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5 Areas to Save Money In When You’re Starting a Small Business

26 July 2017 No Comment

If you’re starting a small business, you probably have limited funds available. Unless you’re lucky enough to be backed by a big corporation or by high profile angel investors, you have to watch every cent that you spend.

Therefore, every time you pay for something you’re going to be wondering whether you could have gotten it cheaper. Unfortunately, that’s not necessarily a healthy mindset. Instead of worrying about the important stuff, you get stuck in the nitty gritty.

However, there are areas where you can save that will free up money for everything else. These are my top 5.

  1. Find mentors or advisors

Let’s face it. You’re not an expert on everything. You’re going to have to get a lot of input from accountants, lawyers, designers, and so on. And these pros will break the bank. That is, if you pay for them at all.

The most savvy entrepreneurs do not go into it alone. They have made all kinds of connections in every industry you can think of. When they get advice, they’re getting it free, from people more than willing to share their wisdom with someone they like and respect.

Network. Find people to mentor you, and don’t be scared to take advantage of them.

  1. Outsource

These days, most services can be outsourced. Need images? There’s a contractor for that. Need content written? There’s countless freelancers for that. There is no reason you need an in-house content writer or social media manager. Outsourcing not only saves on benefits, but it also keeps you from paying for down time.

  1. Find an effective VoIP service

You’re probably going to need a phone system to communicate within your business. However, these systems are pricey, and are better suited to huge corporations. The VoIP (voice over IP) industry has grown drastically in the past years. These services use modern methods to create web-based phone systems. Read some small business VoIP reviews to find the service best suited to your business.

  1. Work virtually

It’s possible that you don’t need an office at all. At least, you don’t need a big office that caters to all your employees. Working from home is no longer a luxury, but something that most people can afford to do. Even meetings can be conducted from home offices. You can save a huge amount of money on rent if you go this route.

  1. Live cheap

When you’re a small business owner, the buck ends at you. You may have to make a few sacrifices in your personal life in order to keep your business afloat. Money that would have been used for entertainment and eating out can make a big difference. Budgeting for everything and squeezing every cent out of your earnings is going to be key.

Ultimately, starting a business is a risky and expensive idea. If you ask most seasoned entrepreneurs, it’s totally worth it. If you spend smartly and save money, you can achieve your goals without having to break the bank.

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