rewarding. Entrepreneurs should think about the ways they can save money during the planning phases of their businesses. This will ensure they don’t stress too much about capital when they could be focusing on ways to market their business and sell the product to paying customers.