Friday, October 17, 2014

Where You Should and Should Not Spend Money Starting Your Own Business

When to Scrimp and When the Spend

dani johnson, stacy oquinn, first steps to success
Stacy at Dani Johnson Training
Starting your own business is an exciting endeavor, not to mention a very expensive one. While it is important to acquire the things the business needs to operate, it is also important to stay within a budget and make sure you are not over spending on unnecessary items. When starting a business, many business owners have to cut back on their own personal expenses and trim back their lifestyle to help get the company off the ground. While this may be what needs to be done to get started, there are some things you should keep in mind when it comes to spending money to start a business. Here is an outline of when you should consider scrimping and when to spend when getting your company going.

Spend on Quality

For most businesses, certain materials need to be purchased in order to deliver products or services to consumers. When it comes at acquiring these items, quality wins over quantity every time. When consumers purchase anything, they want something of quality, and quality products are made from quality items. When a consumer purchases a product or service from a business, use it and see how well-made it is, they are more likely to do business with that company again in the future. It is important to note, however, that quality is not equivalent to expensive. Make sure to take the time to test different materials in all price ranges and even market-test them – this will help you decide what the best materials are for the price as well as choosing materials that will make your customers happy.

Scrimp on Office Space

There are many different types of businesses, so choosing the right office space for your company is going to be a potential money-saving decision. Chances are, unless the business needs a storefront right when it starts, the company can manage with little to no official office space. There is nothing wrong with starting a business in your home office, basement, or garage to get off the ground and moving to an external office space when the business is showing a profit or high success.

Depending on where the business is based out of, some rental office spaces can run thousands of dollars a month! This expense can really cut into a business’s overhead, especially when it is not making a lot of profit in its infancy. Even if you must have an office at times to meet with clients, there are "rentals" available when needed that will provide you with the equipment, personnel, and atmosphere needed.

Spend on Website Services

In today’s market, it is tough to start a business without a Web and mobile presence. Although this may seem difficult to attain, the truth is that the Internet is overflowing with affordable, accessible tools that can help make the business’s presence known. It is important, however, to make an investment in quality Web programs and tools that will help to make the business look professional.

Some companies offer the ability to build and maintain a website for less than $10 a month – keep in mind, though, that you often get what you pay for when it comes to Web services. Many of these inexpensive contractors are often outsourcing the work overseas. Simply put, the quality of work is not there and it will reflect on your business. If you unable to do the work yourself, you are much better off putting up a respectable template website with quality content and Internet marketing services and then upgrade as the business begins to enjoy some success.

How is your small business doing? Could you benefit from a small business mentor? Stacy O'Quinn has been using Dani Johnson training to help business owners succeed for years. In fact, it is this very training which enabled him to create his own six figure business that is still operating today and growing in income every year. For more information about Stacy and to find out how he can help you, click here.

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