When looking into ways to cut costs, it is important to take a look plan ahead. All the little fees associated with working with vendors can become a noticeable and often unplanned addition to your budget. Here are some places where some planning now can save you money down the road:
Bundle Your Telecom
If you have a traditional land line for your office, you're probably paying too much. Fees for long distance calls and additional fees for features like voicemail can quickly add up. Consider bundling a VoIP phone option with your Internet service to save money and you'll only have to pay one bill instead of two, so you'll save some time, too.
Talk to a Lawyer
In this case, it may cost you some fees today but can save you a lot in the long run. By doing some basic things now, like registering your trademark, and setting up the proper company structure (e.g., LLC, Corporation, etc), fewer issues will come up later on and you can avoid the need for higher legal fees and potentially save on other costs such as taxes.
Avoid Credit Card Debt
A high credit card balance can cost you a lot. Interest adds up quickly, and it doesn't have to if you plan ahead. Consider getting a business loan so that you have money before you need it. And instead of a credit card, a prepaid card can keep your business running smoothly without racking up debt.
Toffer Grant is PEX's Founder and CEO. He founded PEX in 2006 as a prepaid card solution for small businesses. His background in the prepaid industry began at Clarity Payment Solutions, where he initiated 65 prepaid card programs in consumer, corporate, and emerging verticals of the prepaid card industry.