Most people are scared to start a new business because they believe they don’t have the money. If you ask people, the majority will probably tell you they have the ability to be their own boss. If they had the customers or clients they could easily run things. Yet those same people are the ones working for someone else until they reach old age, never living up to their potential.
It’s heartbreaking and it’s because they don’t believe it can happen. They think you need 6-figures in the bank before you can even think about it. Do you want to start your own business, and is it money that’s scaring you? Let’s finally put an end to it right now by going over easy ways to save money when you’re starting out and it won’t be long before you can call the shots.
Rent equipment instead of buy
When you’re just starting out you need to keep all the money you can in reserve because you’ll need it. That means it’s probably a bad idea to go out and buy equipment. Renting equipment will end up costing you more money in the long-term, but in the short-term you’ll have cash available in case something goes wrong. Leave it tied up for years and something bad could easily happen. But you don’t need to be running out and renting $100 items. This would obviously apply to more expensive pieces of equipment.
Outsource jobs instead of hiring
Employees are a lot of work. You are responsible for looking after them and everything that goes with it. When you’re starting out you don’t want to be tied down with people you don’t need. A much better solution would be to look towards freelancers or agencies. OK, you will be paying more money per hour, but the ability to drop someone at any moment is vital. That might sound harsh, but letting someone go is better than watching your company burn into the ground.
Live very cheaply
Most people completely forget about this and it’s one of the most important things you can do. It’s easy to save money on your business, but what about your everyday life? Most people will try to save a few dollars on something business related then go out and buy a hundred dollar pair of jeans. When you start off in business you should spend the minimum amount of money you possibly can. Wait until you are bringing in the big bucks before you start treating your family with money that could save your business from going under.
Skimp on packaging
If you’re sending products to customers then you want to refrain from choosing the nice fancy boxes unless you’re selling million dollar laptops. There’s no reason why you need to send something in fancy packaging when you’re just starting out. This can eat up a lot of money and it seems silly to waste it when you don’t know if you’ll be in business in a few years. Do yourself a favor and choose the cheapest kind you can find as long as it will still protect the parcel.
Always check your bills
We get in the habit of leaving things to pile up and this includes our bills. Then we discover we could have been saving hundreds of dollars all these months if we actually took the time to go over our expenditure and see what we were wasting money on. This is a great habit to get into, especially in the beginning of a new business, and you should be looking to see where you can make changes all the time.
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