When you first start a business, you aren’t likely to see any profit for 2 years. (Most businesses won’t make profit until this time). Plus, you’ll see an increased amount of expenses. If you quite your full time job to start your business, you’ll have to find a different way to pay your bills and your savings will seem to drain quickly. Even if you kept your job, marketing materials and the sheer costs of growing your business can make it seem like you have no money…ever.
Here are some simple strategies to save money on your new business.
Do It Yourself
Whatever you can do yourself, try to do it yourself. If you need to make cold calls, make them yourself. If you feel that you’re terrible at it, cold calling is a skill you can learn about and practice. If envelopes need to be stuffed, don’t pay your family member to do it. Stuff them on your own.
Sometimes it doesn’t make sense to do it yourself. This is when learning a new skill would take up a tremendous amount of time you could use selling or the task requires expertise to complete correctly. Some tasks not worth trying to do it yourself:
- Building a Website
- Designing a Logo
- Writing Website Content
Avoid Lead Generation Scams
You don’t need to pay someone to list your business in an online directory, as you can do this yourself. You also don’t need someone to find your business leads. Finding leads can be extremely simple to do, especially when you first start out. To get your first set of business leads:
- Attend networking meetings to meet other businesses
- Go door to door introducing yourself at an office park
- Pay a nominal fee to participate in a vendor event
- Perform a simple Google search for relevant businesses to your target market
Choose Free Alternatives
One of the biggest mistakes that new businesses make is that new business owners choose a high price solution they think they need instead of a free solution. Perhaps they do not know that a free solution is available or that it is somehow inferior to a paid solution. Other times there are free versions available of some of the most popular programs.
If you’re a new business owner, become extremely familiar with the following free programs. They’ll save you money and hassle.
It’s an exciting time to start a business. However, it’s also difficult. If you’d like some help along the way, email email@example.com. We’d love to be your partner in business success.