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If you are someone who has taken a massive leap of faith and decided to start their own business, chances are that your resources are limited; monetary and human resources. And to kickstart the company, you need to have some saving money (or resources) tips. That doesn’t mean that you will illegally reduce your income tax or pay your employees minimum wages.
There are some tips that will help you cut down on expenses when you first start your business.
Here are some of them:
1. Don’t focus on scaling your product/service too soon
At the beginning of the launch of your new product/service, people aren’t still sure whether they trust it, whether your brand focuses on quality, or if it is even a reliable product. To position your product/service as a high-quality one in the minds of potential customers in the beginning, it is smart to try to perfect the product/service as much as possible before focusing on scaling.
Startup owners sometimes make the mistake of trying to hire as many employees as their budget allows them in order to produce more, but that’s not the best way to do it. Stick with your current employees, and later on, they will have so much loyalty towards the business because both of them grew together.
2. Don’t shy away from asking for discounts
The best way to get discounts is to ask for them. When you start your own business, it is very important that keep an eye on discounts, and frankly speaking, no one wants to give discounts, but if you make it clear that you won’t use their services without a discount, most of the time they wouldn’t risk losing a customer.
Therefore, ask for discounts every time you can. Oftentimes, vendors and suppliers set the price according to this becau… Read More
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