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Starting your own business can be very exciting. You can be your own boss and share your products and services with the community around you. Running your own business can, however, require you to put up some of your own money at first. Many small businesses fail because owners do not how to properly manage money. Unless you already have a lot of money saved to put into your small business, you have to be really careful about how you choose to spend your money. Here are several ways you can save money when running a small business.
Start Small
One of the best ways to avoid running out of money is to start small. Only buy things that you can afford for your business. For example, paying for a lavish website sounds like a great idea. However, if you run out of money after paying for it, you will be out of luck. It might be tempting to purchase all sorts of new products for your business, but it is best to wait until you can actually afford them.
Hire Interns There are plenty of college students who are willing to work for free. They are interested in just getting experience that they can put on their resumes. If you can’t afford to hire a lot of employees but need a lot of help, you should put up an advertisement on a local college’s bulletin board. Your interns can help you work on marketing projects and even do your administrative tasks for you. If an intern does a great job for you, make sure to give him a good reference in the future.
Get Good At Negotiating
If you practice your negotiating skills, you can get a lot of discounts for your business. Make sure to ask about discounts for new businesses including web design, bank fees and marketing material. You will be surprised at how many businesses will be willing to give you a discount if they see you as a solid client in the future.
Think of Creative Uses of Barter
Bartering with other businesses is a great way to save money. For example, if you own an accounting business and need a website, you can offer to do a website designer’s taxes in exchange for a free website.
Don’t Buy Fancy Furniture Or Supplies
There is really no point in buying fancy chairs or printers because they will not help you make extra money. If you can, for example, get a cheap chair at a garage sale, do not hesitate to buy it. If your family member is willing to give you her old fax machine for free, take her up on her offer.
Try To Use Cash As Much As Possible
It is a smart idea to pay for most things in cash. If you use a small business credit card or another type of loan to pay for things, you can find yourself in debt really fast.
Try Lowering Your Rent
If you rent office space for your business, try talking to your landlord about lowering your rent. If you have been a good tenant, he might be willing to negotiate with you. If your business is a startup and your staff can work from anywhere, you might not even need office space. You can just work from your home and save a ton of money. Following these tips should help you save a lot of money on your small business. In the future, you can buy more fancy equipment or have a better looking office because you will likely have more money then.
About the Author: This guest post is contributed by Debra Johnson, blogger and editor of nanny housekeeper. She welcomes your comments at her email Id: – jdebra84@gmail.com