Startups: Getting More by Spending Less

Posted December 17, 2014 by
Melissa Burns

Melissa Burns

If you are a student and you want to create your own startup, you have to face many difficulties. One of them is a limited budget. Don’t worry – it will not be the worst of your problems and it is definitely not a good reason to give up on your dream. I would like to offer you five tips that will help you to manage your money well.

Lend from Parents

There could be only one problem with this tip – what if the parents don’t believe in your future success? Moms and dads are often worried when their children try to do something unusual, because it might distract them from the studying process. And when this “something unusual” requires money – the level of parents’ suspicions gets even higher. How can you solve the problem? Talk to your parents, show them your business plan. If nothing works – beg. But at the same time you should understand – if your startup fails, you still have to give back the money.

Using Connections

If your available budget costs are low, it’s high time to remember what for God gave man a tongue. If you want to be an entrepreneur, you will have to develop your communication skills. Also, don’t hesitate to use the help of your friends – and by help I don’t mean free work. They might know someone you need. It won’t cost you any money to ask them.

Office in a Trailer

Be creative and find interesting decisions for your financial problems. For example, if you need to set up an office, it is not necessary to spend up thousands of dollars on the rent. You can actually buy yourself an office – once and forever. Mobile offices are something very profitable and at the same time – extraordinary. However, a trailer cannot serve as an office in every kind of a startup, so be reasonable when making your choice.

Free Stuff

The biggest problem of most entrepreneurs – they just don’t notice all the things around them that can be taken for free. Free services, free software, free ideas – it all just lies around, waiting for someone to pick it up. If your budget is limited and if you have certain necessary business skills, with a little practice you will be able to find and notice various free things one can use in his startup.

Exchanging Services

Money is not the most important resource. After all, people only use it to buy materials and services they need. So, when you are short of money and need certain help – why not try and barter? There are certain people who might need your services (or products) and who are ready to pay you with other services (or products). For example, you opened a restaurant, but you don’t have decorations for your walls. On the other side of the street there is a shop which sells decorations, but which is not too popular. Why don’t you go and offer them some of your food for a “welcome day” in exchange for a certain amount of decorations?

All in all, bear this in mind: there is a solution for every problem. If you have low budget for your startup – so be it. Just use these tips and everything will turn out fine.

Melissa is a student of journalism. She is graduating this year and is working on her own project Studday dedicated to deliver information about educational trends and opportunities to students all over the world.

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