3 Money Saving Hacks Every Entrepreneur Should Know
The joy of becoming an entrepreneur is self evident. Gone are the days of answering to anyone else, never again will you have an overbearing boss breathing down your neck about meeting targets, and you won’t have to ask another person to take a holiday. You are your own boss. Alongside this comes extra responsibilities and worries. You won’t have the reliability of a steady wage, the camaraderie of office colleagues or those exceptional promotion prospects. However, you will have a business entity that you can call your own. For your startup to be a success, you need to hit the ground running with a buoyant cash flow and a sound business plan. Take a look at these simple ways that can see you saving money from the get-go.
While it may seem counterintuitive to pay somebody else to take over one or two of your business functions in order to save money, this can work and pay you back ten fold. Take payroll, for example. If you are spending half a day out of your working week to organise paychecks and tax implications, this could be time well spent implementing your business vision. Outsource it offsite to an expert firm who will provide error-free payroll. You might want to consider outsourcing your SEO capabilities to enhance the visibility of your brand online, or IT troubleshooting so that you aren’t bogged down with downtime issues on a daily basis.
Whether you work within the haulage industry or whether you lease a few cars for use on site, there are ways that you can save on fuel costs. You can refuel on site rather than going to expensive petrol stations. For those vehicles that never go on public roads, you can fill them up with red diesel as it is a more economical option than the diesel you find in petrol pumps. While it might not seem like much, working out ways to shave a few pounds here and there off your weekly expenditure will help keep your cash flow buoyant. Try and minimise the steps in your supply chain and mitigate any risks by going for the most frugal option.
Don’t Head To The Bank
While you might think that it is logical to make an appointment with your bank manager when you require a loan to fund your business, there are alternatives. You could choose to locate a business angel. These ethereal investors will often lend at a much more preferential rate and input not only their money but also their time and knowledge. If you can pitch to a business angel and they invest, you can feel reassured that your business idea is validated.
Make sure you investigate crowdfunding options to enhance your global reach. By pitching online successfully, you could end up having hundreds of amateur investors from all over the world. Make your pitch real and relevant, and offer something in return, whether this is a simple money off voucher or a small share of profits.
Being an entrepreneur is exhilarating and terrifying. However, if you begin your self employment journey well, you have every chance of seeing your business thrive in the future.