4 Ways to Save Money for Your New Business
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By Holly Reisem Hanna
Recently I purchased the book, $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future by Chris Guillebeau.
While I haven’t had a chance to dig into it yet (because
I’ve been too busy reading the Hunger Games preparing my daughter for kindergarten) the basis of the book is to share valuable entrepreneurial lessons from those who’ve learned how to turn their passion into a career that that they love.
In his book, Chris interviews entrepreneurs who have built successful businesses (earning $50,000+ annually) from modest investments (in some cases, $100 or less) – pretty impressive, right?!
While I wasn’t able to start my own business for $100, I was fortunate to have savings from my previous job, that startup costs weren’t an issue. But for those you who are looking to fund a new a new a business endeavor, and don’t have prior savings, current income coming in, or an investor, there are still ways that you can squeeze funding for a new business into your budget – and from the looks of Chris’ book, you don’t need a mint to get started.
Here are 4 ways to save money and fund your new business.
For a long time I’d been a loyal consumer of name brand laundry detergent – I loved how it cleaned my clothes, as well as the way it smelled. But if you’ve ever bought a bottle of this stuff, you know how expensive it can be. So, in an effort to save some money, I decided to try out our grocery store’s brand of laundry detergent. Surprisingly, I loved the stuff – it smelled great, cleaned my clothes great, and best of all it was a fraction of what I paid for the name brand stuff!
Since I had such a good experience with the laundry detergent, I decided to branch out to other products and services. Of course this will take some trial and error on your part, but the savings can be huge!
Cutting out the expendables in your life, not only adds cash to your wallet, but it’s also good for the environment. Products like paper towels, plastic bags, convenience wipes and diapers – all add a hefty chunk to your grocery bill, not to mention the added stress on the environment. Replace some of the these products with reusable items and watch the savings add up. Other establishments that encourage green living are Starbucks, where you can bring in your own mug (saving a disposable cup) to get 10 cents off of your drink. Target is another establishment that offers 5 cents off your total bill for each reusable bag that you bring in and use. Whenever you’re out shopping, ask individual stores if they have green initiatives that can save you money.
While using daily deal sites seems like a great idea, it can actually cost you money in the long run. There are have been numerous times where I have brought discounted deals for restaurants and theme parks, only to let them go to waste, because I wasn’t able to use them before the expiration date. I’ve also found myself making impulse buys because it was a “good deal” – when in reality I didn’t need the item or service and it really wasn’t in my budget. If you’re easily swayed into making purchases, I suggest totally unsubscribing from daily deal sites and newsletters from retailers, where they are constantly offering enticing discounts.
I love Pinterest – not only have I found some of the best recipes on there, but there are so many neat, money saving do-it-yourself projects. I found DIY tips for making old items look new, recipes for home-made cleaning supplies and spa products, to free printable and craft ideas. By doing tasks yourself you save tons of money that would have gone out to someone else. For more money saving DIY ideas and tips – check out my DIY Pinterest Board.
How did you fund your business? What money saving tips do you have?
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