You’ve just started a new business venture and you are pumped! Managing a startup definitely opens more doors and experience to say the least. Regardless how much budget you have on hand (literally), the idea of finding more ways to save money is always a great ‘welcoming’ thought.
After all, we should be saving as much as possibly could, right?
Every new business is bound to have their high’s and low’s. You may have the best business idea that has been validated a dozen times or the best work from home type of entrepreneur job; but you know that you will face those darkest moment in your business journey one day in the future.
So instead of sitting down and hoping for the best, here are 10 startup guides on ways to save money. Zero BS, just facts.
Meantime, take a moment to head over to this page to register for my free 20-days course on entrepreneurship. Yes, I’ll be guiding you on things you need to know; from validating business ideas to making more sales as an entrepreneur. Click here to enroll for free.
Are you ready?
1. Stop buying (unnecessary) information products
Instead of buying dozens of eBooks, educational courses or coaching programs, use the money and invest into something worthwhile. Yes, you can spend the money on talents that will help catapult your business forward a.k.a. freelancers and employees.
If you really, really need to buy information products like eBooks, here are the top 3 you should have in your cupboard (and nothing more):
- Youtility: Why Smart Marketing Is about Help Not Hype — by Jay Baer
- Will the Real You Please Stand Up: Show Up, Be Authentic, and Prosper in Social Media — by Kim Garst
- Jab, Jab, Jab, Right Hook: How to Tell Your Story in a Noisy Social World — Gary Vaynerchuk
Yes, I’m dead serious. You can’t go wrong with anyone of these books (even if reading may never be your cup of tea).
2. Audit your credit statement
Starting up a business is costly. Unless you have a pretty nice amount of funds in the bank, you are ought to use the credit card.
For starters, paying the minimum payment required for your credit card is not a good way to save money. Instead, make it a point to pay more than what’s required (paying off the debt completely is recommended in any cases) and in a long run, you are going to save more money as you’ll be paying lesser interest.
3. Take a deep dive into legal expenses (and find the best deal)
Legal expenses are going to burn a hole in your wallet if you are not careful. Legal needs are just the bread and butter for any startups — and this makes it more than just plain important to get the best deal from your attorney.
You can start by asking your attorney for flat project rates or agreeing to a cap set for the project. Trust me, this is going to avoid those shocking legal bill charges.
4. Gather data, analyze and brainstorm
Make it a point to sit down with your team on a weekly or monthly basis. Analyze the previous bills and costs incurred the the previous weeks and determine if there’re ways to reduce the cost. As an entrepreneur, ask yourself the tough questions such as:
- Do we need this service?
- Are we paying too much?
- Are there better deals we can utilize?
- Can we reduce these costs in the future?
- So on and so forth
This is also one of the topics I highlighted in detail in Startup to Success: Handbook for Smart Entrepreneurs. It is a 20-days course that dive deep into validating ideas, ways to save money and growing your business from scratch. The best part? You can sign up for free access here.
5. Don’t leave out tax
If saving money is your type-of-thing, ask for help especially in taxation is highly recommended. From retirement accounts to going green, there are a lot of tax strategies out there and it’s always worth going over all of them with a tax professional.
Related post: 5 Smart Ways To Validate Small Business Ideas
6. Negotiate your way to save money
Everything in life is negotiable, and this means that you need to negotiate on everything you come across. Aggregated savings over time can amount to a real enduring competitive advantage if competitive negotiation becomes part your company culture.
In order to save more money, ensure that you and your employees are always negotiating for the best price before you sign off anything.
Remember, every penny saved is extra penny for marketing (or anything else in between)
7. Outsourcing workforce to save money
Depending on cases, certain work force in the company can easily be replaced by outsourcing and outsourcing is one of the ways to save money for startups. Tasks such as web designing, search engine optimization (SEO) and content writing can easily be outsourced to freelancers. For example, using outsourcing companies such as 99designs provides numerous services at very affordable prices.
8. Using interns to save startup cost
There are thousands of college students and graduates that are willing to work for little or no money in return for experience. When compared to working at a larger, boring corporation, students or interns will find it more interesting to work with small businesses. Never underestimate the value of the experience your company can provide to them and most importantly, you can turn them from interns into excellent employees down the road.
9. Infrastructures outsourcing
Finding for ways to save money during startups? One of the biggest mistakes done in the technology industry is housing expensive infrastructures which you may not need it at all. For example, we know the importance of having a website but it doesn’t mean that you need to purchase your own servers right from the beginning.
Outsourcing key functions can help you keep your internal resources focused on your business. Plus, there are many services such as Rainmaker Platform for all-in-one marketing and website solution or BlueHost that provides virtual servers at just a fraction of the purchase price.
10. Be really selective in finding for clients
During your entrepreneurship journey, you may find more clients that you (and your team) can handle. And when that happens, it is time to be selective in accepting clients. Yes, there’s no doubt that more clients would mean bigger paychecks but that may even backfire thanks to stress and quality of service. Focus on each client and give the best you can ever provide for long lasting business relationship.
Entrepreneurs, start finding ways to save money … NOW!
There is always the grinding part for any startups and you need to save every penny you can. Make it a point to ensure that every team member is well aware of this and keep finding for different ways to reduce cost (while increasing productivity).
from 10 Startup Guides On Ways To Save Money http://ift.tt/1L12G65 contributed by Reginald Chan