3 WAYS TO SAVE MONEY WHEN STARTING A BUSINESS.

- DO NOT Pay for a Business Account
When my business partner and I initially began our entrepreneurial journey, one of the first things we did was open up a new business account. We were offered an account that would provide us with 25 transactions at $30 dollars a month. Unfortunately for us, in the early stages of our business we found ourselves wasting that fee monthly.
After about a year of this, we ran the analytics for our accounting and realized that to us, the additional cost wasn’t providing any benefits. At this point we cancelled the account, and opened a new joint account with no monthly fees and unlimited transactions!
2. Be Weary of Automation
Technology has the ability to speed things up and ultimately make any process easier. However, if not used correctly – it also can burn a hole in your wallet. Our business was doing great in regards to social media content. So we decided to get a super-efficient automation account that ran us about $23 a month.
What we did not expect was the decline in engagement with our audience. By eliminating the human element of posting, we lost the opportunity to connect with and engage with our community.
3. Be Your Own Picasso
As previously mentioned, technology has the ability to speed things up. Making a website can be quite costly and time consuming particularly when we you have a graphic designer doing all the work. Getting a website put together can easily run you anywhere from $500 -$2000 modestly speaking.
If we would of known earlier, Clarendon Co’s website would of definitely been done by educating ourselves with FREE YouTube videos, or signing up to a website like www.wix.com which essentially does all the work for you at a fraction of the price and saves you time.
After we implemented all of the above changes we had a surplus of approximately $1110, which enabled us to allocate that money into other avenues of the business. The main focus is strategic spending- get a good grasp of what works for you, your business and get rid of the rest! #vintageclothing #mensfashion #toronto #clarendonco
