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Thrifty Tips For First-Time Entrepreneurs

In What You Need To Know About Small Business on March 20, 2018 at 8:46 am

We all know that saving money is a good thing, both in our personal and business lives, but we also know that for many of us, it’s a lot easier said than done – that goes double for new entrepreneurs who are looking to build up a successful business. If you fall into that camp, here are some thrifty tips that will hopefully help you to manage your money more effectively and build up a strong and successful business…

Get Organized

You might have a million and one things to do from sourcing the best products to setting up your brand new business website, but you should endeavor to make organization a priority in your business life. Set up a spreadsheet or download an app that allows you to track and monitor every penny that comes in or goes out of your business and you’ll always know exactly where you are, and you’ll never be blindsided by financial issues.

Go for a Virtual Office

When you’re just starting out, you probably won’t need much space (depending on exactly what your business is, of course, _ so why not really save some money by using a virtual office instead of a real one. You and any employees you have can work from home, and you’ll still benefit from having a decent business address.

Look at Grants

You might not think that the government gives you much at all – it’s all taxes for this and charges for that – but actually. When you’re a small business, there are numerous grants and low-interest loans that you can access and doing so is undoubtedly the thrifty way to finance your business as far as possible.

Buy Used and Repair Where Possible

If you need a lot of equipment to make the day to day running of your business possible, it is probably a good idea, when you’re starting out to buy used equipment that is in good condition wherever possible. Not only that, but should any of your vital equipment break down, using, for example, a floor machine repair company or a crane repair company, instead of buying new is mostly the right option. Of course, you should always compare between repair and buying new, but most of the time you will find that the former option id the most thrifty.

Get Yourself a Money Mentor

There’s a lot of talk about getting yourself a mentor when you’re a new entrepreneur, and most of the time the focus is on finding a mentor who has experience in your sector, but if you want to be as thrifty as possible, finding a mentor who knows their stuff in the money department is often a much better idea because they will be able to teach you the habits that will see you through any and all financial calamities that may or may not come along.

If you can start using some of these great money management ideas as you build up your business, you will save money now and set your business up for a more successful, profitable future, Good luck to you.

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