Raising a business, you definitely need to sacrifice lots of things including man power, time and
most importantly, money. You are to be aware that you are to be responsible to everything that
happens thus, you have to be smart in every decision you are to make.
When it comes to financing, you have to be extra smart to make your business running.
However, expenses are inevitable. There are lots that you need to pay for. You might need
some workplace, marketing fees, electric bills and many more.
BUT you can actually do something to at least lessen these costs. Here are some tips to lower
the costs of the monthly expenses for your business venture:
1. Do some jobs by yourself. Think of the things you can actually do by yourself. The main
thing is marketing. Since you are owning and managing social media accounts, why not
do the promotion? You can actually save from this as there will be no need to hire a
social media manager that you will suppose to pay monthly.
2. Reduce credit cards and select the right loans – you have to be smart about the fund
sources you have. If you are stable enough, you can consider pulling out your credit
cards. Also, choose the right loaning company that offers the lowest interest rate.
3. Go online and take advantage of the technology – if you are to advertise your product or
services, you can actually go paperless. You should never underestimate the power of
social media nowadays. Posting some ads over your social media accounts is now more
effective than distributing print outs.
4. Look for alternative business work place – determine if your business needs a wide
space. If not, you can consider your home or at least a corner of it as an alternative
workplace for you since you are the only startup. (But always look forward to expansion)
5. Consider refurbished but good conditioned equipment. Brand new equipment is
expensive. If you can search and find for some refurbished equipment, you should test it
and determine if it still functions smoothly. If you found a good one, then it will help you
save some extra cash.
These are some of many tips you can consider to lessen the expenses of your newly raised
business venture. Being smart to financing is always the key.