11 Ways You Can Save Money on Your New Business

May 26, 2016

~by Haley Lynn Gray~
.

When it come to business spending, things can get out of hand pretty quickly. And I certainly learned my lessons.

When I first started my business, it was easy to spend lots of money. And after a brief amount of time, I had lots of people contacting me wanting to sell me things that they claimed my business “NEEDED”. They made tempting offers that sounded amazing. They promised me clients, visibility and getting my business out there without having to do a ton of legwork. I was offered advertising for things that sounded like they should work – like buying ads for my home care business on the side of the pharmacy bags. We had offers for IT support, promotional items and more. If you can think of it, chances are we had someone calling us to offer that product or service. We even had people calling to offer us things that we hadn’t thought of. It’s pretty impressive, really.
.

11 things you don’t need to spend money on when you first start your business:

1. New computers. Unless your existing computer is on its last leg, you really don’t need a new computer.

2. Expensive Logos. I spent a good deal of money on a new logo when I first started. I still deeply love that logo, but it was a lot of money that would have been better spent elsewhere for a brand new company.

business spending3. Letterhead. I paid to have someone design letterhead because, for some reason, I thought we needed letterhead. We have hardly used it in 3 years.

4. Expensive business cards. Go with basic cards from Vistaprint or Staples. The cheaper the better.  

5. An expensive website. You can sign up and create a basic website through WordPress in just a couple of hours. You do NOT need to spend a fortune on this. If you’re totally technically challenged, then you can get someone to do this for you for a minimal investment of a couple hundred bucks for just a landing page.

6. Promotional items. Really, they’re nice, but you don’t need them for your business, no matter how much you think you do.  

7. Paid ads. The Return on Investment (ROI) on nearly every single paid ad we’ve tried is horrific. You’d think that paid ads would work because there is SO much money spent on advertising. The reality is that TV, radio and print ads pretty much do zip for most businesses. Save your money.

8. Business class internet. If you’re a “solo-preneur”, you should save your money and just get basic internet service. You DO need internet for most things if you’re working out of your home.

9. A land line phone. Most people use primarily cell phones for their businesses. You can get a number that forwards to your cell phone, then have an app that dials a customer back from your phone and shows the phone number you want them to see.  

10. Yellow Pages or phone book ads. We spent a massive amount of money there and got zero return on our investment.  

11. An expensive CRM. I paid a small fortune for a Customer Relationship Management Software. My employees hated it, and had trouble using it from day one. Total waste of money. And we were still stuck paying the full bill for software we hated and didn’t use.
.

5 Things you DO need to spend money on when you first start your business:

1. Incorporation. Get your legal ducks in a row and make sure that you and your business are protected.  

2. Insurance. It may be tempting to skimp on insurance, but this is one area where you absolutely should not skimp.

3. An Accountant. If you don’t want to pay for an accountant, then get Quickbooks set up early in the game. This will save you time, money and taxes.

4. Setting up a bank account (with related fees). You may be able to negotiate fees and such, but keeping your business finances separate from your personal finances is important because you need that to provide legal protection and a tax protection.

5. Contracts. Depending on your type of business, you need to have policies and procedures in place. You’ll also need to have all of your contracts written up. Good contracts make good business. You don’t want them to be totally one-sided so no-one will do business with you, but they do need to cover your assets.
.


Share this post on freedom to choose


Meet the Author: Haley Lynn Gray

Haley-Lynn-Gray__IMG_2025-compressorHaley helps female entrepreneurs create a strategy plan for their businesses – so they can make enough money to spend quality time with their family, pay for their children’s dance lessons, pay bills – and not worry about where the next client is coming from.

Haley is a serial entrepreneur and founder of Leadership Girl. She helps other entrepreneurs build their businesses by sharing the benefits of her business education and experience through Business Coaching.

Whether you want to get a new business off the ground or expand an existing business, Haley can assist you.

Connect with Haley:

Work with Haley: https://leadershipgirl.com/work-with-haley/

Facebook Page: https://www.facebook.com/Leadershipgirl

LinkedIn: https://www.linkedin.com/in/haleygray


Categories

More Posts:

How to Keep Your Business Safe From Cybersecurity Threats

How to Keep Your Business Safe From Cybersecurity Threats Find more business software and technology tips at Leadership Girl. Cybersecurity is a major concern for businesses big and small. Every year brings a new record number of cyber attacks and by 2025, cybercrime...

#InvestingInYOU: Consider Coaching

#Investing in YOU: Consider Coaching Mindy Jo, M.B.A. & M.Ed. Certified life coach & founder of worryaboutYOUtoday.com Life coaching. What is it? What is it NOT? Life coaching can have many meanings based on the type of coaching that is being offered, such as:...

