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For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

How to keep a lid on business travel costs

Many entrepreneurs have to travel extensively when getting their business up and running. Whether it's attending client meetings, scouring the country for potential business premises or undertaking a funding round, the costs all add up. Yet these trips are essential, so how do you effectively manage and reduce this expenditure?

Minimise hotel costs

As much as you may want to splash out on a lavish hotel during your business trips, it's critical to avoid overspending on accommodation. It could make the difference between your business's failure or success. Choose hotels with a modest price, that is perfectly adequate for a good night's sleep.

Think of it this way. If you stay in a top hotel in London at £200 per night for a week, it would cost £1,000 in total. Choosing a hotel that's marginally less expensive at £150 per night would cost £750, saving you £250. And that's just in one week. Imagine your savings over the course of a year!

It's not just the cost of the hotel that you need to consider though. You should also factor in the location. If you need to travel extensively from the hotel to reach scheduled meetings, then this is an incurred cost too. It's a fine balancing act.

Cost-effective train travel

Do you usually buy your tickets on the day of travel? Do you get an anytime return, even if you know when you'll be travelling? Then you may be racking up significant, avoidable costs. There are many simple ways to reduce the cost of train fares. If you make the same journey regularly, then you may benefit from season train tickets. They offer a considerable discount when compared to daily tickets.

Another great option is to take advantage of reduced-price advanced tickets. You can often get tickets at more than half the usual cost. Only consider this if you are certain when you will be travelling, as tickets may be restricted to specific train times and cannot be uses on other services. So if you have a meeting that you know is definitely going ahead, then this is a great way to cut travel costs.

Use loyalty schemes

Many hotels and travel providers offer loyalty schemes for regular customers. These reward programmes award points every time you travel or stay, which can offer valuable perks. Not only will you be able to use your points for free travel or accommodation (once you accrue enough points, of course), you may be upgraded to better rooms, gain access to VIP lounges and be offered free Wi-Fi. It's a no brainer for entrepreneurs on a budget.

Many hotel chains offer rewards programmes. Pick one (or a few) that will work for you and start earning points today.

Not only will these tips help you to cut back travel costs, the will also help embed cost-cutting habits into your business. This will a positive impact on your bottom line and long-term finances, helping you reach a stable financial future.

Copyright © 2019 Article was made possible by site supporter Victoria Harrison

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