One of the challenges when starting a business is freeing up money to afford start up business expenses and costs.
It’s a bit easier to accomplish this if you are launching your business while you work. This way you still have the security of regular income to help you segway into business ownership.
The good news is coaching, consulting, and other service and information type businesses have no overhead and low start up costs. However, whether you are looking to create part time income, or a lifestyle change as a full time entrepreneur, you will need to trim household expenses to gain money for your business.
I have brainstormed some ideas for you to uncover more money with income you already have:
Get disciplined and commit yourself to making lifestyle sacrifices (remember this is short term discomfort for long term benefit)
Simplify your life (e.g. cut out all the fat and extras; stay lean) & live within your means
Create a budget to get a snapshot of your current financial situation and evaluate, “must haves” vs. “I wants.”
Consider re-financing your home (although rates have adjusted a bit, the rates are still low)
Consider re-financing your car loan rate
Trade down the kind/or type of vehicle you drive to potentially lower car note and/or lower your car insurance rate (also don’t forget about the option to lease as opposed to purchase)
Eat out less (this means pack your lunch everyday and go out for dinner less often)
Curb your entertainment appetite
Take coupons to the grocery store (I know this seems old school but you will be amazed how much savings you’ll see at checkout…especially on double and triple coupon days)
Pay attention to what’s on sale…yes this might mean that you have to stray from your favorite brand.
Buy clothing you can machine wash or dry clean.
Raise the tax exemption on your paycheck so that your take home pay is greater.
Take one less trip to the hairdresser or nail salon? (hmm)
If you’re a smoker it’s time to quit the habit and keep more money in your pocket (cutting cost on cigarrettes alone could be a small fortune)
Stay out of the mall 
I love Starbucks too, but you’ve got to visit less often
Consolidate credit card debt so that you pay one monthly payment at a much lower rate (the credit cards issued by retail stores especially are a killer, as high as 27.99% or higher!)
What are some other cost cutting measures that come to mind?
No matter what strategies you choose, remember the key is discipline, commitment, AND consistency, if you are serious about financing your business, and doing more with less in the household. Soon these cost cutting habits will become a new way of being and everyday living.
RECOMMENDED RESOURCE: Needing more ideas about cost saving measures for your business? Get professional consultative advice. Go to http://www.bizsuccessforyou.com ; Click on business consultants.
Posted in Business Development on 16th March 2010 05:16 AM
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