Starting your own business can be an exciting, yet costly venture—at least in the beginning, before you begin generating revenue. Here are some ways you can cut down on some of your startup expenses:
Consider a home-based business
Depending on the type of business you plan on starting, you might want to consider a business that can easily be operated from your own home. At least initially, while you’re still establishing a customer base, this can help eliminate the added expense of office space. You may eventually decide that you don’t even need to rent or purchase a separate space for an office.
Loans and grants
If you need to borrow money for your startup, you might want to apply for a small business loan. Additionally, depending on the type of business you’re starting, you might even qualify for a grant from the government.
Hire an intern
Staffing is another big expense to consider when you start a new business. Whether you need help from the very beginning, or business begins to pick up and you need to hire someone, consider recruiting an intern. Contact local colleges and find out how interested students can come work for you. Most internships are unpaid, and in exchange, students receive college credit through the experience. Assuming that the job is one that an inexperienced student can handle, hiring interns can be an inexpensive way to solve some of your staffing needs in your company’s beginning stages. When it’s time to hire employees, consider outsourcing and contracting work to freelancers (if it makes sense for your business) instead of hiring hourly onsite employees.
Be a savvy shopper
Equipment and operational costs can add up quickly, even if the business you’re running is strictly Internet-based. Purchasing gently used items (such as computers or office equipment) can help you save a significant amount of cash. Even the little things, like printer cartridges, can be purchased for a fraction of the cost, if you buy recycled ones.
Don’t forget about tax deductions. A lot of different components of your startup can help to lower the overall cost when tax season rolls around; speak with a qualified accountant for more details about how you can maximize your tax deductions.
Do you need cash to start your own business? If you’ve been receiving structured settlement or annuity payments, why not turn those periodic payments into cash now? Peachtree Financial Solutions can offer you a lump sum payment in exchange for your periodic payments.
You can use your lump sum of cash to pay off debt, catch up on bills, make a large purchase, or even finance a business. Contact Peachtree Financial Solutions today to find out how you can get started!
Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.