Benefits without breaking the budget
You don't need to match a corporate benefits package. You do need to offer something on purpose.
Start with one real benefit, not five token ones
A solid health stipend, or a real PTO policy, or a simple retirement match. One done well beats five done halfway.
Communicate the dollar value
A $4,800 a year health stipend feels invisible if you don't say so. Total comp statements, once a year, double the perceived value of benefits at zero added cost.
Don't promise what you can't sustain
Pulling back a benefit hurts more than never offering it. Add benefits when you're confident the cash supports them through a slow year.
Take your version of this question further
This is one operator-tested angle on the question. Your shop, your size, your trade, and your team change the answer. Ask your specific version inside Ask a Shop Owner to get a response grounded in how owners like you actually handled it.