Friday, June 20, 2014

Saving Money with Your Startup Small Business

Money-Saving Tips to Help Make Your Small Business More Affordable

small business, home business, save money
Many entrepreneurs have visions of opening their own small business – they often imagine an office space that is shiny and new, employees who are happy and productive, and a business model that runs like a well-oiled machine. Few, however, envision how they will begin this process and forget about the chaos and costs associated with it. The truth is that many small business owners take out personal loans or even drain their savings to get the business off the ground. Although the costs are high, there are some ways that aspiring business owners can save some money and still begin their company.

First Things First: Manage Your Budget

It is easy to understand how new business owners can get lost in the overwhelming costs that are associated with startups. In the whirlwind that is known as a startup business, how much money is being spent can often get lost in the shuffle. Just like money management apps can help individuals with their personal finances, they can also help entrepreneurs manage their business costs. Many of these apps are free and can make managing and controlling day to day costs much easier – not to mention it will help outline where money is being spent and if those expenses are necessary to the business.

Offset Expenses by Salvaging or Selling Home Office Items

Many new businesses begin as work-from-home operations. When it is time to move to an actual office space or store front, it may be tempting to buy all new office equipment to outfit the space. Before heading to the office store, take a hard look at what you already have available to you – many of the items in a home office, such as computers, filing cabinets, printers, and other office equipment can be easily transitioned to a larger space. If the items simply will not work in the new office, consider selling the items to help offset some of the costs that will be incurred when purchasing new equipment.

Try Doing Marketing In-House

One of the most important aspects of a new business is marketing that business to consumers. Marketing is key in making consumers aware of the new business, what it offers and how it can benefit them in their day-to-day lives. But, outsourcing this crucial business aspect can be very expensive. Before hitting up local advertising and marketing agencies, give marketing a shot yourself – social media has made marketing a little simpler for business owners, not to mention there are many websites and blogs out there that discuss best practices and different tactics to help business owners market effectively.

Startup businesses are two things, above all others – exciting and expensive. For many entrepreneurs, the costs associated with starting and owning their own business pale in comparison to living their passion and dream. Although the costs may be great, there are some creative ways to help minimize the impact a business startup has on the owner’s wallet. While it is important to enjoy the process, it is also important to keep costs front and center in the chaos and make sure those budgets and dollars are being manager properly in order to get your business off on the right financial foot.

Are you having trouble making money with your legitimate home business? You could probably use some help from Stacy O'Quinn! He has served as a  business mentor for many work at home professionals and he would love to help you too! For more information about Stacy, click here.

*Photo Courtesy of 401(k)2012 via Creative Commons License

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