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Money-Saving Ideas for Start-Up Enterprises in Bath

Posted on April 17, 2024 by Thomas Firbank Removals
Money-Saving Ideas for Start-Up Enterprises in Bath

Every great journey starts with a single step; the same goes for start-up enterprises. These ventures often emerge from the humblest of beginnings, such as a home office or a garage. This is a testament to the potential of your small idea, which, with the right nurturing, can blossom into something truly remarkable.

As you navigate the exciting world of start-ups, knowing you’re not alone is comforting. Bath offers a wealth of resources and support for budding entrepreneurs like yourself. Whether finding a suitable space for your start-up or tapping into the local business network, Bath has your back.

Contents

  1. Top Tips for Start-Up Founders in Bath and Somerset
  2. How Self Storage Services Help Balance Costs
  3. Reduce Vehicle Expenses with Man & Van Removals
  4. Essential Local Business Resources in Bath
  5. Cash Flow Management Essentials for Start-Ups
  6. Selecting a Reliable Bath Moving Company

Top Tips for Start-Up Founders in Bath and Somerset

One of the temptations of going it alone is jumping in immediately. You’ve finally decided, the idea is solid, and your business plan is nearly complete. It’s time to hand in your resignation letter. In fact, there’s already a draft ready. Hold your horses, take a deep breath, and take a timeout. It’s exciting to think of the road ahead for your enterprise. The problem is you’ll need some capital to get everything off and running.

Unfortunately, the best way to do that is to stick it out at the day job for a while. If you put a set percentage of your salary into a savings account every month, you’ll have a fair amount of money in one year. So, buckle up and hold in there for as long as you need to.

Remember to put enough away to pay yourself a small wage in addition to the initial costs. That’s why you must create a stable budget and business proposal. Costs must be as accurate as possible, so it’s time to beg for a favour if you know someone who knows their stuff. If it makes you feel more at ease, you can offer to trade services with them instead of paying.

Aim to keep costs low and look for affordable office space. Depending on your business line, you may need space to operate and store equipment or products. Investigate various options to see how you can keep monthly rental overheads low and trim any luxury or unnecessary items. For example, you can cross the company car off your business proposal.

How Self Storage Services Help Balance Costs

Starting your enterprise will involve a lot of research, compromise, and keeping a manageable budget. Furthermore, the real challenge with a start-up enterprise is being flexible and thinking outside the box. That means considering alternative workspaces, and we have the idea in mind.

Storage units make excellent alternative workspaces for many reasons. All you need is a desk, a Wi-Fi router, and a computer, and you’re ready to go. It’s a no-thrills approach to workspaces, but the benefits are worth it.

Firstly, renting a self storage unit from Thomas Firbank is cheaper than renting commercial property. You also won’t have to sign a one—or two-year lease. You can keep your self storage unit for as long as you need.

Secondly, you can upsize to a bigger unit if your company begins to grow and you need more space. If you rent an office or factory space, once you sign on the dotted line, you must see out your lease before moving. Remember – it’s all about being flexible.

The third and final point is that you can store any products you make or equipment and any personal items in the same unit. Your things are safe and secure from damage or theft, and you can access your unit whenever necessary.

Reduce Vehicle Expenses with Man & Van Removals

Let’s introduce you to the cost-saving benefits of using man and van services for collections and deliveries. While this might sound slightly odd, we can assure you that many professionals use removal services for other purposes. Thomas Firbank works with several interior designers, construction subcontractors, and e-commerce shop owners.

It’s common for a business to need some form of vehicle to perform collections and deliveries, but that doesn’t mean you should fork out the cost of purchasing or leasing for this purpose. Instead, lower your outgoings and use a man with a van service when needed. That will eliminate the need to buy or rent a vehicle, saving you some money you can put to better use and maintain a healthier cash flow.

Man & van services are flexible and convenient because you won’t have to do the task or allocate a team member. Plus, you’ll work with time-served experts with years of packing, handling, and loading skills, ensuring your goods are safe. We’ll update you with every drop-off and pick-up to keep you in the loop.

Essential Local Business Resources in Bath

Now that you have a better idea of what you can expect from starting a new enterprise and some savvy tips for reducing costs, it’s time to check out business resources in Bath. This section aims to give you a starting point so you can see who the gatekeepers are to enhance your opportunities for success.

Bath Council Business Services

Bath & North East Somerset Council is a smart place to start to learn about its business services. Stay informed about all local happenings and see whether there are additional provisions for your industry.

Chamber of Commerce

Next, we focus on Bath’s Chamber of Commerce, the gold standard for events, networking, and funding opportunities.

Local Events and Groups

Finally, check out what local event organisers and networking groups are available by location and sector.

These resources can support start-up enterprises in various aspects of business development. You can meet with like-minded founders and potential partners and drum up interest in your new venture.

Cash Flow Management Essentials for Start-Ups

We touched on this earlier in this blog, but you must understand the importance of cash flow management.

Survive Years 1 & 2

Start-up enterprises and new businesses are destined for failure if they can’t survive the first 12 – 24 months of trading. While losses are expected, the primary concern is having usable liquidity in your business. That means having the necessary funds or credit lines when needed rather than rushing around to raise capital.

Create a Business Plan

It all starts with a business plan—read more about creating one here. Your plan will adapt and evolve as you fill in the blanks. One critical section is the SWOT analysis, where you’ll identify any weaknesses and formulate how to tackle them.

Prioritise Outgoings

You’ll also analyse your outgoing expenses and their pros and cons to see which ones to prioritise. Although we’ve covered it, it’s worth reminding you about reducing costs through efficient removal and storage solutions. Remember to utilise every financial lever and opportunity possible, so dip into the business resources section and start looking at what’s available in Bath.

Selecting a Reliable Bath Moving Company

While using removal and storage packages to reduce your financial outlay is a solid idea, you must ensure you partner with a reputable company. The easy answer is to highlight Thomas Firbank as Bath and Somerset’s favourite business removal and storage provider, but the best process for finding quality businesses is worth noting.

Google is an excellent resource, and you’ll use it a lot – never more so than when outsourcing a service. You’ll need to seek quotes from at least 3 prospective companies – look for ones with an average rating of 4.5 stars and higher. Don’t skip this part – read reviews from previous customers to see whether they sound genuine and what they tell you about the company.

The next step is to check out the company’s website and see if it has accreditation, such as BAR (British Association of Removers) accreditation or a quality policy. We work with expert handlers and movers to ensure the safe and reliable transportation of goods.

Thomas Firbank – Bath’s Number One for Start-Up Enterprises and SMBs

Thomas Firbank works with hundreds of entrepreneurs and small business owners every year. The one main piece of advice we can give any new business owner is to keep costs low. Surviving the first year of trading is your number one priority. It’s a precarious time, and many start-ups don’t make it past twelve months. The Thomas Firbank team is here to assist you with that.

Our business customers like the flexibility of our range of services, which fits their requirements. Several start-up entrepreneurs come to us to rent and upgrade a small storage unit within a few months. They have more cash to use when needed by keeping their monthly costs low.

The Thomas Firbank team has been providing storage in Bath for twenty years. We call Bath our home and believe in providing the highest level of customer service. We cover the whole of Somerset and Wiltshire. Our team can store any number of items, and we have all the right tools and equipment to complete the job.

Thomas Firbank is here to help you start your dream enterprise. Contact us today to discuss our commercial storage packages and range of services.