Starting your own business is a dream for many business people. After years of making money for someone else, many of us look around and say, “It’s my turn. I want to be in the driver’s seat,” and a new small business is born.
The gestation of that business, however, can be a long and difficult road to travel. Starting and running your own business is not for the faint-hearted. It is perfect for over-achievers who believe that sleep is optional, coffee is a basic food group and who have a vision that they can trust no one else to make true.
It’s not easy to build a business, nor is it cheap. The cost to create and market your product – no matter what it is – will be exponentially more than you originally bargained for. Much of that cost is in dollars, but a lot of it is in time. Time away from your family, friends and social life.
If that is your dream, keeping the money flowing into the business is one of the most crucial factors in your success. Here are a few ways to keep your cash flow positive:
Mentors are your best, free resource. Legal and financial concerns can be addressed in one of two ways. You can either go to a professional to get your answer, which costs money, or you can tap into your network of mentors to get free legal and financial advice. For general questions, mentors can give you good answers without a price tag attached. Once it gets into specifics, however, you should go ahead and pay the bill for expert advice.
Bartering and Trading. Skills can bring a high demand and many cash-strapped startups have more trained experts than loose change. Use those skills or expertise to trade for goods, services or any number of things.
Outsourcing. Not quite the dirty word it was ten years ago, outsourcing helps keep your costs down for products or services that are not a staple of your production. If you don’t need a full-time person in a position, outsource the work to save not only their salary and benefits, but also their space and availability.
Virtual workspace. Technology is grand. In this brand-new era of interconnectivity, there is no reason that every employee needs to be on your business premises to work. If they can do the job from home or a remote location, let them. It saves you money on infrastructure spending.
Infrastructure. Infrastructure spending is a big deal. If you are manufacturing a product, you need space to build it. If you are distributing the product, more space is necessary. Using established buildings and sites, leasing them for long- or short-term use can be a very expensive proposition. Options for using prefabricated buildings exist and should be explored. The long-term benefits from building and using these structures can quickly outweigh any negatives.
Saving money is important for fledgling businesses, especially when it comes to infrastructure spending. The structures and facilities your business needs can change quickly as growth and recessions both make their mark on the industry. The expandability and convenience of owning your own structure makes seeking out contractors for prefabricated steel buildings a wise investment into your business’ potential growth and eventual success.
Saving dollars on your startup is easy, saving time, on the other hand, is a skill most of us never master.
About the Author
Matt Towns is an influencer marketing pro with brownboxbranding.com who is passionate about building authentic relationships and helping businesses connect with their ideal online audience. He keeps his finger on the pulse of the ever-evolving digital marketing world by writing on the latest marketing advancements? and focuses on developing customized blogger outreach plans based on industry and competition.