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FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

Be Relentless With Your Business Startup Finances – How To Easily Save Money

Companies / SME Feb 20, 2014 - 03:52 PM GMT

By: Submissions

Companies Running a successful startup is not just about the idea that you have, logistics and making sales. There are many different things that need to be taken into account. One of them is saving money. Budgeting helps out a lot but there are always thing that can go wrong. You can do all that can be done in order to be prepared and still fail. That is why every bit of extra cash that you can generate is important.

Most startup owners do not understand the fact that they can actually save a lot of money without making compromises. Success comes when you least expect it and a few hundreds of extra dollars available through smart business decisions can be the difference between failure and success for a startup, especially during the initial stages.

While there are many different things that you can do in order to save money for your startup, some methods are much more accessible than others. That is what we will stay focused. Take into account absolutely all the things mentioned and try to read more articles and financial tips offered by professionals to help you out.

Look For Used Equipment

There are not many businesses out there that need really expensive filing cabinets, furniture or basically any office fixtures. In many situations you can find incredible deals in used furniture shops. Also, there are auctioneers that will offer various different business assets. Some smart startup managers even managed to find huge savings through Craigslist and EBay.

Be smart about the equipment that you need for your startup business. Look for opportunities and savings. All the extra money that you gain can be used to increase profits in the future or you can simply have extra available in the event that something bad happens.

Avoid Costly Expenses

Some people believe that the secret to success is going for a really fancy office or maybe a central retail location. The belief lies in the misunderstanding that these things will get customers and business partners more interested. Newsflash! Business partners mainly think about the earning potential of your startup. If your finances are not great and you have a flashy office, they will not like what they see. The customers want to see quality in the product and will never actually see your office.

One thing that happens when you have a really fancy retail location or office is pressure increases. You need to gain revenue a lot faster. Not all businesses can be launched from home or from a garage but you should try to not commit to an expensive real estate property until it is really necessary.

Ask For Help When You Need It!

The internet is filled with forums and sites that talk about running successful startups. This includes pages that give you access to financial tips and professional advice. It is a very good idea to hire good talent only when you actually need it. There are too many startup owners out there that simply hire a staff that is not actually necessary.

Keep in mind that you can also hire someone on consulting basis or with a part time contract in the event that this is suitable for your business plan. This helps a lot as you receive professional advice while not making any full salary commitments.

Bartering Helps Out A Lot

There is this general belief that you cannot get anything for free in life. While that is questionable, there is one form of obtaining free things that is always possible and rarely considered: bartering.

One really simple example that we can offer is a restaurant. Believe it or not, you can actually purchase advertising for your business by using barter groups. You basically end up trading food and services for free stuff that will help you more on the long run.

The really smart startup manager will basically keep looking for barters. These are also very efficient from an accounting point of view. You always receive some sort of discount when you do that instead of regular purchases and if you are really good at negotiating, there is a pretty good possibility that you will receive more for what you give out.

Always Remain Frugal

We see too many business owners out there that do not think about saving on many of the items that are purchased. You are used to shopping around when you buy something for personal use and you want to take advantage of the best possible price. Why not do the same with your startup?

Every single dollar that you will be able to save will be profit and that profit can be reinvested. This automatically creates an increase in cash-flow flexibility and you open the door for more opportunities in the near future.

Exaggerate With Estimated Cost Before You Open Your Startup!

While all the advice mentioned above is helpful as you already opened your startup, a large part of the equation is being prepared for any financial struggle before you actually open your doors to the possibility of making money.

Before you launch a startup, you need to create a plan. That plan includes estimated expenses. Here is where you need to exaggerate. By simply overestimating costs you can start your business with enough capital to give yourself a much better chance of success. Even if this is not something that is suitable for running startups, it is something that you can take into account in the event that you plan an expansion in the future.

To sum up, one of the ways in which you can increase the chances of having success with your startup is to simply maintain a tight control of your expenses. There are too many businesses out there that end up in bankruptcy because of the fact that people do not actually know how to manage cash flow. You need cash and you need to save as much money as you can in order to succeed and evolve.

By Boris Dzhingarov

© 2014 Copyright Boris Dzhingarov - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

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