Top 10: Penny Pinching For Your Business

Topic: Helpful Ideas, Strategies, Top 10|

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Today I have a list for you of some great ways to save money as a small business. This is especially useful for those of us trying to bootstrap the next great startup. Without further adieu:

  1. Consider having your customers pay up front or require a deposit. This works especially well for larger ticket items or service providers.
  2. Pay for your purchases on credit and don’t pay them off immediately. Of course you don’t want to get into serious debt right off the bat, but cash is very important to have on hand in the beginning.
  3. Consider leasing your equipment. Laptops, furniture, transportation all come to mind.
  4. Be frugal. Easier said than done but by keeping an eye on your spending you are more likely to survive.
  5. Don’t splurge on an office right away, there is nothing wrong with working at home. I do it, so should you.
  6. One man’s trash is another mans treasure. This goes both ways – sell off your old dilapidated equipment and buy others’ gently used byproducts.
  7. Shop around. This goes hand in hand with being frugal I suppose, but next time you need something dont just hop in the car and buy it. Instead, do a little research on the internet to locate the best price first.
  8. Make sure your liquid cash is not sitting idle. Put it to work for you and earn some interest.
  9. Consider trading your goods or services with other small businesses to save money and benefit both of you.
  10. I could write a whole post on this one and I just might some day. Get ready, it’s good. Never Buy what you can Lease, never Lease what you can Borrow, and never Borrow what you can Steal.

Class dismissed.

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