Find out how to save money as a business startup without having to have a degree in finance.
So many of the biggest names in business started out small, and started out as a little seedling business just like you. But they didn’t get where they are today without being exceptionally clever with their business finance. From the very beginning, how you are with money has a big impact on how successful your business is and will be. To help inspire you to save money for the benefit of your business, take a look at these 6 amazing ways to save money as a business startup:
- Work From Home
Well, you could work from a coffee shop, a library or even on a park with WIFI, the point is you don’t pay for office space. You can pay for cheap self storage space (see Storing.com) for stock and paperwork, so really, you don’t need an office or warehouse unless you are using huge manufacturing gear. This will save you a lot of money on rent and enables you to expand or shrink your business without being restricted by the office contract.
- Save Money On Gear
You don’t need all new equipment to start your business. You can usually buy most things in good condition second hand but at a fraction of the price. You could even lease it if you can’t afford to buy it, saving you even more money.
- Learn To Haggle
Learning to haggle and barter is part of business and it could save you loads of money on everything and anything from stock to services. The best way to do this is to always know how your business benefits the customer in ways other than your money.
- Hire Freelancers
- Do Whatever You Can Yourself
From doing your accounts, to learning how to do basic code, the more you can do yourself the better in the beginning, just to save money. Later down the line it will pay to employ others to do tasks that take your time away from important jobs, but in the meantime, what can you get done for free?
- Be Frugal
Some of the best business people in the world are frugal and know where every single penny goes. In the beginning of being in business, this is an important habit to make because you will see where you need more money and where you can cut back. Leaks in business funds like late payment charges and standing orders that haven’t been cancelled can cost a lot over the course of a year. If you’re on the ball with money you will avoid leaks like this early on, saving money.
You can save money in your business in endless ways, either by avoiding paying for things, paying less for things, or by generating money in clever ways. Do consider cheap self storage, bulk savings deals, hiring hourly staff rather than full time staff, and learning certain skills yourself so that you can keep as much money in the business as is possible. Long-term, you’re protecting your business prospects for a better future for yourself and your family.