Get the latest news, exclusives, sport, celebrities, showbiz, politics, business and lifestyle from The VeryTime,Stay informed and read the latest news today from The VeryTime, the definitive source.

Best Practices for Bootstrapping a Small Business Start Up

34
    • Opening a new business can be an expensive proposition. Between the fees to establish the business, purchase office expenses and pay employees, an entrepreneur may feel like they don't have much capital left. Owners with little money may need to "bootstrap" a business, a term which means that the business owner attempts to operate the business with their own resources.

    Open Source Software

    • Open-source computer programs, or free software shared among a community of users, have improved in quality over the last couple of years. As operating systems such as Linux and word processing applications such as Google Docs and OpenOffice become popular, businesses can save tons of money by becoming educated on these products, which perform many daily business tasks but cost little to the owner.

    VoIP

    • VoIP, short for "Voice Over Internet Protocol," are phone systems that run over the Internet. Bootstrap businesses may be able to save on huge phone bills by using these systems. Inside CRM estimates that businesses can save up to 60 percent on telecom bills using VoIP instead of traditional telephone service.

    Utilities

    • Shutting down equipment when not in use can save a business up to 25 percent on energy consumption, and turning off computers at the end of the day can save more than 50 percent. Bootstrapping businesses can do even more, by using energy-efficient lighting or eliminating unnecessary lights altogether. Adding motion sensors and timers to automatically shut off equipment or lighting when not used will cost initially but can help save money down the road.

    Online Meetings

    • Instead of meeting in person, bootstrap operations should look into using technology. Between email, VoIP and file-sharing solutions, small businesses can save on travel costs.

    Freelancers

    • Instead of hiring people to maintain each part of the operation, find outsiders who will do for less money. If a small business thinks they can do the job more cheaply with employees, they should remember to factor in employment taxes and employee benefits.

    Equipment

    • Small businesses can save money by looking online and in-person for refurbished and used office equipment. They may visit going-out-of-business sales to find bargains on supplies, visit used equipment web sites and search estate sales for bargains.

    E-Newsletters and Email

    • Instead of traditional mail, marketers looking to cut corners will use electronic techniques to reach the end client. Marketing expenses can overwhelm a company looking at direct mail to get the word out. Instead, the Internet offers many options to marketers allowing them to mail prospects for the cost of an Internet service provider.

    Public Speaking and Tips

    • Entrepreneurs short on cash can advertise their service by becoming a speaker and expert in their field. Instead of paying for marketing, they find groups that want to know more about the field and can give tips by blogging, social media and public speaking opportunities.

Source...
Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
You can unsubscribe at any time

Leave A Reply

Your email address will not be published.