My Five secrets to save money-every entrepreneur should know!!
In a competitive world, when customers are looking for low-cost solutions and to win the customers businesses are trying to offer low-cost solutions without compromising the quality. My business was facing tough competition. After a round of brainstorming sessions, I developed a strategy to save money. Here I am sharing my top five secrets to save money….
#1. Choose my space wisely
I decided to save on my space. I shifted to a smaller space which helps me to save 30% on my rental expenses. I suggest that to start a business, select your space wisely. Develop the must-have feature for your space like connectivity, display area, location, etc. Try to look for reasonably priced space to avoid initial expenses.
#2. Plan ahead
Earlier I was in reactive mode, which was a very costly affair to my business. I started planning before starting and it helps me to save a lot of money. I suggest that, if you consider all aspects with an economical angle well in time, you will save the hard earn money.
#3. Make smart marketing decisions
My business was facing tough competition so I was doing all types of marketing without judging the effectiveness. Later I realized to go for high ROI marketing. I adopted smart marketing decisions like using digital media, free advertising, good content, etc. which brings me, high-value customers, with fewer expenses. I suggest going form low-cost effective marketing.
#4. Do not copy
Earlier to win the competition I tried to copy the strategy of market leaders. Later I come to know that market leaders have a deep pocket and a big budget. I started developing our strategies based on our requirements which were cost-effective and more result-oriented. I suggest never try to copy others, develop your solutions based on your strength. Some times in race of copying & competition we invite trouble for ourselves.
#5 Start selling first
In my business, I invested a lot of time in designing, planning, marketing, etc. which increases the cost many times. After sifting to a new place I started selling from the next day. Selling brings money and money solves all the business problems. In business, only selling brings the money so start selling from day one.
Bonus tips
· Keep your fixed expenses low!
· Time is money, so stop wasting it!
· Save a lot of money beforehand!
#money#frugal#savings#entrepreneurship#startup
