by Murray Lunn

Created on: October 23, 2010

Unless you have funding, starting your own business will be a huge commitment both mentally and financially. In the modern world, it’s very possible to bootstrap your business on a shoestring budget when starting out. The following tips will give you five different ways you can use free tools, business mindsets and existing tools to save money when running a startup.

Tip #1: Use free online tools

Whenever possible, try to use free software, tools and services if possible – most of them will be online. Most open source and free tools are equal in value to their paid counterparts – start your business with an open mindset and you’ll keep costs low at your startup.

Tip #2: Leverage your existing network

Chances are that if you’re a small business owner than you have probably made the effort to network with others. When starting up your business is sure to call in favors and help from those that you’ve networked over the years – be sure to pay them back for their time and effort though.

Tip #3: Carry only the essential products and cut out bad customers

Don’t try to carry every possible item at your business; only keep items which you know convert well and add value to your business and customers. Likewise, be ready to get rid of customers that only take up time and hassle you and your employees – without them in the picture you can help the customers that matter most such as the long-term ones.

Tip #4: Find the time that works best for everyone

A traditional start up may require you to have an office set to normal 9 to 5 work hours but in today’s society any business can craft themselves to work best for the employees. Instead of working a traditional schedule, consider telecommuting or letting people work when they feel productive – just make sure they are accountable.

Tip #5: Learn for free (online)

You no longer need an MBA in order to be successful in a business; the internet gives us all the ability to learn from the best – absolutely free. When you’re in need to learn a specific area of your business you may not know completely about just load up your web browser and start hunting down information online.

An alternative route is to consider purchasing business related materials created by other successful business owners. There are many eBooks, courses and video’s that are widely available online that can help you save money by not investing toward hiring new people and doing it yourself.

Conclusion

Go into your startup with a flexible mindset; always be ready to change on a whims notice and be open to use free methods to help build your business – it’s one thing that big business doesn’t have the luxury of doing; this is your advantage. 

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