A Message From Our Founder
Here’s my philosophy: if you want to start a business, you have to be willing to find ways to MAKE IT HAPPEN (no excuses). Tuition ✓ Bills ✓ Expenses ✓ These were all things I had to continue to pay while saving money for my business. Discipline was the most challenging adjustment for me to adapt. Cutting back on brunch dates with friends, movie nights with the hubby-to-be, and random shopping sprees were just a few things I had to sacrifice to make my dream a reality. Trust me, it was not easy but it was worth it! Here are 7 tips I used to save money to start my business:
Plan it out
Be very specific with your financial goals. You need to map out how much you need, by when, and what you need to save every month in order to reach the goal. When you know what your targets are, you’re more likely to stay the course and continue saving for them for the long-term.
Go cash only
If you don’t have the cash, you don’t buy it. Leave those credit cards at home; all they do it start trouble. It’s much easier to stick with a weekly budget when you only give your a specific amount of money to spend.
Cook at home/Pack leftovers
This one’s not my favorite, as I absolutely love going to out for dinner and drinks, at new restaurants popping up every month it seems. However, spending $15 to $30 every weekend definitely adds up. So try my approach and allow yourself a few days a week to prep breakfast and lunch, and make dinner at home after work. Your friends will understand that you are working towards your dreams and going for cocktails just isn’t in the budget.
Automate to savings account
I’ll be honest with you, savings is not easy but it’s not hard either. Start a savings account that’s out of site, out of mind. Set up automatic transfers as low as $25 every two weeks. These days, in our world of instant gratification, it’s more necessary than ever to be able to stay focused on saving money any way you can. Having this bi-weekly money date will discipline you to keep your eye on the prize.
Tell your family & friends
Every year you look forward to holidays and birthdays for the gifts. As we get older, we need less. Instead of asking for things we really don’t need from our family and friends, ask them to invest in YOU. Business cards, web design, packaging, legal documents…all cost money! So for your next birthday or holiday request cash or something specific for your business. Trust me, in the long run you’ll be happier with one less expense for your business than a new pair of shoes.
Read a personal finance book
When you learn about personal finance, you’ll learn even more strategies to help you save money for your goals in life. Knowledge is power and the more you know, the more you can save.
Pick up part-time gig
When you’re working a lot, there’s not much time left to shop and spend money. Stay busy and pursue a career you love—then watch how when you’re busy hustling, you spend less. Most people may not know but in the last leg of my $6,000 savings goal, I started driving for Lyft and working in retail. The extra cash helped fund my business cards, shipping supplies and a few other materials I needed to launch Glamorous Planning. No shame at all! I am a firm believer in doing what you have to do, to get where you want to go. Funding a business is difficult with no capital, investors and managing bills.
What sets you apart from the rest, is how willing you are to out-work the competition. – Alexa Williams