Running a small business is, well, expensive. In a 2012 Gallup Poll, one-third of American small business owners reported feeling burdened by the business debt they had accrued. Making loan repayments when you haven't yet turned a solid profit can feel like you're paying to be in business, and in a way, you are.
It's not just the loans you're paying back either. It's employee salaries, office space, advertising, insurance; everything comes at a price.
CyberPolicy can help relieve you of some of your financial burden. We can help you decrease your annual cyber insurance cost by matching you with a cyber insurance company who puts small business owners first. Pretty cool, right?
Looking for more ways to save? Here are five to cut small business costs.
Hire Freelancers. Your business won't be able to support salary pay in the beginning, and that's okay. You can still hire well-experienced professionals without having to hire them for a full-time gig. By hiring a freelancer, you pay them only for the work they do. The last thing you want is to walk into the office to see a salaried employee sitting at their desk and twirling their thumbs because there's nothing for them to work on; it's a waste of their time and your financial resources.
Work Remotely. Does your business need an office at this stage? If it's only you and another couple of employees, leasing office space in the city with room for 20 just doesn't make any sense. Unless you plan to meet with clients on a regular basis, don't worry about acquiring an office until your business needs it.
Barter Your Services. If you need a service done but don't have the funds in the bank to pay for it, you can offer your services in exchange. Michael Gluaser tells small business owners that "in recent years, bartering has evolved into a sound strategy for finding goods, trading services, conserving cash, moving inventory and locating excess production capacity."
By agreeing on a trade with another business, you will develop a working relationship and potential client!
Buy 'Pre-Loved' Office Furniture. If you have leased an office, you'll want to outfit it with hip furniture that'll make your clients say \"Wow.\" Do not buy brand-new furniture. While you'll want your office to look sharp and impressive, you don't want it to come at the cost of financially hurting your company.
You can purchase pre-owned or, rather, 'pre-loved' furniture from furniture shops that specialize in selling modern furniture.
Raise Your Business Insurance Deductible. As a responsible business owner, you definitely have a cyber and business insurance policies. Should an accident happen at work, should a criminal (cyber or otherwise) break into your business or a customer threaten to sue, your liability insurance will cover you. As you've probably noticed, business insurance can be costly. To lower your annual premium, raise your deductible; it's that easy to get a discount!
There are lots of different ways to save money, you just need to know where to look. Start your savings now when you compare cyber insurance premiums with CyberPolicy.