Best of the Week
Most Popular
1. TESLA! Cathy Wood ARK Funds Bubble BURSTS! - 12th May 21
2.Stock Market Entering Early Summer Correction Trend Forecast - 10th May 21
3.GOLD GDX, HUI Stocks - Will Paradise Turn into a Dystopia? - 11th May 21
4.Crypto Bubble Bursts! Nicehash Suspends Coinbase Withdrawals, Bitcoin, Ethereum Bear Market Begins - 16th May 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.Cathy Wood Ark Invest Funds Bubble BURSTS! ARKK, ARKG, Tesla Entering Severe Bear Market - 13th May 21
7.Stock Market - Should You Be In Cash Right Now? - 17th May 21
8.Gold to Benefit from Mounting US Debt Pile - 14th May 21
9.Coronavius Covid-19 in Italy in August 2019! - 13th May 21
10.How to Invest in HIGH RISK Tech Stocks for 2021 and Beyond - Part 2 of 2 - 18th May 21
Last 7 days
Bitcoin Black Swan - GOOGLE! - 24th Jul 21
Stock Market Stalling Signs? Taking a Look Under the Hood of US Equities - 24th Jul 21
Biden’s Dangerous Inflation Denials - 24th Jul 21
How does CFD trading work - 24th Jul 21
Junior Gold Miners: New Yearly Lows! Will We See a Further Drop? - 23rd Jul 21
Best Forex Strategy for Consistent Profits - 23rd Jul 21
Popular Forex Brokers That You Might Want to Check Out - 22nd Jul 21
Bitcoin Black Swan - Will Crypto Currencies Get Banned? - 22nd Jul 21
Bitcoin Price Enters Stage #4 Excess Phase Peak Breakdown – Where To Next? - 22nd Jul 21
Powell Gave Congress Dovish Signs. Will It Help Gold Price? - 22nd Jul 21
What’s Next For Gold Is Always About The US Dollar - 22nd Jul 21
URGENT! ALL Windows 10 Users Must Do this NOW! Windows Image Backup Before it is Too Late! - 22nd Jul 21
Bitcoin Price CRASH, How to SELL BTC at $40k! Real Analysis vs Shill Coin Pumper's and Clueless Newbs - 21st Jul 21
Emotional Stock Traders React To Recent Market Rotation – Are You Ready For What’s Next? - 21st Jul 21
Killing Driveway Weeds FAST with a Pressure Washer - 8 months Later - Did it work?- Block Paving Weeds - 21st Jul 21
Post-Covid Stimulus Payouts & The US Fed Push Global Investors Deeper Into US Value Bubble - 21st Jul 21
What is Social Trading - 21st Jul 21
Would Transparency Help Crypto? - 21st Jul 21
AI Predicts US Tech Stocks Price Valuations Three Years Ahead (ASVF) - 20th Jul 21
Gold Asks: Has Inflation Already Peaked? - 20th Jul 21
FREE PASS to Analysis and Trend forecasts of 50+ Global Markets by Elliott Wave International - 20th Jul 21
Nissan to Create 1000s of jobs with electric vehicle investment in UK - 20th Jul 21
Bitcoin Halvings Price Forecast and Stock to Flow Analysis - 18th Jul 21
Dell S3220DGF Unboxing and Stand Assembly - 32 Inch 165hz Curved Gaming Monitor Amazon Discount - 18th Jul 21
What Does The Fed Mean By “Transitory Inflation” And Why Is It Important To Understand? - 18th Jul 21
Will the US stock market’s worsening breadth matter? - 18th Jul 21
Bitcoin Halving's Price Projection Forecasts Trend Trajectory - 18th Jul 21
Dell S3220DGF Price CRASH to £305! 32 Inch 165hz Curved Gaming Monitor Amazon Bargain - 16th Jul 21
Google, Amazon and Netflix are Scrambling For This Rare Gas - 16th Jul 21
Sheffield Millhouses Park New Children's Play Area July 2021 Vs Old Play Area - Better or Worse? - 16th Jul 21
Inflation Soars, Powell Remains Unmoved. What about Gold? - 16th Jul 21
Goldrunner: Gold Could Jump To $1,900-$2,100 In Next 30 days – Here’s Why - 15th Jul 21
Tips For Finding The Right Influencers - 15th Jul 21
ECB Changed Monetary Strategy. Will It Alter Gold’s Course? - 15th Jul 21
NASA And Big Tech Are Facing Off Over This Rare Gas - 15th Jul 21
Will the U.S. Dollar Lose Momentum In the Second Half of 2021? - 15th Jul 21
Bitcoin Stock to Flow Model Forecasts Infinity and Beyond! - 14th Jul 21
Proteomics: The Next Truly Massive Investing Opportunity - 14th Jul 21
Massive Solar Storm to Hit Earth 2025, Coronal Mass Ejection (CME) Danger and Protection Solutions - 14th Jul 21
Is This The Best Way To Play The Coming Helium Boom? - 14th Jul 21
Meet SuperMania and its Ever-Present Sidekick, SuperMeltdown - 14th Jul 21
How NFTs Are Shaking Up Arts Trading - 14th Jul 21
Gold: High Time to Move Out of the Penthouse - 13th Jul 21
Climb Aboard! Silver Should Run Up To $38 In Next 30 Days - 13th Jul 21
How Will Remote Work Impact the U.K. economy? - 13th Jul 21
Why Helium Stocks Are Set To Soar in 2021 - 13th Jul 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

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.

Post Comment

Only logged in users are allowed to post comments. Register/ Log in