I have this tendency to do everything â€œbig.â€ Whenever I start something, I want to do things in the best possible way and I do not think there is anything wrong with that. However, through the years, I have also learned to acknowledge limitations. They do exist, especially for small business start ups. And now, I know that there are certain ways that I can cut costs without necessarily cutting on the grandness of my plans. Let me share some of these tips with you.
Learn to distinguish between necessities and â€œbling.â€
There are certain things that cannot be done without when starting a small business and there are things that can wait. However, there are things that fall in between and sometimes, it can be hard to determine which things are absolutely necessary and which things can be left for later.
You may be thinking that this is a no brainer â€“ it is, in theory. However, I have had many experiences (both hands on and vicarious) wherein business owners fall into the trap of impulsive buying and spending. Before they know it, they have spent an unnecessarily large amount. My suggestion? Get everything in writing. If something is NOT on your list, then do not spend money on it. It can wait.
Utilize every little nook and cranny.
Whatever the nature of your business may be, you are probably going to need a space to call your office or shop. If you are renting, you have to be smart about making the most out of whatever space you can afford. Try to get as small an office as you can and then find ways to make it seem larger. Remember, you do not need a whole floor when a single room will do the job just as well.
Originally posted on July 11, 2011 @ 9:32 am