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:
- the money you have invested into your business starts running out
- your investor wants an account of every single penny
- 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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