3 Cost Saving Tips For First-Time Entrepreneurs

You’ve probably heard the saying, ‘It takes money to make money.’ While that is true, it doesn’t mean you need to spend a lot upfront to start a...

You’ve probably heard the saying, ‘It takes money to make money.’ While that is generally true, it doesn’t mean you need to spend a lot upfront to start a business. In fact, depending on your industry and business model, it may take less than you thought. Here are three savvy tips to keep in mind.

 

Select the best business credit card

Consider your startup budget and which expenses (e.g. office supplies, marketing and advertising fees, etc.) you need to get up and running. Small business credit cards provide entrepreneurs with easy access to a revolving line of credit with a set credit limit. Like a consumer credit card, it allows you to make purchases and withdraw cash while carrying an interest charge if the balance is not repaid in full each billing cycle.

 

Photo: © JKstock, YFS Magazine

Finding the best business credit cards can seem daunting, so do your research and compare several offers to find one that best suits the needs of your business. For example, if you intend to pay off your credit card balance every cycle, it may be wise to select a business credit card with a higher A.P.R. but better rewards.

 

Sign up for free online courses

Not sure you have the knowledge or skill set to start your new business? It’s easy to get sidetracked by the shiny online courses and programs offered for new entrepreneurs. However, when you’re just getting started it’s not always wise to invest in random online courses that may not prove a sufficient ROI upfront.

 

Photo: Sebastian Mantel, Unsplash
Photo: Sebastian Mantel, YFS Magazine

Instead, focus on the areas of your business where your skills could use an upgrade and take free online courses. For instance, Harvard offers free open learning opportunities, including online courses. And If you haven’t heard, universities around the world have started to offer MOOCs or Massive Open Online Courses for free (or at discounted rates). Here’s a list of free online courses to consider.

 

Set up an efficient home office

If you’re just getting started, you don’t need to splurge on a leased office space or coworking space just yet. Instead, set up a home office with the bare necessities and right technology.

 

Photo: Aksonsat Uanthoeng, Pexels/YFS Magazine
Photo: Aksonsat Uanthoeng, YFS Magazine

If space is limited dedicate a corner of a larger room as your home office and divide the space with an indoor privacy screen or room divider. If you need to meet clients, add a professional and affordable touch by purchasing day passes from serviced office space providers. Many coworking spaces and virtual office companies offer day passes alongside their monthly memberships. This will drastically cut down your overhead costs.

 

Ultimately, it pays to be smart and creative when you’re starting a new business. Look for ways to save money upfront and run lean. If you learn to be more capital efficient and leverage creativity more effectively, there’s no limits to what you can achieve.

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