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Starting a business is no small task. There can be lots of costs that come with it. Some costs just come with the territory like rent, utilities and things like that. There are other costs like legal fees and supplies that can be reduced. Luckily, we have put together some of the best tips when it comes to saving money and starting your business. You can throw out the idea that you have to deplete your savings account to get your company up and running. Here are ways to save money when starting a business.
Use Your Network
I’m sure you know someone, or at least knows someone that knows someone, who is a lawyer or accountant. Use your network. Instead of paying for one-time advice on legal, accounting and funding from strangers that will likely charge you for a few minutes of their time, ask someone in your network. Chances are they will give the advice for free or at least a fraction of the regular price. You never know until you ask. If you have trusted mentors or advisors that have been where you are ten times over, reach out to them too. They have all the knowledge, advice, feedback and can even connect you with their network.
Take Advantage Of Free Services
There are tons of resources for small business owners like SCORE and your local Small Business Development Center. These organizations provide free consulting and training. The great thing about these resources is that you can find them all over! Take SCORE for example. There are more than 300 chapters in the United States alone. SBDC also has about 1,000 centers in the United States alone. Use these resources when you need some help putting together a business plan and you are stuck. Consider using them as a source of knowledge and the best part is it is all for free!
Outsource
It is easy to understand your instinct to keep your hands on everything related to your business. It is your “baby” so to speak, and you may not have the capital at the moment to delegate some tasks. This may be true, but outsourcing things could save you more money in the long game. Using outsourcing services like Investor Carrot are great ways to pass off some of those tedious tasks that keep you unproductive and focusing on what matters most, which is running your business.
Barter Or Trade
You will be surprised how much you can get done off of a bartering system. You are essentially giving something to get something. You can use bartering to find things like goods, trading services, conserving cashing, moving inventory and even locating excess production capacity. You can barter anything! There is even a resource you can use that will match your business up with other companies that are interested in bartering for a variety of goods and services.
Partner With Customers
Customer partnerships are a great way to save money, especially during your launch. All you need to do is pick some of your most loyal customers and offer them an outstanding deal they would be really dumb to pass up. Get creative with this. Give them a discounted price on something or wrap their items in a one-of-a-kind packaging. In exchange for that deal, ask them for a long-term commitment to being a patron for your products. Remember this is a give and take, so really give your loyal customers something they would enjoy and need. In return, you will have a steady flow of customers.
Work Remotely
Working virtually has never been easier, especially now. New technology has shown itself reliable enough to work from home. Most companies are switching to working virtually and you could be one of them. It is easy to understand why. Businesses no longer have to worry about high rent and utility costs just to keep the lights on and the building open. Since technology has allowed for people to work from home with ease, there is no excuse as to why you cannot try it when launching your business.
Keep A Close Watch On Expenses
When you are just starting out, you want to make sure that you are keeping your expenses cost low. If you are using your business expenses for personal reasons, stop it. You are launching a new venture and you can use all the money you can get. Put things off like buying a house, new car or paying off personal debt. Your main focus should be getting your business up off the ground and running.
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