Getting started is always the biggest challenge in business. It requires lots of hard work, determination, and dedication to this new way of life. A clear vision and well-defined goals will certainly help you succeed. Perhaps more importantly, a close eye on your spend is needed. This will prevent you spending more than you have and acquiring debts. Here are five money-saving ideas to help you get going:
A big fancy office will certainly impress your potential clients and suppliers. However, your suppliers will credit check you. They will see that the office doesn’t match your historical returns and they’ll steer well clear of you. Live within your means and don’t pretend to be more than you are. As for your clients, honesty is always the best policy! If you can’t operate from home, choose your offices wisely. There are free zones that may help save you some taxes, and there are also authority-run business centers to help you find desk space on a budget. Once the money starts rolling in, you can invest in a property that better suits your business needs.
What is your time worth? As the business owner, it is your job to secure the best deals from suppliers and win over the clients. So don’t spend that valuable time doing the odd chores that don’t require your special skill-set. Hiring some help to keep the office ticking over and to help you with those jobs is a good idea. There are so many jobs you should leave to somebody else. This could include the specialist jobs your talents don’t reach. Hire or contract the help you need so you can focus on building your business.
Pay As You Go
When it comes to the big bills, you may be better off paying as you go. The reason for this is simple. If you can’t raise the cash to pay a big bill on time, you will have an even bigger bill to pay in interest charges, fines, or even prosecution. Careful accounting and cash flow management are essential in the beginning to make sure you don’t get hit hard with a bill you can’t pay immediately.
Don’t Buy What You Don’t Really Need
As with your office, it’s a good idea to avoid buying anything you don’t absolutely need in the beginning. A fancy new laptop or the latest iPhone can wait. Not only do they gobble up much-needed cash resources, but you’ll be wasting valuable time setting up your new gadget! Go distraction free and use the resources you already have until the cash starts flowing more readily.
Free, Free, Free
Marketing can be so frustrating when it doesn’t generate an immediate response. Persevere. It takes time to build up a following and a reputation. Fortunately, social media continues to be free to use. This is the best place to push your promotions and get to know your customers. Update your website with fresh content at least once a week, and check in with your followers regularly.