When you first start a business you are likely going to worry that you are going to have none of that start-up capital left in a matter of days. However, there are a few things you can do and places where you can save some serious cash.
There is a big wide internet world out there that is packed with more skills than you can imagine. Websites like Freelancer, Upwork, and People Per Hour are heaving with talent. If you need someone to fix your website, or perhaps someone to design a killer logo then hit those sites and you are likely to get top-notch work for a tiny price. The joy of hiring someone this way is that they will be in charge of their own taxes and hours, you pay for the end product. Unless you chose to keep a running contract, you are free to try someone else out next time.
If you are too strapped to get a specialist, then learn to tackle things yourself. You can use any of the free online courses to teach you what you need to know and use trial and error to get the right end product. Granted there are some areas in which you really should be looking to hire people, www.safebitsolutions.com for example, could help you manage a totally mobile workforce – handy eh? As for the rest, things like social media, you can check out platforms like Hootsuite, Social Sprout, Buffer or Social Oomph to create long last campaigns, and track your social impact. They even have people you can talk to help you navigate the platforms and manage your accounts better.
When you watch movies about people starting businesses or becoming a freelancer, they seem to all be living in coffee shops. Spending out cash day after day on coffees, snacks, and travel. There is no need. Unless the coffee shop is part of your business plan then scale this one back to every-now-and-then instead of as often as possible. If you don’t think this one will make much of a difference, then spend a month putting $4-5 in a jar per day for the coffee, plus travel and then food. At the end of the month, you will get an idea of how much you have saved up.
Set up an automatic saving app. Something that many people forget to do is protect what they already have and already earn. Set up an automatic saving app like Cleo or Chime and at the end of each month check your balance and see if you can use that money to clear some debt or invest into something that your business needs. If you don’t feel like you can save larger amounts without landing yourself in a tricky situation, then try the ‘skimming’ method. Use an app to skim the top of every $. For example, if you spend $9.75 it will bank $0.25 for you – a smaller way to save. Another tip here is save-up in advance of leaving your job to live your dreams.