Getting enough money to start and keep your new business afloat can seem like an impossible dream, but if you want to know how to save money when starting a business, here are five simple steps you can follow.
Ready, set, go…
- Start by tracking personal expenses on a month to month basis as well as estimating how much it will take to run the business each month. By calculating your startup costs and then add in the amount of money you need to cover your personal expenses during the startup phase.
- If you not in the position to self-fund your small business, accept donations. As usually most small businesses begin with help from family, and so on. Even if it’s a friend offering or buying office equipment for your business as financial assistance doesn’t always mean it comes in the form of hard cash.
- If you can start the business from home then do that rather than renting space especially if you know you’ll need a basic home office set up. And security wise it can still be convenient as you don’t have to advertise the fact that you work from home. Protect your privacy by getting another mailing address, such as a postal box that you can use for your home business and selected contacts and transactions.
- Employ yourself in your own business as this will assist in limiting the amount of staff needed for you to pay out for certain roles within the business. Work in your own business every day by utilising your many talents and wearing as many hats as possible of a secretarial or administrative role.
- When launching your new business never just dive in by quitting your day job especially if you’re still in need for a steady source of income. During the start-up phase of your business to help you save money and hold on to your cash, start your business as a part-time venture. To help you gain money from both your job income and your business profits.