One of the most difficult aspects of starting a new
business is the cost involved. Most people start a
business because they need to EARN money, and
finances are often tight.
Here are some strategies you can use to cover your
business costs from the very beginning...
#1. Talk to people!
I know this seems scary, but it is a great way to cover
your monthly business costs quickly.
When you rely solely on automation to contact your
customers and prospects, it usually takes 60-90 days to
BEGIN to see results. This is quite normal for any type
of new business but, when it's YOUR business, 60-90 days
can seem like a VERY long time.
By talking to a few friends and/or family members people
who respect you and with whom you have credibility you
may find someone who is interested in giving your product
or opportunity a try.
Often, just by talking to people, you can earn back your
investment or even make a profit the first month
you're in business!
#2. Increase the tax deductions on your W-4 form!
Almost everyone who starts a home business works a
full-time job. But, did you know...
As a home business owner, many items that used to be
personal expenses are now business expenses. This means you
can write off many of these expenses as tax deductions!
Instead of waiting till the end of the year to file your
taxes and get a refund, you can increase the amount of
take-home pay in your paycheck simply by increasing the
number of deductions on your W-4 form. (As a result, less
money will be taken out of your paycheck for taxes.)
IMPORTANT: Before making changes to your W-4 form or filing
your tax returns, be sure to talk with an accountant.
#3. Save your change every day in a jar!
This sounds simple, but you'd be surprised at the number of
people who don't take advantage of this easy strategy.
Most people spend loose change without even thinking about
it...on coffee, candy bars, newspapers, etc.
Instead of paying for miscellaneous items with change, pay
with paper money. At the end of each day, put all your
loose change in a jar. The average person is able to
accumulate $20-$40/month in coins this way. This money can
then be used to help cover your monthly business costs.
#4. Use coupons the RIGHT way!
When most people use coupons, they simply pay less at the
cash register. But what happens to the money they "save"?
They just spend it on something else!
The RIGHT way to use coupons is...
BEFORE going to the store, put the money you will save with
your coupons into a jar (if you have just one coupon for
30 cents then put 30 cents in your jar; if you have several
coupons adding up to $3.45 then put $3.45 in your jar).
NOW you can go to the store and use your coupons, and you
will truly have SAVED the money. The money you save can
then be used to help cover your monthly business costs.
5. Pay attention to where your money goes!
- How many of us run off to work every day without time
enough to pack a lunch, so we end up spending money on
eating lunch at a restaurant? I know I did...often. I
was spending at least $25 per week (that's $100-$125 a
month!) on eating lunches out...by myself...on workdays.
Instead of trying to make time in the morning to pack a
lunch, why not pack a lunch the night before? And, if you
have a microwave available at work, you can even pack
something to heat up so you don't feel tempted to
"go out" for a hot lunch.
- How much money do you spend on sodas? As with everything
else, it costs more to buy one soda than it does for a
six-pack or a 2-liter bottle. Why not buy soda in large
quantities, and bring several servings to work with you.
Or, to REALLY save money, instead of drinking soda, why
not switch to iced tea or crystal light. You can make a
large batch at home and then bring it to work in a jug.
- Are you a coffee drinker? Instead of paying for your
coffee by the cup, why not invest in a large thermos and
bring your coffee to work with you.
- Are you addicted to sweets like me? Instead of spending
the money on candy bars and other snacks from machines or
in convenience stores, why not bake a batch of cookies or
brownies. You'll save money, and you'll have
better-tasting snacks.
Or, if you prefer a candy bar, purchase them in large
packs at the grocery store and bring them to work with
you it'll still be cheaper than paying for each candy
bar separately.
And, these are just a FEW of the ways you can save money...
allowing you to easily find the money to invest in your
business.
If you implement even a couple of the strategies in this
article, you'll be able to save enough money so that the
cost of starting your business doesn't put a financial
strain on your monthly budget.
About the Author
Holly specializes in teaching others how to build multiple
streams of income on the internet using automation.
http://www.AbundantLivingOnline.com
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