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10 Ways to Save Money When Starting a Small Business

10 Ways to Save Money When Starting a Small Business

Nicole Crimaldi | Excelle

6. Hire interns. Interns are thirsty for experience and knowledge. If you pick your interns carefully, you will get a lot of “bang for your buck.” Your interns are probably better and faster when it comes to technology, trends, and implementing new systems for your business. Your interns can work on marketing projects, or even just get the administrative tasks out of the way so that you can focus on growing the bottom line. Interns are a win-win if you are both willing to work hard and learn from each other.

7. Negotiate everything. Everyone had to start somewhere and everyone wants new clients. Therefore, make sure to ask about discounts for new businesses. This includes bank fees, insurance rates, marketing material and web design. Many companies will be willing to give you a discount if they see you as a solid client in the future. Featuring and linking your vendor in your blog/website helps too!

8. Cash is king. There have been a few rare stories of people starting their small business using credit cards and actually making it. This is called a miracle. Try to pay cash for as much as you can. Piling up debt to start a business can be very stressful and risky. Take advantage of vendors who will offer a discount for paying cash, little discounts really add up.

9. Take advantage of your local college. Many colleges have outstanding business development programs that help entrepreneurs who are out of school brush up on their skills. Better yet, contact your local college’s marketing or entrepreneurship department to see if your business could be a project for the students. College students are often the best “consultants” because they are up on technology, trends and what businesses are doing right now. They will probably think about your business in a completely different way than you do, which can lead you to new ways of thinking and innovating your concept.

10. Join an incubator or entrepreneurship organization. Ten brains are ten times better than one. I was part of a Ladies Who Launch incubator in June of 2008 and it really helped me organize my ideas, get confident and get started. LWL incubators are a group of 10 women who get together once a week for four weeks. For me, the incubator just got better and better. Also, since we were all had different backgrounds we learned so much from each other. Before June, the terms SEO, HARO and Meta Tag were foreign to me. Thanks to the incubator I was able to get a website going, and get my first client. I also stay in touch with most of the women from my group and help them whenever I can, and they do the same for me. Other great organizations for women entrepreneurs include: Step-Up, SCORE, and Count Me In.

Related Reads:
10 Money Lessons from the Great Depression
Your Secret Ingredient to Wealth
Create Wealth By Thinking Differently About Your Money


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