“Business hacks” are great solutions for improving efficiency in your business. When you’re starting a new self-employment venture, or any business for that matter, one of the biggest challenges is creating and sticking to a budget! The reality is, starting a business can be expensive. Consider using some of these business hacks for your self-employment venture to save money and spend more efficiently:
Hack #1: Cut back your shopping list
The first thing we advise you to do before you start shopping around and spending money, is to take a good look at the equipment, supplies, and start-up expenses you have on your list. Do you really need everything there? When budgets are tight, there is a big difference between want and need. If it’s not an absolute necessity, consider removing it for now.
Hack #2: Free is your friend
Who doesn’t love free stuff!? As a self-employed business owner, there are thousands of free resources at your fingertips. Tools such as Insightly, Hootsuite, and Dropbox are just a few examples of companies who offer free versions of their products that are perfect for self-employed business owners. You can even get business counseling from thousands of free help programs around the country such as the SBDC!
Hack #3: Go second hand shopping
While new is nice, it may not be necessary. You can save significantly by purchasing used furniture, equipment, and other materials. Decent quality items such as desks, filing cabinets, cars, and electronics can all be purchased second-hand. Shop around online, visit thrift stores, and ask friends and family if they have any stuff they’re not using anymore.
Hack #4: Seek efficient work spaces
If you have the capacity and self-discipline, home offices can save you the major expense of renting an office. You can find endless ideas for creative home office solutions online, and working from home can have its benefits. However, if a home office isn’t realistic or working from home just isn’t for you, look into office sharing and coworking options. These solutions give you the social experience of “going to work,” but at an affordable price.
Hack #5: Use shared equipment
Big ticket pieces of equipment such as industrial kitchens and high quality 3D printers are often out of reach of the limited budgets of self-employed businesses. Fortunately, there are increasingly more options for sharing these types of equipment. From maker’s spaces to incubators, entrepreneurs are coming together to help themselves and each other by sharing the burden of these expenses. Some have even turned to universities to gain access to high quality equipment and expertise.
Use these business hacks to make running your self-employment venture more affordable. If you want to create a successful business, smart spending is vital. The more you find ways to spend efficiently, the better off your budget, and therefore your business, will be.