The era of the Internet has brought about the possibility of starting a business with almost nothing… if you have the know-how.
Okay. That might be the ideal situation that not everyone can achieve. But we will share with you some tips that, well applied, can save your vital resources during the critical initial stages.
1. Avoid renting an office. Work from home or a co-working space.
Entering in a commitment to pay a fixed amount every month when we still don’t have enough clients can add a lot of stress at the beginning.
There are various reasons why people look for an office, though: a comfortable place to work, in order to be found by potential clients or for meetings. In most cases a co-working space will satisfy your need for a much smaller amount. It is a flexible option that will adapt to your needs as your business grows.
Sharing working space with other entrepreneurs has some added advantages to consider….
2. Find Synergies.
As an entrepreneur you are not alone. Many self-employed entrepreneurs are in the same situation, trying to make the most of their limited resources. Depending on what you have to offer you may be able to exchange services with others.
Co-working spaces are great for networking with possible cooperators.
3. Out-source rather than employ.
At some point you will need to delegate some administrative tasks. You cannot be everywhere. But at first you may not have a lot of work to give away.
When you employ someone, such as a secretary, you acquire a number of obligations that can be difficult to pay at the initial stages when the incomes are unstable still.
You can outsource administrative tasks that can be done remotely with the technology available to everyone. Negotiate your needs with other professionals that may be able to share some hours of their staff in exchange for sharing in paying their salary.
4. Keep track of your expenses.
No need to say that money has wings. It is amazing how little awareness we have of money spent, isn’t it?. It is much the same as our perception of the amount of time that we spend watching TV or our favorite series. Have you ever counted it?
With expenses it is the same and the only solution is keeping track of them. Do not delegate expenses control. Keep daily or weekly control by accounting your invoices. There are many apps for that. Quipu allows you to keep tracking your expenses effortlessly. You can even account for an invoice by taking a picture of it with your phone at the time of receiving it.
5. Surround yourself with good advisers.
Of all of the initial costs, certainly the most frustrating one is the one that could be avoided! Sometime we incur them because of our inexperience. How good it is to have an adviser that “knows the system” and can help you avoid common pitfalls. Getting a fine can bring down all efforts to be cost effective. !
A good business adviser will share with you his experience gathered from helping others in the same situation.
6. Be ready to continue learning.
At first you may need to do many things yourself before you have the resources to pay someone else. That is not bad. Later on, if you have first-hand knowledge of what others will be doing, you will be in a better position to negotiate with them and appreciate their work.
In the mean time, there are many things a beginner can do with a little assistance: designing your own marketing campaign, using Google Adwords and Facebook to promote your business, keeping your own blog or even doing your own accounts and tax presentation. All these things will save you vital funds when you are starting.
For more information and assistance in starting your own business, contact Limit Consulting where we can help you find solutions that will improve your bottom line.