Friday, August 29, 2014

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How to Save Money While Starting Your Own Business

How to save money while starting your own business| Yes, We Rise

Thinking of starting your own business?


If you have ever groaned at the thought of going into work and dealing with your boss, you know the desire to start your own business. You can blow a kiss to your old job and embrace a life of personal freedom in your professional life. Your finances may be one of the biggest hurdles to overcome when you’re thinking about starting your own business. There are plenty of ways you can find the help you need to start your own business while saving money in the process.

Making smarter decisions about where you get the money, how you run your business and how you’re going to grow will allow you to make even more money without having to spend all of your income. Here are a few things to keep in mind.

Get Help Getting a Small Loan

The easiest way to get started as a business is just to use your own money, but you have bills to pay and other things you need to do with your money. If you have to use your own funds, you give yourself even more excuses as to why you can wait until next year to start your own business. The Small Business Administration (SBA) suggests applying for a micro loan through banks it works with.

The loans are generally less than $50,000 and offer lower interest rates because you’re getting them through the help of the government based program. You’re still going to be subject to credit checks and you’ll be responsible for paying the interest on your loan, but since the amount is so small, you’ll have a much easier time paying it back. Additionally, these are loans you can receive not only when you’re starting your business, but when you’re looking to improve or expand your business. Minimize the amount you’re borrowing to just what you need so you’re not paying interest on money you did not need.

Put Your Goals in Writing

As you start getting serious about starting your business, you need to make it a reality. The best way you can do this is to stop dreaming about it and start taking action. According to ABC News, putting something down on paper solidifies the thought into action and urges you along your path. You don’t need to invest your time and energy into writing a full business plan, unless you’re applying for a loan and it’s required by the lender.

The main thing is that you’re considering what you want to do with your business and you’re starting to put dates and times to what you’re looking to accomplish. Seeing it on paper makes your thoughts and dreams a plan.

Consider everything from the name of your business to where you’re going to sell your products and services to the costs associated with small things like buying a cash drawer from a business like Shopify. As you put more thought into your business and what you’re going to need to get it off of the ground, plans will emerge about how you’re going to accomplish your goals.

Get Accounting Software Rather than an Accountant

How to save money while starting your own business| Yes, We Rise
You need to keep track of your money when you’re starting a business. According to Inc. Magazine, you don’t need to spend a lot of money on an accountant just to keep track of what money you have coming in, what you’re spending money on and who owes you money. There are plenty of programs available where all you have to do is plug in the answers to certain questions and you’ll get everything you need to manage your business finances.

The better software will cost a little money (under $100) but it will be well worth the investment when you know exactly how much money you have available at any given time through your business. It also helps you to plan the growth of your company.

Save Money on Where You Sell

If you want to have a business selling products, it doesn’t mean you have to spend a lot of money every month for rent on a store. You can set up a store online and sell at outdoor markets. Both of these offer you the ability to sell your products to a group of people invested in making a purchase and they don’t cost much. When you get started, you’re going to need to practice a lot of patience.

Even if your goal is to be in a physical store, you might just have to wait until you’ve started making the money to make it work, according to Fast Company. If you develop your brand and focus on your customers, you’re going to build a following and have the kind of business you can be proud of in no time.

~Ginger, Editor and Curator of "Girls Just Wanna Have Funds"  






Originally published at Girls Just Wanna Have Funds: How to Save Money While Starting a Business of Your Own


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