Starting up a company is an exciting and stressful time, and every dollar you have inevitably ends up going toward your new startup. There are ways to stretch the money you launch your startup with, and they can be anything from day to day things, such as not buying a coffee on the way to work, to bigger investment style things, like installing outdoor blinds to increase seating capacity at your brand new cafe.
These might not immediately seem like they’ll make that much of a difference, but in the long run more seating means more customers at any given time, and that coffee money starts to build up quickly.
1. Save on Housing.
Up to one third of your income can be spent on housing, and while that seems like an unavoidable expense, sometimes you have to make concessions where you would rather not, such as getting roommates, or moving back in with your family. These are not glamorous solutions, but they free up considerably more capital to spend on your new venture, and at the beginning every dollar counts
2. Discover Relevant Government Grants.
After housing is sorted out, your next step should be researching and applying for any available government grants to help bolster your business. The Australian government is a supporter of Australian businesses, and there may be a fund available for someone in your exact position. With a government grant, you might be able to open sooner, or hire more staff right from the get-go.
3. Keep an Eye on Your Finances.
Make sure you record and remember everything you spend while your startup is launching. You want to know where every cent of your money goes, partially so that you can more effectively budget in the future, but mainly because you want to see what parts of the business are costing the most, and what can be improved in those parts to make them more cost effective.
4. Take Care of Yourself.
This is often forgotten, but as a business owner, it is very important that you look after yourself. Spending all your time, energy, and money on your new business might be what you want to do in the flurry and excitement of opening, but taking some time out of your day to sit and relax for a minute is important for your physical and mental health, and neglecting that means that you aren’t running your business at your best, and if you aren’t running at your best, your business isn’t running at its best.
Networking is very, very important, and many people don’t do it in the early days of their business, but finding the time to go out and meet other business owners is imperative. Partnerships can be forged through social connections, lucrative marketing campaigns and a better insight into your competitor’s business model are just some of the benefits of networking effectively, and the friends you make in the business game can be powerful allies later on in life.
Startups are a rewarding and often lucrative direction to take in life, and depending on how you manage it, it may be the last job you ever have. Succeeding at getting your business off the ground won’t be the end of your troubles, but it will be the beginning of a new journey with a unique set of obstacles and challenges. With the above tips on how to further your startup capital, you stand a better chance at success than your less informed comrades in the startup world.