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Shoestring Budgeting

Tips on keeping costs as low as possible.

  • Realize some businesses are easier to bootstrap than others. Service businesses, particularly homebased ones, are easier to start up than manufacturing or retail operations.
  • If possible, run your business part time at the start. This way, you still have your job income to fall back on, which also allows your to redirect monies back into your company. Again, this favors service entrepreneurs.
  • Once you get started, keep your overhead low. If you're a homebased entrepreneur, stay there as long as possible.
  • As you try to get your cash flowing, negotiate with vendors and suppliers to get payment extensions.
  • Maximize the resources you have. Make do with what you've got until it no longer serves your purpose.

    Excerpted fromGet Smart: 365 Tips To Boost Your Entrepreneurial IQ

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