Starting an online business is tough; there are no short cuts to replace dedication, vision and hard work. There are, however, plenty of ways to make your business more efficient and cost effective. Crucially, it’s important to focus on what’s really important (easier said than done).
Here are five things that your on-line start up should be concentrating on, with an emphasis on money management:
1 – Customer Loyalty
A report by eConsultancy revealed that 70% of businesses consider it significantly more affordable to retain customers than seek new business. This makes it essential to target your efforts towards customer retention. Email marketing, social engagement and loyalty bonuses can help keep your business relevant to repeat customers. Make excellent service a mantra of your brand.
Interact with customers on social media platforms such as Facebook, Twitter, and Pinterest. They are a free way to expose your brand to relevant audiences and increase the chances of generating genuine leads. Use these platforms intelligently; there are many social channels out there and for most businesses, not all will be relevant.
2 – Utilise Specialist Freelancers
From business card design to website development, important tasks outside of your skillset can be executed by freelance professionals. People Per Hour is a great resource to use; a site of skilled freelancers who can help develop and grow your e-commerce business flexibly. The site provides ratings from previous clients and useful information such as delivery times and what the freelancer needs to start work on the project.
3 – Invest in Apprentice Schemes
In recent years, the government has made a big push to make apprenticeships more accessible and more rewarding for both employers and the apprentices. Such incentives can help small businesses receive more affordable labour and help young people find employment. An employer can pay a 16-18 year old as little as £2.68/hour and receive a £1,500 apprenticeship grant to cover wages.
4 – Cut Delivery Costs
One of the biggest overheads of an e-commerce business is the cost of delivery. This makes it important to make the process as cost-effective and efficient as possible. Seeking the most affordable courier for all of your delivery services could help you save significant amounts of money every year. RapidParcel helps identify the cheapest courier service for all package sizes, dimensions and weights – allowing you to customise your courier practices from order to order.
5 – Choose Meeting Spaces Wisely
If you are meeting with manufacturers, potential partners, job applicants or large-scale customers and you do not have a dedicated meeting space, it can be expensive to book a boardroom for a one-off occasion. Speaker Net News has a number of suggestions for free or cheap meeting spaces which could help reflect your business in a positive light. Taking a potential client for a coffee is an inexpensive alternative to a booking a dedicated meeting room, with the only outlay being a couple of cappuccinos.
Featured image credit: Start-Up/ShutterStock
