1. Run Your Business From Home
This is one of the easiest ways you can start saving a lot of money that comes into your business. With this, you have to carry out the feasibility of your business within the area from where you want to operate first.
Rather than waiting to raise cash to rent office space that will later be used as the business premises, it is advisable to run your business from your home or reach out to a friend or anyone who has a free room and use it to run your business. Paying rent every month is far way cheaper than renting out commercial space.
2. Buy Used Equipment
One mistake as start-up / entrepreneurs have been doing is starting a business with brand new equipment or machines. This is not the way to go. It is expensive for you considering the fact that you do not have a lot of money to play around with. The only cash you have is the capital for starting a business so the money that you have needs to be conserved.
Look for established companies in the line of your business and ask them about the availability of the equipment that you need.
They may give it to you at a lower price. Whether they sell it to you or just lease it, both ways are way cheaper compared to going for new equipment. If the equipment is leased to you within a certain time period, try negotiating to the lowest rate and utilize it to the maximum at that period. This is up until such time you can afford to purchase new equipments, either cash or by utilizing the credit facilities.
3. Use Bartering, where possible
When starting a business, the only thing that should stress you out is how best you can conserve cash within your business so as to enhance its growth. Without conserving cash flow, businesses would rarely grow. Exchange services with other business owners where possible. But careful not to force this view to others. Both parties need to be in need of each other’s services and must be comfortable. You don’t want to ruin beautiful relationships with other business owners that might think you don’t want to pay for their services.
And most importantly:
– Learn not to fake success especially when you are at a start up phase. Go through the struggles wholly, the sacrifices and the compromises. The experience will add more value to you and your business growth.
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