Cut Down Costs When Starting Your Own Business
Starting your business is a dream come true, especially when you’re finally given the chance to branch out and become your own boss. Dreams, however, don’t come cheap and some shell out a LOT of money just to get started. For those who have a limited budget, here’s how you can cut down on costs and still have enough to jumpstart your company.
Start at Home
Most would probably dream of having sprawling office space and imagine having the most posh office to house their new business. Visions of grandeur should remain just that, visions. This is where you have to draw the line between fantasy and reality. In the movies, procuring the perfect workspace is as easy as pie. In the real world, sensibility and logic take over and you have to make practical choices. One of these choices includes having to choose the least expensive option, which means that you may have to start work at home. If you have a spare room in your house, you can convert it into an office so you can still maintain that line between your professional and personal life.
Never Underestimate Humble Beginnings
Don’t despair if you make your house your initial office. A lot of huge companies have had humble beginnings before they managed to climb to the top of the ladder of success. In fact, I heard of a story about one man who started his own publishing company in his garage sometime around 2004. Almost a decade later, his business has grown so much that it has expanded to include branches in the United Kingdom, Australia and New Zealand. He has since sold his company and can now live the rest of his life in comfort. Be inspired by the thought that great things can grow from the very humblest beginnings.
Seek Affordable Legal Advice
In any business, there will always be chances for legal problems to prop up. To be ready for any contingency, you must have a reliable lawyer any time you have issues that need to be resolved. If hiring a full time one is too much for your pocket, you can avail of prepaid legal services that will cover all your needs yet won’t strain your budget. Make sure your documents are in order and prepare other requirements that you need for you to be able to operate your business. Don’t forget to register your business name and get a tax identification number from the IRS as well as from the state revenue agency. Aside from registering for state and local taxes, you also need to obtain business licenses and permits.
Be Hands-on
If you want your company to succeed, you have to be hands on in every aspect of the business. This means multitasking and taking on work that will normally be done by two or more people. Being a one-man army is normal when starting out. It also works well since in the beginning you only have minimal tasks to do and you can cut out the costs of hiring more people.
Once you gradually expand, your one man team might not be enough anymore. If you find that juggling too many tasks does more harm than good, it’s time to get that extra pair of hands to help you out. If you can’t afford to hire another person yet, get family to help you since the business is also their baby and they should also be invested in it. If you do push thru with expansion, make sure to do a feasibility study first. Expand your business gradually with the least expense involved.
About the Author
Based in San Diego California, Tiffany Matthews is a professional writer with over 5 years of writing experience. She also blogs about travel, fashion, and anything under the sun at wordbaristas.com, a group blog that she shares with her good friends. In her free time, she likes to travel, read books, and watch movies. You can find her on Twitter as@TiffyCat87.
Category: Business
