Struggling to get your sign making business going? We have all been there, looking for a way to save money and establish a company that produces. Here are 5 tips that will help you to increase the capital of your sign business.
- Buy stock and supplies when you need it. There is no reason to stock up items you are not going to use immediately or regularly. Unused stock is money spent that carries no earnings. Purchase supplies when orders come in, as long as doing so will not delay the processing of an order. For special, or hard to get items, you may consider keeping a small supply on hand, for emergency situations. In general, however, you will not need to keep every item on hand; you will save money by only buying the supplies you need as the order comes in.
- Purchase multiple use equipment. For example, can you use a printer that is also a scanner, copier, and fax machine?
- Lease instead of buy. If you are only going to use it once, or twice a year, why purchase it? Look for ways to save money by leasing equipment that you use infrequently, rather than using your funds to purchase an item you are hardly ever going to need.
- Set fair prices. When setting prices for your products and services, don’t just consider the expense of the items involved, or the cost of the labor. Remember, you need to pay rent, electricity, water, and other additional expenses. Take all the costs of your business into consideration when making your pricing structure.
- Keep your eyes wide open! Various “surprise” factors can negatively affect your business’ capital. Make sure to keep on the lookout and be ready to adjust accordingly.