How Your Startup Can Save Money Before You Begin Building It

Michael Sanduso · December 28, 2017 · Short URL:

You don’t need lots of money to build your startup today...

You don’t need lots of money to build your startup today. In fact, look around and you’ll find a million ways to bootstrap it. That doesn’t mean you won’t run into financial problems. There is a good chance your cash will eventually dry up.

The barrier to entry when it comes to money is extremely low, so where are people going wrong? It’s because they waste it all recklessly within a short timeframe. Let’s discuss a few ways you can save money before you’ve even started.

Dealing With Your Personal Finances

Before you can concentrate on your startup you need to get your personal finances under control. You won’t be stressed every day when you’re trying to work. There is a large possibility you’ve got multiple loans and credit cards.

If you can get a debt consolidation loan everything will be rolled into one. You’ll only need to worry about a single payment each month. Consolidating your debt means you’ll save lots of time too.

You Should Always Look for Free Software

Don’t sign up for any software before you look around to see if there are free solutions. Google can take care of spreadsheets and word processing for you. Use GIMP if you don’t want to pay Adobe any money.

Almost anything you’ll need won’t cost money, at least not while you’re growing. For example, there is software to help you find easy keywords to target. Also, don’t be afraid to take advantage of free trials

Build Your First Website on Your Own

When you’re starting out you should build the first version of your website on your own. There are tools that will ensure it will look professional. Even if you’re not tech savvy you’ll be able to use them.

Apps/plugins will add all sorts of functionality into your site. There are very few instances when you’ll want something that isn’t available. During the early days, it’s the only time you should outsource work to a developer.

Try to Develop Your Negotiating Skills

Do you always hand over the exact amount of money someone wants for a product or service? There is no official rule stating they can’t accept less. Prices are arbitrary and you can easily capitalize on it in the future.

First of all, you’ll need to start developing your negotiating skills. Read a few of the most popular books on the subject. The money you’ll be able to save going forwards can be directed towards other things.

Find a Successful Entrepreneur to Mentor You

Lots of coaches will offer their services, but it will cost lots of money. Luckily, many entrepreneurs enjoy helping beginners for free. It makes them feel good to know they’re guiding you towards success.

There isn’t a place where they’ll advertise their time, so you’ll need to go out and find a mentor. They’ll be able to give you invaluable advice. If you implement it you’ll save a huge amount of money.

Work From Your Dark and Dingy Basement

The only place you should work from when you’re starting out is your home. If you’re young you can work in your mom’s basement. There is no need to rent an office or pay for a desk at a coworking space.

Don’t dream about starting a business from your local coffee shop. All the coffees you’ll have to buy will add up. When you’re getting up and running you should work from anywhere that won’t cost a penny.

Saving Money Will Extend Your Runway

If you’re trying to build a startup with X dollars it will last you a specific number of months. Save money wherever possible and it will extend your runway. You’ll have more time to become profitable, which could be the difference between success and failure.

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Michael Sanduso

Michael Sanduso lives in Toronto, Canada. He is a freelance writer and editor, tech geek, and stay at home father.

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