Financial Hacks for New Business Owners

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2 years ago

Are you a first-time business owner in search of a few quick fix tactics that can make a difference? If money, or the lack of it, is at the heart of your current entrepreneurial dilemma, it’s heartening to know that there are dozens of effective, efficient ways to overcome this common challenge and achieve success. For the majority of founders, the first step is to obtain a small business loan. The move makes sense for a variety of practical reasons. Additionally, the simple concept of working from home instead of from a rented office can be a game changer for the budget of any small company.

Other powerful techniques include leveraging the transformational strategy of expense tracking, gaining access to little-known no-cost advertising resources, and joining the local Chamber of Commerce. All these moves cost nothing and can serve to deliver significant savings on goods and services that every new owner needs. Whether you’re looking for ways to save a few bucks or to completely realign your financial operations, the following suggestions can speed up the process to long-term profitability.

Get a Small Business Loan

Applying for a loan might not seem like a financial hack, but it’s surprising how many thousands of first-time entrepreneurs resort to inefficient funding techniques instead of getting a small business loan. Perhaps the biggest mistake founders make is taking out second mortgages or burning up retirement accounts to bootstrap their new companies. On the other hand, applying for Accion Opportunity Fund business loans makes much more sense.

In fact, the most successful long-term small enterprises in all industries leverage the power of smart borrowing to cover all the costs associated with getting their doors opened. Likewise, when you obtain a business loan, you have the chance to structure the agreement so that you get the amount of money that meets all your startup needs at once. It’s a more efficient way of dealing with expenses than borrowing against a house, running up credit card balances, or depleting retirement savings.

Work from Home

Working from home can be the single most effective tactic for minimizing expenses, particularly during the first year of operations. Unless you have a need for public office space, try running your company remotely and convert an area of your home into a dedicated workspace. Remember to make it as private as possible so you can keep out potential interruptions. Purchase the right equipment and a comfortable computer chair to avoid back strain. Track all expenses with an app so you can keep a close eye on where your money goes. Likewise, when tax time arrives, you want to be able to deduct every relevant expense.

Use No-Cost and Low-Cost Marketing Tools

Fortunately, there are plenty of free or low-cost forms of promotion, including marketing on social media platforms, community posting boards, discussion forums, and more. Consider sponsoring local events like fun runs and amateur art shows. Many entrepreneurs do charity tie-ins with local organizations that help the needy. Anything that gets your company’s name before the public eye is beneficial, so don’t overlook any chance to get involved in community events and activities. Joining the local Chamber of Commerce for a modest fee is a smart way to make important, potentially profitable connections with other local merchants.

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