| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 Asia Economy

Finfacts changes from 2015


How to use our RSS feed

Follow Finfacts on Twitter

Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.


Finfacts is Ireland's leading business information site and you are in its business news section.


Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Global Cost of Living

Irish Tax - Income/Corporate




Content Management by interactivetools.com.

News : UK Economy Last Updated: May 8, 2015 - 8:12 AM

Business on a Shoestring: Keeping startup costs low in UK and Ireland
By Keith Tully; partner at UK firm Real Business Rescue in UK and Ireland
May 7, 2015 - 2:43 PM

Email this article
 Printer friendly page

Fluctuating markets and an unstable economy make cost control a challenging area for startup businesses. Avoiding unnecessary expense is one of the keys to reaching breakeven point quickly, regardless of whether that expense is large or small.

Depending on the business type there may be a fine line between saving money and presenting a professional image, but there are lots of ways to keep control of cash, with one of the first decisions usually being where to base the business.

Business premises vs home office

The rental of premises is a major expenditure for any business. According to the Department of Business, Innovation and Skills, around 70% of new businesses in the UK are home-based at startup.

Not only is it an easy way to save money, the commute is generally stress-free, and as long as you can separate work from home life it is the sensible option in terms of money. Co-working spaces and serviced offices are readily available for hire should you need to meet clients. Even the local coffee shop can serve its purpose if the walls of your home office start to close in.

Marketing and PR

Social media has a cost in terms of time, but the return can be huge once your business presence is established. Some businesses use only a Facebook page to sell their products, with LinkedIn providing a reliable marketing outlet for professional services startups. The rise in popularity of video marketing also leads to YouTube as another free option. Social media is a cost-effective way to spread the word about a new business, whether to a local market or on a global scale, a huge benefit being immediate feedback from customers that helps you steer the business in the right direction.


Using cloud-based technology saves both money and time for startup businesses. From online accounting solutions that allow your accountant to troubleshoot problems remotely, to document sharing tools for quick collaboration with colleagues, this type of software provides the flexibility to work from any location for a small monthly fee.


Driving down costs with every supplier and avoiding long-term contracts will save money whilst the business is growing. From the company supplying your energy to the latest stationery order, suppliers will want to retain your business and will probably have factored in some room for manoeuvre when quoting their initial price.

Opt for short-term leases and rental of equipment rather than longer-term contracts that tie up too much capital. Apart from releasing more cash each month, it will be easier to change suppliers should the equipment not be quite right for your business.

Taking on employees

The costs of employment can be a huge drain on a young business, with ‘hidden’ expenses including staff training, employers’ liability insurance, sick pay and pension contributions. By outsourcing to professionals working on a freelance or contractor basis, you not only save money, but also have the freedom to choose another contractor should your working relationship prove less than ideal.

Watching the pennies will definitely save you pounds when it comes to expenses such as office supplies and internet fees. It is easy for the cost of everyday items such as copier paper and ink to mount up without you realising, and you can save a surprising amount simply by being frugal.

Keith Tully; partner at UK firm Real Business Rescue which specialises in insolvency solutions and business finance. He has over 25 years' experience helping UK companies in financial distress.

Related Articles

© Copyright 2015 by Finfacts.ie

Top of Page

UK Economy
Latest Headlines
UK in 28th rank of 30 advanced OECD nations for health resourcing: Economist Intelligence Unit
Business on a Shoestring: Keeping startup costs low in UK and Ireland
UK "underlying growth has stopped"
41,000 London properties held by foreign companies - 90% in tax havens
UK GDP rose 2.6% in 2014 up from 1.7% in 2013
Northern Ireland private economy contracted in December 2014
Northern Ireland may have a 12.5% corporation tax rate from 2017
UK moves ahead on 'Google tax' despite criticism
PwC charged with "selling tax avoidance on an industrial scale"; indulging in "scams"
Income inequality damages economies; Rich-poor gap highest in 30 years
Cameron warns of risk of another global recession
Only 80,000 of 1.1m UK jobs added since 2008 were full-time employee positions
UK added 112,000 jobs in third quarter; Pay inches above inflation - first time in 5 years
Germany and UK agree to restrict 'patent box' tax incentives to local R&D
German retailer Aldi to create 35,000 new jobs in UK by 2022
UK GDP growth slowed in the three months to September
UK retail sales fell in September; Tesco, Debenhams, Foxtons report market stress
UK faces more austerity and less chance of tax cuts
Globalization, the underclass and the need for a new model - Part 2
Northern Ireland PMI shows sharp increase in activity
UK economic growth revised up - above pre-recession level
London world’s most expensive city for companies to locate employees
UK retail sales in August best performance since January
UK economy added more net jobs in past 4 years than rest of the EU combined
UK to announce stiffer penalties for offshore tax evaders
UK economy since launch of the euro in 1999
IMF says British pound overvalued
UK profit warnings reach highest first half total since 2011
UK GDP up 3.1% in 12 months to end Q2 2014; Economy overtakes pre-crisis 2008 peak
Wealthy foreign students overtake finance professionals as renters in prime Central London areas
UK attracts most inward investment projects since records began in 1980s
Trends in UK and US part-time and self employment since 2008
UK labour participation at 73% - highest in decade; US at 63% - lowest since 1978
More than 20,000 client names of Jersey tax haven bank leaked
UK house prices overtook their 2007 peak in Q2 2014
UK recovery continues at robust pace
UK employment rose again at a record pace in the three months to April
UK tax revenues rose to record in 2013/2014 with help from tax dodgers
Overseas visits to London in 2013, up 43.5% in 10 years
UK economy grew 0.8% in Q1 2014; Almost back to 2008 peak