One of most difficult aspects of starting a new business is cost involved. Most people start a business because they need to EARN money, and finances are often tight.
Here are some strategies you can use to cover your business costs from very beginning...
#1. Talk to people!
I know this seems scary, but it is a great way to cover your monthly business costs quickly.
When you rely solely on automation to contact your customers and prospects, it usually takes 60-90 days to BEGIN to see results. This is quite normal for any type of new business but, when it's YOUR business, 60-90 days can seem like a VERY long time.
By talking to a few friends and/or family members -- people who respect you and with whom you have credibility -- you may find someone who is interested in giving your product or opportunity a try.
Often, just by talking to people, you can earn back your investment -- or even make a profit -- first month you're in business!
#2. Increase tax deductions on your W-4 form!
Almost everyone who starts a home business works a full-time job. But, did you know...
As a home business owner, many items that used to be personal expenses are now business expenses. This means you can write off many of these expenses as tax deductions!
Instead of waiting till end of year to file your taxes and get a refund, you can increase amount of take-home pay in your paycheck simply by increasing number of deductions on your W-4 form. (As a result, less money will be taken out of your paycheck for taxes.)
IMPORTANT: Before making changes to your W-4 form or filing your tax returns, be sure to talk with an accountant.
#3. Save your change every day in a jar!
This sounds simple, but you'd be surprised at number of people who don't take advantage of this easy strategy.
Most people spend loose change without even thinking about it...on coffee, candy bars, newspapers, etc.
Instead of paying for miscellaneous items with change, pay with paper money. At end of each day, put all your loose change in a jar. The average person is able to accumulate $20-$40/month in coins this way. This money can then be used to help cover your monthly business costs.
#4. Use coupons RIGHT way!
When most people use coupons, they simply pay less at cash register. But what happens to money they "save"? They just spend it on something else!