5 ways to reduce the cost of starting a business
You can start your own business even with little capital - you don't have to take a loan from a bank or borrow from friends. However, money is not always enough. In order not to give up on the idea, it is possible to optimize costs and open a business with a minimal investment.
Using online bookkeeping services
An entrepreneur needs to pay taxes and contributions. If you are a sole proprietorship with no employees, free online bookkeeping services are suitable for you. Some banks and accountancy services offer it. You can use it to file a tax return and submit your tax returns. Also, an employee or an individual can create pay stubs online using the check stub maker or more commonly known as the pay stub generator.
If you have at least one employee, free services are not suitable, but a full-time accountant is much more expensive. Costs can be reduced by using paid online bookkeeping services or by hiring an outsourced accountant
Taking money from the state
Part of the money to start a business can come from the state. The state is interested in creating new jobs and is willing to provide grants for start-up businesses. To qualify for a grant, you need to be registered as unemployed at a job center, write a business plan and present it to a committee. The amount of the grant depends on the region and does not have to be repaid - it is free of charge. You have to report your expenses and not close down within a year.
Choose a bank with favorable conditions
When you start a business you will need a current account. Many banks offer this service, but they all have different conditions: they are competing for customers, so they give different bonuses, benefits and discounts. If you take advantage of them you can save a lot of money. Here are some things to look out for to reduce your start-up costs.
A business card with bonuses and discounts
This is usually issued by the bank where you open your current account. It is a payment card, only for legal persons or private entrepreneurs. It simplifies the process of paying your expenses through a current account, speeds up the process and allows you to control your expenses. An individual entrepreneur under the simplified taxation system can pay with it for any purchases - there is no need to transfer money to a personal card and pay a transfer fee. Even a 1-2% fee on the transfer amount is a cost that can be avoided.
Hire employees gradually
It's not a good idea to hire full-time staff at the start of your business - do this as you grow. In this way, you will cut costs and be able to get your business to zero more quickly. In the beginning, you will have to do a lot of work yourself - for example, making coffee instead of the barista or greeting guests instead of the receptionist. But this will allow you to get to know your customers better and build up your processes. With this knowledge, it will be easier to recruit staff and formulate job descriptions.
Using online bookkeeping services
An entrepreneur needs to pay taxes and contributions. If you are a sole proprietorship with no employees, free online bookkeeping services are suitable for you. Some banks and accountancy services offer it. You can use it to file a tax return and submit your tax returns. Also, an employee or an individual can create pay stubs online using the check stub maker or more commonly known as the pay stub generator.
If you have at least one employee, free services are not suitable, but a full-time accountant is much more expensive. Costs can be reduced by using paid online bookkeeping services or by hiring an outsourced accountant
Taking money from the state
Part of the money to start a business can come from the state. The state is interested in creating new jobs and is willing to provide grants for start-up businesses. To qualify for a grant, you need to be registered as unemployed at a job center, write a business plan and present it to a committee. The amount of the grant depends on the region and does not have to be repaid - it is free of charge. You have to report your expenses and not close down within a year.
Choose a bank with favorable conditions
When you start a business you will need a current account. Many banks offer this service, but they all have different conditions: they are competing for customers, so they give different bonuses, benefits and discounts. If you take advantage of them you can save a lot of money. Here are some things to look out for to reduce your start-up costs.
A business card with bonuses and discounts
This is usually issued by the bank where you open your current account. It is a payment card, only for legal persons or private entrepreneurs. It simplifies the process of paying your expenses through a current account, speeds up the process and allows you to control your expenses. An individual entrepreneur under the simplified taxation system can pay with it for any purchases - there is no need to transfer money to a personal card and pay a transfer fee. Even a 1-2% fee on the transfer amount is a cost that can be avoided.
Hire employees gradually
It's not a good idea to hire full-time staff at the start of your business - do this as you grow. In this way, you will cut costs and be able to get your business to zero more quickly. In the beginning, you will have to do a lot of work yourself - for example, making coffee instead of the barista or greeting guests instead of the receptionist. But this will allow you to get to know your customers better and build up your processes. With this knowledge, it will be easier to recruit staff and formulate job descriptions.
