When you start your own business, the last thing you want is to go broke. Thankfully, there are some money-saving tips that you can use to avoid debt in your early days. From making small investments now to avoiding spending on unnecessary things, these tips will help you build up a nest egg and make entrepreneurship a sustainable venture for years to come!
If you already own a computer and have internet access, and you’re reading this on the internet, you’re already a step ahead of most people when it comes to starting a business. You can use free resources, such as social media, email, and phone apps, to bring in business. Of course, there will be some initial start-up costs; however, these can be kept to an absolute minimum.
Here are some time-tested money-saving tips for starting your own business:
Think twice before buying new kit
Hold off buying any new equipment or technology. A lot of people spend a lot of money on new ‘toys’ when they first start out in business. However, they’re often unnecessary and can be replaced as time goes by. You might think that you need an office to be a successful business owner. However, in reality, a small desk space with a table and chair could suffice for your current needs.
Don’t be too keen on the first offer you get. Instead, shop around to find out if there are bulk deals available or discounts available at certain times of the year. If you’re looking to buy a new car, you might get a better deal if you buy an ex-demonstration car.
Make sure you check several websites to get an idea of prices. Don’t rely on the big-name sites, as they may be relying on customer loyalty and not offer the best deals. Niche sites like cabdirect.com may be cheaper.
If you have a business that requires a lot of administration, instead of hiring someone to help you, outsource functions like digital marketing, bookkeeping, design, and payroll. This way, you can benefit from using experienced staff at a fraction of the cost.
You can use your personality to get great deals on things like broadband and mobile phone contracts. Call up and negotiate with the provider, using your charm and wit to get them to move on the price.
Get creative when advertising
When setting up any business, you must get your message across to the public. This can be done via a number of different channels, including social media, newspaper adverts, flyers, and more. It’s not uncommon for new businesses to go bankrupt because they’re too scared of advertising and marketing themselves. Remember: spend money to make money!
Buy in bulk
You can also get discounts from supermarkets, online retailers, and wholesalers if you’re buying in bulk. Ask if they offer lower minimum order amounts.
As well as these tips for saving money, there are some general money-saving rules to keep in mind when starting a business:
Make sure you don’t spend until you have money coming into your business. You can always help yourself by using credit cards and loans, but try to stay away from these if possible, as they’ll only eat away at your profit margins.