8 Money Saving Tips for Small Businesses in New York
It goes without saying that New York is an expensive city in which to do business. It is expensive to live here, to work here, and even to play here. But the expense is well worth it when you are able to use the city’s abundant resources to grow your business. One of the keys to making it as a business owner is learning how to stretch every dollar to its full extent. That starts with saving wherever possible.
One of the biggest mistakes small business owners make is not coming up with a budget and sticking to it. Budgets are as important to business as they are to individuals, perhaps even more so. And because small businesses are so bad at budgeting, they often find themselves spending more money than they should to run day-to-day operations.
How to Save Money as an NYC Business Owner:
We want to help you succeed as a small business owner in NYC. To that end, we have put together a list of money-saving tips for New York businesses. Employ as many tips as you can to stretch every dollar you earn!
1. Explore Business Options, Products & Services
Do not buy anything for your business without shopping around. The New York attitude of needing everything yesterday often causes us to spend too much simply because we don’t want to do some digging. On the other hand, being willing to invest just a few minutes in comparing prices can save you money on everything from office supplies to computer equipment.
2. Find & Utilize Free Software
There are some very good proprietary software packages that are also way over priced. Find and utilize free software solutions where possible. As an example, Microsoft Office is an expensive office suite you may not need at this stage of your business. LibreOffice and OpenOffice are free alternatives with most of the same functions. There is also the free Google Docs suite if you don’t mind doing business in the Google Cloud.
3. Consider Software As a Service
Provided you cannot find free software that meets your business needs, you still may not have to settle for an expensive proprietary solution, especially if you’re willing to go with software as a service (SaaS). One example of an SaaS solution is the Xero online accounting platform. It offers affordable monthly subscriptions with no licenses or software maintenance to worry about.
4. Consider a Virtual Office or Coworking Space
Both virtual and coworking spaces are considerably less expensive than renting a complete office. There’s no shortage of both kinds of spaces in New York, thanks to a recent surge in new co-working startups throughout Manhattan and most of the outer boroughs.
Learn more about virtual office space and coworking, and which is right for you.
5. Consider a Four-Day Work Week
If you and your staff are willing to work four 10-hour days instead of five 8-hour days, you can save money by doing more work in a single day. You won’t have to pay the expense of running your office on the fifth day. As an added benefit, staff will appreciate having three days off instead of two.
6. Find Ways to Reduce Paper
Printing on paper costs money. It’s as simple as that. If you can find ways to reduce paper, you’ll save on both paper and ink/toner. Sending documents electronically will also save on postage. In this digital age, avoiding paper whenever possible is a big money saver.
7. Use Independent Contractors
Every growing small business reaches a point in its evolution where more help is needed but business is not strong enough to justify bringing on full-time staff. The solution is easy: use independent contractors. Giving work to independent contractors meets your labor demands without requiring expensive full-time employees. The only caveat here is that you fully understand the IRS definition of independent contractor. You don’t want to run afoul of tax laws.
8. Master Digital Marketing
Advertising in New York is just as expensive as anything else. However, learning to master digital marketing can get your company’s name and reputation out there without having to spend a fortune on printed literature and other forms of traditional advertising. Things to learn include pay-per-click advertising, content marketing, search engine optimization, social media marketing, etc.
Doing business in New York is an expensive proposition. But like cutting corners at home, coming up with creative ways to save in the business environment can give you the kind of advantage you need to prosper. Remember this: while you do have to spend money to make money, there’s no rule that says you have to waste what you spend. You can spend wisely and still grow your business.
Looking for affordable office space in NYC?
Bevmax Office offers affordable office space to fit the needs of every business. Whether you’re looking for virtual office space or a private office in New York City, we can help you find the ideal workspace for you and your business to thrive in. Check out our NY office space locations or contact us today for more information.