Posted by – June 20, 2011
Coming up with the fund for a start-up can be very difficult. Even if you do get funding you might still find that your budget is strained. If that is the case, consider sharing business costs with other small businesses. Aspects of a business that can be shared with another company include:
- Office space. If you’re looking to rent an office space, contact a broker. Ask if they know of any offices that are available to share. Sharing an office is much more cost-effective than renting your own. On that same note, if you currently rent an office but have extra space inform brokers that you are interested in subletting.
- Office supplies and equipment. If there are multiple offices working in one space, it is a good idea to invest in some good office equipment. Get a high-quality community photocopier instead of several, cheaper personal photocopiers. It is also smart to buy bulk office supplies together at a reduced rate.
- Share support staff. One office building doesn’t need four different secretaries or accountants. Share support staff and save money on salaries.
- Printing costs. Form a consortium with other small businesses and approach a printing supplier. With the large amount of business they are recieving, they are likely to offer their printing services at a reduced rate.
To determine if sharing business costs is right for your company, contact the Winflow Financial Group.
For those who want to make the transition into entrepreneurship, you have two options; you can buy a pre-existing business or start a new one from scratch. To determine which plan is better for you, identify what you want to achieve with your business. If you want to get involved right away and avoid the problems that go along with a start-up, buy an existing business. Some things to consider when owning an existing business include:
- You can start making money right away. Since the business is already established, its existing market is already in place to make a profit.
- If you need financing to expand the existing business, getting a loan will be much easier since you already have a working business model.
- The business model in place may not be cohesive with your ideas.
- The initial investment may cost more than starting your own business.
If owning someone else’s business really isn’t for you, consider starting your own business. Keep this information in mind while you are planning:
- You will be able to do things your way and not have to abide by old practices and protocols.
- There is no way to guarantee your business will be a success.
- You will have the chance to make a niche for your business in the market.
- It can take awhile to see any money since you have to make back the start-up costs.
If you are interested in becoming an entrepreneur but not sure which direction to go in, contact the Winflow Financial Group. Our consultants will determine what the best course of action is based on your needs.