When it’s Time to Hire an HR Professional for Your Company

As your business continues to expand, it might be a wise decision to employ an HR specialist who can help you manage and optimize your workforce. An HR expert brings with them essential services that will streamline the operations of your company while keeping your...

Manufacturing Tips Businesses Should Follow

To be a victorious business, it takes more than having an outstanding product. Knowing the significance of manufacturing and how it impacts their financials is integral for any organization that wishes to thrive in today's marketplace. To keep up with the competition,...

What I Wish I Had Known When I Started My Business

Starting a business is hard work. There are so many things to think about and do, and it can be easy to feel overwhelmed. Trust me, I know from experience! When I started my business, there were a lot of things I wish I had known. But thankfully, I've learned a lot...

Photography Niches That Do the Best Business

Do you love the creativity and flexibility of photography but can’t figure out how to start a successful photography business? Not all photography niches are created equally, and your success in a niche might depend on where you live.  Here are a few types of...

The Power of Women-Owned Small Businesses

     Women-owned small businesses are on the rise, and their impact is undeniable. In fact, in 2019 alone, women-owned nearly 12 million businesses that employed nearly 9 million people and generated over $1.9 trillion in revenue. From retail to technology to finance,...

Nyago Michael Emmanuel

We invite many people who can invest in our Akiba Ya umoja community benefit savings and investment group of Uganda to enable us expand our operations in Uganda

Product Mistakes You Might Be Making at Your Business

Running a business isn’t easy, and making product-related mistakes can cost your company time and money. From creating products without doing market research to holding excess inventory or failing to file patents, there are numerous pitfalls that you need to be aware...

How Entrepreneurs Can Stave Off Burnout

Have you been feeling more stressed and exhausted than normal lately? Everyone experiences burnout at some point in their career, and this is even more common with entrepreneurs due to the many responsibilities that they have. Here are a few ways to stave off burnout...
#InvestingInYOU: Consider Coaching

#InvestingInYOU: Consider Coaching

#Investing in YOU: Consider Coaching Mindy Jo, M.B.A. & M.Ed. Certified life coach & founder of worryaboutYOUtoday.com Life coaching. What is it? What is it NOT? Life coaching can have many meanings based on the type of coaching that is being offered, such as:...

Manufacturing Tips Businesses Should Follow

Manufacturing Tips Businesses Should Follow

To be a victorious business, it takes more than having an outstanding product. Knowing the significance of manufacturing and how it impacts their financials is integral for any organization that wishes to thrive in today's marketplace. To keep up with the competition,...

Nyago Michael Emmanuel

Nyago Michael Emmanuel

We invite many people who can invest in our Akiba Ya umoja community benefit savings and investment group of Uganda to enable us expand our operations in Uganda

All Categories

Business Operations

Entrepreneur Interviews

Marketing, Networking, & Social Media

Self Care & Personal Development

Working Moms

Business Software and Technology

Entrepreneurship & Small Business

Organizing Tips

Sales

Career Building

Family Businesses

Inspiration

Starting Your Own Business

Work-Life Balance

Communication

Hiring Help

Management & Leadership

Time Management & Priorities

Women in Leadership

Recent Posts

Elements That Should Be Part of Your Company Retreat

Elements That Should Be Part of Your Company Retreat

A company retreat is an excellent opportunity for team-building, learning new skills, and fostering relationships between colleagues. Whether your team is large or small, a well-planned retreat can be an invaluable investment in your company's success. We will explore...

How to Make Employee Health a Priority

How to Make Employee Health a Priority

Prioritizing employee health is crucial for creating a healthy and productive work environment. By investing in the health and wellbeing of your employees, you can improve morale, reduce absenteeism, and build a positive company culture. Here are some tips on how to...

Why You Should Run Your Business on the Latest Technology

Why You Should Run Your Business on the Latest Technology

In today's fast-paced business environment, keeping up with technological advancements is essential for success. Implementing the latest technology can offer numerous benefits, such as improved productivity, enhanced data security, and reduced costs.  Improve...

What are local links and how to earn them

What are local links and how to earn them

What local links are and how they might assist local businesses develop an efficient SEO strategy are covered in this article. Local links allow visitors to learn more about a region and its businesses by connecting websites from the same area that are relevant to one another. They must be pertinent to the neighbourhood and offer valuable resources or information. Content marketing, reviews, sponsored content, social media, and directories are all ways to generate local links.

Ways for Increasing Property Management Lead Generation

Ways for Increasing Property Management Lead Generation

Property management is not a simple job, there are multiple tasks that a property manager should complete for various property investors. Marketing is one of the difficult parts, but it’s crucial. You can only attract tenants to your property and gain income after you have generated leads. Therefore, you should try your best to come up with smart and effective strategies to get your company known.