Tips to Save Money

Everywhere you go you are required to have your temperature checked. Well today we want to check you financial temperature. How are you saving money as an entrepreneur?

Here are a few tips to save as you grow. You want to have the financial discipline to keep a tight rein on costs. This is even more important in early stages when cash is king.

  • Work Virtually– In this new age of technology, it’s possible to work from just about anywhere: from home, in your car, at the airport, or in a hotel room.
  • Outsource. – Outsourcing turns what would normally be a fixed cost into a variable cost because you only use the service when you need it.
  • Hire Freelancers -If your business is growing, but you don’t feel certain enough to hire full time staff, consider a freelancer, contractor or third party agency.
  • Go Offshore – You can obtain a variety of services for freelancers outside the United States at a far lower rate.
  • Use Free Software.- Free and inexpensive software is plentiful online. You can also take advantage of free trial periods for most business software.
  • Mentors and Advisors.– Instead of paying for advice on legal, accounting, funding or other key business issues, use your brain trust of mentors and advisors as much as you can for advice,
  • Free Consulting Services.-Organizations like SCORE and your local Small Business Development Center (SBDC) offer free consulting and training.
  • Interns.- Universities throughout the country are packed with undergraduate and in some cases graduate students eager to gain real life experience.
  • Barter or Trade–  Bartering—swapping one thing for another—has been an effective way of doing business for centuries.
  • Non-monetary Incentives. -Members of your team will often work for equity or deferred payments rather than initial salaries.
  • Supplier Partnerships. The right suppliers can save you a great deal of time and money. They can provide high-quality materials, help with product development, offer on-time delivery, and allow extended payment terms. For example, obtaining 30 to 90 days of trade credit is the best business loan you can get.
  • Customer Partnerships. Partnering with customers during your launch is an excellent cost-saving strategy. Select a few key customers, and offer them deals they cannot refuse.
  • Distributors, Reps, and Affiliate Partners. Most industries have distributors, manufacturers’ representatives, and affiliate partners who will sell your products through their existing distribution channels, which can be extensive.
  • Commissioned Sales Force. Use a commission sales program when you’re ready to hire team members to sell
  • Borrow, Rent, Buy Used. Find ways to use other people’s resources in addition to your own.
  • Avoid expensive subscription-based services. Many times, project management software and other subscriptions have cheaper or free alternatives.
  • Extravagant Business Parties or Trips. Think carefully before you are spending on parties or trips.
  • Non-Measurable Outreach Efforts. Whether it’s PR, marketing or branding, if you can’t measure the results of your efforts, you shouldn’t spend the money.
  • Buying Followers, Email Marketing Lists or Other “Customers.” Not only is this usually a scam, it’s not a great way to get customers.
  • Expensive Shipping or Printing Costs. While having a logo and some inexpensive business cards makes sense, there’s no reason for young companies to spend money on major printing or shipping expenses.
  • Conferences. They can be expensive and distract you. In the first six months your head should not be on conferences unless you can calculate a specific dollar ROI from going (such as, you’re being paid a speaking fee).
  • Travel. Travel is not only expensive, but you are less productive during travel.
  • A Too-Ambitious Website. Get a website up early. But unless your business is a Web technology business, keep it small and modest at first.
  • Too Much Time Blogging. Newbie business owners lacking clients (and with excess time on their hands) often make the mistake of trying to become the next Huffington Post.
  • Paid Networking Groups. If you’re considering one, at least hold off joining until you figure out whether you really can benefit from one

LEARN MORE HERE: https://thelonelyentrepreneur.mn.co/posts/finance-tips-for-saving-money-542

“We WILL be there with you every step of the way.” 

Follow Us on Social Media

Where do you go for answers?

LEARN MORE

Our Learning Community is the one stop shop for the intelligence you need. Instead of countless hours searching for answers, we’ve organized what you need to know across all of the business and personal issues you face. You’ll get knowledge, ongoing support, weekly live coaching sessions, tools and templates, vendor reviews and a vibrant community of your fellow entrepreneurs. All that for only $99/month! Join today!

Share The Lonely Entrepreneur