How to Keep Start-up Costs Low
|
| ||||||||
| Compare: | How much does a Logo cost? |
This is a guest article contributed by Daniela Baker*.
–
The success or failure of a business depends on how wisely you allocate start-up funding. As a solo-preneur you can monitor every expense and decide where your money will best be spent to get your business off to a good start. Here are four suggestions for controlling start-up costs.
Be Flexible & Smart With How You Get Funds
The cost of borrowing, along with the terms attached to most loans, can make them quite prohibitive to the small business owners. However, there are several other options new business owners may consider when seeking inexpensive and flexible financing. One of the most common methods is to raise capital from family and friends as these loans often offer attractive terms with very low, if any, interest.
Geoff Morris, chair of the Entrepreneur’s Forum, is a strong proponent of this approach. Mr. Morris advocates the use of funds from family and friends since terms are favorable with low, if any interest.
Keep in mind that borrowing from family and friends could put a strain on these relationships if the business does not grow as you had anticipated. For this reason, it may be best to borrow smaller amount from a wider range of people than large amounts from just one or two.
Think About Your Office Space
As a designer or freelancer it is likely that you will be working out of a home-based office so this may not be a significant issue. Too many new business owners fall into the trap of spending too much money on the trappings of a luxury office. As per Mr. Morris, new business owners should use utilize extra space in their home, even the garage for as long as is feasible. Another possibility is to join a start-up incubator. An incubator is a great option for new entrepreneurs as these spaces typically provide access to a copier, scan, telephone and fax services. Not so incidental is that an incubator also permits you the opportunity to interact with other start-up business owners for support and camaraderie.
Consider Your Options for Computers / Equipment
As a modern designer, it is is more than likely you will need a computer / laptop with a consistent Internet connection, along with software. The next step is to identify the least expensive option for purchasing these products. One idea for new business owners is to rent and lease a laptop rather than purchase, since this gives you the flexibility to change models as your business grows. Because a computer is essential to your business as a designer, do not shortchange yourself in this one regard. Also, remember there is no magic button.
Use Low-Cost Marketing Strategies
There are several low-cost strategies small business owners may employ to keep marketing costs down, especially with social media. Create a page on Twitter, Facebook and LinkedIn and engage prospects with status updates that pose questions or ask for feedback. Engage with your network. Join discussion groups or start a blog to become recognized as a thought leader in the field. Email can be used to promote special offers. Write an article or series of articles and submit to article directories or as guest postings on the sites of colleagues.
Do you have any other tips to help keep start-up costs low?
–
*Daniela Baker is a small business blogger at CreditDonkey, where she helps startups compare small business credit cards to maximize rewards. She says, to sum up the philosophy of start up costs: Spend small to grow big! Photos by Shutterstock.
© This article is copyright of Just Creative Design and should not be found elsewhere.
Related Articles:
Fri, 20 Jan 2012 19:17:44 GMT
Tags: Business, Freelancing, Start Up,
Merton E-Commerce | Oakland E-Commerce | Key Largo E-Commerce | Manchester E-Commerce | Fort Lauderdale E-Commerce | Valparaiso E-Commerce | Springfield E-Commerce | Naples E-Commerce | Utica E-Commerce | Brookhaven E-Commerce |
Business
2011-03-16 | Baltika
“The project was initiated by the new managing company, which set its objective at achieving much higher quality of service. We proposed to avoid direct associations with marine themes and use instead the most advantageous aspects of the centre&#
Questions to Ask Yourself Before Becoming a Freelancer
This is a guest article contributed by Lior Levin. – Everyone has the dream of working from home and being their own boss. Who wouldn’t want to enjoy that luxury? Freelancing is one of the many jobs that one can do from the comfort of their own
3 Great Ways To Attract Higher Quality Clients
This is a guest article contributed by Lior Levin. – You have probably been in a situation where you felt like a client was not willing to pay you enough or did not appreciate the quality of work you had put into a project. For freelancers &
Freelancing
Tips For Negotiating Budgets
Liaising with potential clients is an art, especially when it comes to money. It takes a lot of practice to be able to gauge your client’s needs & budget (or lack of) and negotiate an outcome that both the client and yourself are satisfied with.
Productivity tips for working at home
This is a guest article by Jennifer Moline* outlining some tips & ideas on how to set your self up for success when working at home. Set Yourself Up to be Successful You can set yourself up to be successful by knowing where you are weakest. If you ar
Do One Thing and Do It Well
This is a guest article contributed by Jennifer Moline*. – The old adage, “jack of all trades – master of none,” can apply to the graphic designer who tries to do it all: web development, letterhead design, logo creation, coding, etc. While designer
Start Up
How to Keep Start-up Costs Low
This is a guest article contributed by Daniela Baker*. – The success or failure of a business depends on how wisely you allocate start-up funding. As a solo-preneur you can monitor every expense and decide where your money will best be spent to get
Need Logo Design? Check out our member profiles:
We link the message to the medium. Design solutions that work. Art for Advertising. Graphic Design that works for your business, a rate that is reasonable. Brand your business today!
Sarasota, Florida US
We design distinctive and strategic branding images to help companies unify their communications in every channel.
Stamford, Connecticut US
We are a professional graphic design & marketing firm with a cutting edge creative process. Contact us to get started on a logo that reflects your organization's personality in the most effective way!
Valdosta, Georgia US
Williams Web Solutions provides web design and redesign, web application development, website and e-mail hosting solutions, offsite backup, dedicated and virtual server hosting, computer repair.
Kingsville, Texas US
Narhir Design is a Web Design & Web Development company offering custom design and Flash development solutions at a highly competitive price. We have many satisfied customers
Ciechanów, Mazowieckie PL
Find & Post Freelance Project For Logo, Banner, Menu, Web Template, Video, Flash, Splash & Landing Pages.
Palmdale, California USLogo Design Articles
Scope Creep – How to avoid, manage & kill it.
Scope Creep. No it’s not that guy that’s been sitting in the corner of the cafe staring at you. In fact, if you don’t know how to deal with scope creep, it could be much worse. Scope creep, put simply, refers to uncontrolled changes in a"
Senior Designer Position Available at Fossil
Vintage-inspired fashion house Fossil is looking to hire a Senior Designer. Responsibilities will include collaborating with and supporting the Art Director in the design and development of the Fossil brand image. Potential candidates must be aware of vin"
Angus Hyland on logos
My very favourite mark is the World Wildlife Fund. I’"
2012-02-24 | Bufete Alfonso López
Bufete Alfonso López lawyers office. In use. Credits: Folch Studio Related Logos: 2012-02-23 | Cloud Experience (3) 2011-08-12 | Heart Throbs (1) 2011-06-21 | Fashion Law Institute (20)"
Raymond Lemstra
Raymond Lemstra is a Dutch illustrator based in Amsterdam with a unique and playful aesthetic that thematically explores primitivism through character design and masks. He takes great care in every illustration he creates, which is evident in the assiduou"
Article Tags
Logo Design Articles
Logo Of The Day
Found design
contemporary
USA
Illustration
Typography
Design
Designs
Books
identity
Well known
graphic-design
Web Design
Classic
logo design
Uncategorized
Freelancing
Guest Articles
UK
posters
Friends:
Useful Design
Logo Design Quote
Logo Design Jobs
Graphic Design Jobs
