Money Saving Tips for Entrepreneurs
Feb 6th, 2008 by admin
Running a small business can be tricky – especially when it comes to money. Entrepreneurs often experience financial ups and downs that are collectively referred to as ‘feast or famine’ cycles. If you are shaking your head in agreement, read on. Aside from sticking to a budget and not spending lavishly on things you want but do not necessarily need, here are a few ways that you can say money:
- Don’t hire employees until absolutely necessary. Freelance or sub out work, where and when required. This will save you the added financial burden of payroll taxes, worker’s compensation insurance and having to purchase additional office and computer equipment. Freelancers and subcontractors are responsible for these expenses.
- Eliminate expensive letterhead, brochure and business card costs by choosing an online printing service such as Vista Print (www.vistaprint.com) or iPrint (www.iprint.com). Staples and Office Depot also have full-service printing departments that can save you hundreds, if not thousands, of dollars. If you opt for a local printer, by ready to shell out the dough.
- Consider working from home. Convert a spare bedroom or room above a garage into suitable office space. There’s no need to rent space unless a store or office front is your primary vehicle for serving customers or clients.
- Purchase used or refurbished office equipment and furniture. Usually a small business does not need a fancy 6,000 pages-per-minute printer or custom built cherry desks. Just make sure you do your homework before buying anything second-hand.
- Use e-mail whenever possible. This will save long-distance phone, shipping and mailing expenses.
- Don’t go out for lunch every single day. Bring a bag lunch or eat what you have available in your kitchen.
- Pay your bills on time. Not only do late fees add up quickly, you – entrepreneur – are one with your business. Late payments will hurt your credit, which in turn will cause your business to suffer.
Great post, great tips.
This article provided we much
useful info on curent thead.
The message very interesting.
Used furniture is a great source for a home office as well. Good Blog Chick in a Skirt!
A great source for used furniture is the local auction house.
The reference to finding a an inexpensive online printing service should be explored a little more.
As long as we prepare communications on paper, print professionals will be needed.
Online printing companies have their place. Shucks, I rely on the internet for many of my print customers as well….
The difference to note though is there is no substitute for the handholding a business person needs.
If you know exactly what you want and can live within the strict limits imposed by online printers for its paper stocks, then go for it.
You’re absolutely right, Steve. There are limitations to online printing services - with personal service being the greatest pitfall. But some businesses might find using them for a simple run of business cards or flyers a convenient and often inexpensive route.
The bottom line… always support local business when you can! And check with them first.
[...] To see the complete article, click here: money-saving-tips-for-entrepreneurs/ [...]