Many people never pursue their dream of starting a new company because they either lack the courage or the money. Should you be unafraid to move forward with limited funding, you can benefit from tips that will minimize your startup costs – assuming you personally have the expertise required to run the company on your own.
Here are some important reminders that can help you conserve money while trying to get a promising new business off the ground.
Keeping Your Expenses Down in the Beginning – Some Useful Ideas
- Be prepared to use every form of social media you can as you get the word out about your new business to friends, family members, and their contacts. Most people genuinely enjoy helping someone get a new company off the ground, even if it means providing you with a limited amount of investment money -- or buying some goods from you to help get your profits flowing in quickly. You can save a lot of money and reach a great many people if you do this;
- Don’t cringe about having to do some things in a very thrifty manner. Be willing to outfit your office with used furniture from friends and family. Postpone buying fancy business cards until you’re turning a profit. Don’t try to treat every potential investor to lunch or validate parking for everyone who visits your office. Your careful spending habits may actually attract an investor who is eager to work with someone who won’t carelessly waste any of his/her investment dollars;
- Don’t allow yourself to go very far into debt with credit cards. This plastic alternative can quickly turn into a nightmare if your cash-flow is low while you’re still waiting on customers to pay their bills;
- Confer with your mentors about the most accurate way to communicate your payment terms to your customers. If you fail in this area, you may have to let a very promising company go down the drain because your customers honestly thought your payment terms were much more lenient than you intended;
- Try to hire a few key people who still have their “day jobs” and won’t require a sizeable paycheck early on. If you promise these individuals a certain percentage of the profits at a later date – assuming the business becomes profitable – it can really help you keep your early expenses down;
- Learn all you can about free advertising and marketing ideas. If necessary, attend a local seminar or two addressing these topics. Sometimes, paying a small fee for this type of information at an early stage can pay you back tenfold later on. Also, ask your peers if they’ve attended good seminars on these topics and go to the same ones;
- Don’t be afraid of the long hours and low income you may have to tolerate for many months while running your new business. Odds are, if you’ve got the minimum amount of funding you need, the time will fly by. And soon, you’ll be trying to figure out how to either obtain new funding and investors – or looking for added employees as you grow your business.
To obtain help with handling all of your Georgia business planning needs, please contact Shane Smith Law today. You can schedule your free initial consultation with a knowledgeable Peachtree City estate planning attorney by calling: (770) 487-8999.