As we’ve seen in the recent economical crisis, many businesses have been employing as many cost-cutting measures as possible to keep their heads out of the water. Young small businesses took the toughest blow, making it difficult for them to maintain reliability while paying the bills. As a result, several small businesses have resorted to increasing their use of high-speed broadband resources to catch a breath of fresh air. And boy, did it work!
The Internet is a low-cost resource in itself. It provides you with digital assets that stay at your fingertips. You don’t have to go get them. But what’s most surprising is the result of a report conducted by the Internet Innovation Alliance (IIA) and the Small Business and Entrepreneurship Council (SBE Council) called “Start-Up Savings: Boosting Entrepreneurship through Broadband Internet.”
In short, the report performed by both organizations shows us that new entrepreneurs save a combined cost of $16,550 on average due to the emergence of easily-accessible Web-based services. This report doesn’t even count Cloud assets that entrepreneurs can tap into and achieve an even greater amount of yearly savings.
The Kauffman Foundation shows that the role of small businesses around the country is paramount to economic recovery, as an overwhelming majority of jobs created between 1980 and 2005 came from such firms. Now, we’re seeing broadband play a role in making the small business phenomenon even more meaningful, creating a vast amount of savings that would not have been possible without the advent of services that allow you to be present in places without having to travel there (telepresence).
Examples of areas where costs are cut are:
- Accounting services
- Telephone via POTS (vs. VoIP)
- Web hosting
- Office space rent/acquisition (non-existent if you work from home)
- Incorporation costs, and
- Travel (vs. telepresence/video conference)
And you only have to pay roughly $500 a year for broadband to get all these savings. Can you say “I love the Internet?”