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How to Avoid Useless Spending When Starting Up Your Business

Are you thinking about starting up a business? If so, make sure you pass on these items as they will consume all of your money. Although the economy is not in the best of times, many new successful businesses have been started up during a slow economy. What you need to do is make the most out of the cash you have since credit is tight.

During the first few months you will most likely be under financial stress. You do not want to spend money where it is not necessary. It is highly critical to launch your product, products and/or service wisely.

Tips on getting started include mapping out a budget. Stick to it so make it a comfortable one when you create it.

Barter!

Use the barter system whenever you can. Instead of having to spend your cash, offer your services for a service you need. For example, if you are a photographer offer your services to someone that does taxes and/or bookwork.

Don’t Buy Unnecessary Expensive Office Furniture

Spend more of your money on high quality services and value versus expensive office equipment, an expensive website, etc. After all, if your customers are happy with your services they will come back for more. Customers do not care if you have a top notch contemporary looking office if your services and/or products are poor.

Try Guerrilla Marketing

Try to do as much marketing of your business yourself as you can. Do not spend a fortune for a professional to do this for you. They call this Guerrilla Marketing based on the book by the same name. You know your product and/or service and you can spread the word. You can write articles, blogs and get your website link all over the Internet to help your business rank online. Or you can find inexpensive freelance writers to write your articles and blogs for you. Whomever you hire should know how to submit your articles to highly used websites as well as using keywords correctly in your articles and blogs.

Jay Conrad Levinson, this describes guerrilla marketing:  “… achieving conventional goals, such as profits and joy, with unconventional methods, such as investing energy instead of money.”

Research Your Pricing

Keep your prices reasonable but do not under price. You need to make sure you put a price tag on your products that will gain you a profit. In the end you do not want to have to try to catch up so you can make a profit.

Don’t Stray From Your Original Idea

Stay with your original idea and market that. If you come up with another plan to sell other items or some other idea, let it go for now. You can add to your business later-remember to stay focused and get this idea off of the ground first.

By following the above tips on starting up your new business, you have the correct tools to follow to succeed for the long haul.

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