Frugality does pay, and it’s not about being cheap!

I’ve read many articles on starting up your business and one of the themes was that of “frugality”. I think this really kicks in when:

  1. the money you have invested into your business starts running out
  2. your investor wants an account of every single penny
  3. you have more than one business partner

My tips on this topic, linked to business of course is:

  • at the start of your new business, the paintings on the wall and fancy tea cups are not important
  • buying in bulk (things like paper, ink) really does save you $ down the line
  • you will inevitability scowl at an employee, drinking too much tea / coffee, let it go, let.. it… go 😉
  • invest in a laser printer, again, cost saving
  • try and print less
  • work from home
  • buy a building instead of renting one – if you can
  • bootstrap your business as far as you can, to sell equity for a higher value, else, you’re giving away your blood-sweat-and-tears for very little
  • buy second-hand furniture or visit a repo auction

I could carry on. Instead, I leave you with these words:

“Being frugal is not being cheap. It is a way to work smarter with the little resources you do have, in order to gain more in the future.”

Until we meet again.

Editor: Shana Kay

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