I get a lot of people ask me how I was able to afford setting up my own business. It’s true that it’s not an easy time to make any business successful right now, but there are ways. Just because the economy is in trouble doesn’t mean you have to let your ideas linger until the time is right. There may never be the perfect time to go it alone, so why hold back? I have to admit it hasn’t been easy, but it is possible if you are frugal with money, are careful with each and every penny and look for ways to save money.
If you are starting a business I have a few tips that should help you get off on the right foot:
- There is nothing wrong with second hand, or third hand for that matter. I set up my business with used machinery, used IT equipment and even used furniture. I didn’t buy anything brand new unless I really had to. You can find brilliant suppliers that will sell you decent equipment that costs far less compared with buying brand new. You can save a fortune this way so that’s why this is my number one tip.
- Choose your suppliers carefully. I am not only talking about parts and products here, I am talking about all supplies from paper to packing materials. Always seek out the most competitive prices from companies that provide a quality service.
- Don’t waste energy or water. Look at ways of reducing heating costs, such as reducing the thermostat by one degree. You can also reduce water use by asking your water company for a water displacement bag to put in the cisterns of your toilets. Remember to open the blinds in the day so the sun can help to heat the rooms and close them at night to stop heat escaping. It’s also useful to set the heating to come on just twenty minutes before your employees arrive, any earlier is just a waste.
- Sell your unused equipment on. Don’t leave items unused in your stock room for months. If you no longer need the item find someone to buy it off you and put the money back in the business.
Providing you implement sensible spending you should find that you make every penny count. It has certainly helped me stay in business so far and it’s something I plan to continue doing even as the business expands.