Trying to launch a business with minimal costs can feel like an impossible feat. From marketing materials to office computers and employee salaries, it can feel like there are endless expenses to budget for. However, as a new business owner, you’ll soon realize that you’ll need to adjust your priorities if you want to be successful.
Now that it’s possible to connect with clients and audiences for free on the Internet, starting a business on a small budget is entirely doable. The difficulty lies in maintaining a frugal attitude when the profits start rolling in.
Staying disciplined is vital to the success of any startup entrepreneur, so here are some money-saving tips for those first few years in business.
Start Small
Don’t make the mistake of thinking you have to “go large” when you start a business. Successful entrepreneurs know that they have to practice financial discipline, especially in those early days. In other words, you don’t need a big office or even a business premise when you’re just starting out. Use an area in your home or allow a small team of employees to work remotely, and you will save a fortune on overheads. You will know when you’re financially comfortable to purchase real estate for your business, but until then, keep it small.
Utilize Free Software
Although the quality of your marketing materials is important, that doesn’t mean you should splurge on expensive designs or hire a graphics artist – at least not yet. Instead of spending money you don’t have, utilize free presentation software when you’re getting your business off the ground. Using an app like Adobe Spark, you can create business presentations, flyers and cards that look professional, without the need for programming or design expertise. This kind of software is easy to use and completely free.
Keep Personal Finances Separate From Business Profits
When you run your own business, it’s tempting to think that when you make a profit, it’s yours to spend. Obviously, you need to pay yourself a salary to cover your living expenses, but you must keep this entirely separate from the rest of your business finances. Put yourself on the payroll with your other employees if you must, and remember: the money you make from your enterprise is to maintain and grow the business.
Use a Free Consulting Service
Again, you can’t go wrong with free services, especially ones that will help you grow your business. Organizations like The SCORE Association offer free consulting and training to small companies based anywhere in the U.S. SCORE is a non-profit run by volunteer business mentors and consultants that you can connect online or visit one of their offices. Whether you’re trying to start a business or could do with some advice on how to upscale, a professional mentor could be just what you need.
Frugality and disciple are vital for success in business, no matter how large your financial cushion. If you operate with this in mind, and know that just because you have money that doesn’t mean you should spend it, you will start to see your bottom line increase.