How to stop wasting money on your start up
It took me some time to learn most of these lessons. There are infinite ways you can save money in the new economy where things have become automated. You shouldn’t be wasting money on unnecessary things.
Stop trying to look bigger than you are, you’re business would thrive if you just stayed authentic. Wasting money trying to look big is a sure way to deplete all your cash.
You get a better ROI on subscription apps. While on the other side. Some things you can’t avoid paying for. It’s just better to let others do some things and outsource or delegate.
There are some essential expenses and somewhere you are just wasting all your money.
4 Essential Expenses
Business planning
You should always know where you’re going. The best way to figure out what to do with your business is to figure out your end goal. Once you do that, you can reverse engineer the steps it takes to get there.
Building Relationships
Buying lunch for the important people around you can be on of your best investments. Everyone is so worried about how they benefit but you never know what you can get out of the relationships you build. Nobody can do your work for you, but when you create an Eco-system of value it’s hard to keep up with the opportunities.
Customer Service
Always invest into relationships, you gain serious loyalty. When you focus on how you can benefit your audience, they almost feel the need to pay it back. You should listen to them, they will tell you exactly what they want and need.
Marketing and Branding
Spend money on bringing as much value as you can to your audience. Most people don’t want to think long term. You can’t measure value in the short term but long term these are the things that build powerful brand value.
4 Wasteful Expenses
Expensive subscription services
Use free apps until you make a profit or the cheaper versions. You don’t need to waste money on the paid versions and most of them even allow you to upgrade as you grow and scale.
Looking Bigger
One good example is clothes, Don’t waste money just because of your ego. It doesn’t matter if people think your “rich” that doesn’t bring you any profit. A fancy office is not making you any money. Expensive equipment- Buy only what you need, you can spend as you go. Extravagant business parties are a huge sign of wastefulness on your part.
Hiring staff before you’re ready
Outsourcing is good enough, employees will come as you grow. When you try to hire people before you have the cash it usually means your underpaying or hiring work that isn’t going to be valuable. You will know to hire someone because the need will be there. You can start with freelance and hire them full time when you can see you’re growing enough to afford them.
Buying followers and emails
These are usually a scam, not providing value for your audience. Either it’s a list of bots and fake accounts. Or you’re just going to be harassing people that especially won’t buy from you since they’re going to see you as disturbing and spammy.
The biggest lesson you hopefully learned is to stop spending money before you make it.
You can start buying software and services as the money flows. This can differ depending on your market. Still, paying attention to where your money comes in from and goes to is valuable. As an entrepreneur, every dollar saved can become hundreds of dollars in the long run.
Take these and go make a list of things you’re wasting money on. Cut off any expenses you don’t need. Find free trials or lower costing versions of any services you’re spending on.
