moonchild
VIP Contributor
When starting a new business there are lot of expenses required to keep the business afloat, in this article we will be looking at how you can manage your expenses and even save money in the process.
Firstly, you have to determine what you are spending the most on, is it running cost, employees salary, hosting fees or whatever it is, make sure you're specific.
Secondly, cut the costs accordingly, if it's running costs explore other alternative that you can use other than the current one, if it is employees salary, you can fire some or renegotiate salaries, there different ways you can cut costs, if it is a shop or an office space you can decide to move into a low cost environment.
Another options are, taking investors money and expanding the business, this can be possible by drafting a business plan and then submitting it to various investors, the biggest investor network is AngelList.com.
You can also try getting a job, this will help you to raise money for your business independently and grow it or equally ask relatives for seed funding.
When trying to manage costs in a business you have to be willing to explore many options before you get to an optimize solution
Firstly, you have to determine what you are spending the most on, is it running cost, employees salary, hosting fees or whatever it is, make sure you're specific.
Secondly, cut the costs accordingly, if it's running costs explore other alternative that you can use other than the current one, if it is employees salary, you can fire some or renegotiate salaries, there different ways you can cut costs, if it is a shop or an office space you can decide to move into a low cost environment.
Another options are, taking investors money and expanding the business, this can be possible by drafting a business plan and then submitting it to various investors, the biggest investor network is AngelList.com.
You can also try getting a job, this will help you to raise money for your business independently and grow it or equally ask relatives for seed funding.
When trying to manage costs in a business you have to be willing to explore many options before you get to an optimize solution
