Cutting back on everyday expenses could line your pockets for your next endeavor.
Many people have dreams of start their own business. One reason many people tell me they can't start their business is that they don't have enough funds.
Though it's defintely easier to start a business with loaded pockets, I can attest it can be done with very little savings. In fact, there are some businesses you can even start for as little as $100.
By saving funds each day, you can be on your way to starting your own business. Here's how.
Whether your vice is coffee or booze, drinking both of these things can put you back financially. Challenge yourself to give up drinking beverages outside the home. If your daily coffee runs you $3, in a month you'll have $60 saved towards your new business. Instead of buying beverages this month, you can start saving for a pack of business cards which will run you about $30-60 on a site like Moo or Vistaprint.
Avoid eating out and food delivery.
One of the easiest ways to save money is to cook your meals at home and avoid restaurants and food delivery. Sure, sometimes it can be easy to opt for $20 of Chinese food delivered to your door, but making a meal at home can cost as little as a few dollars. Last month, I challenged myself to eat at home as much as possible. With the month I saved I invested in new designs for my business. With your money saved, you can put the funds torwards hosting fees, licensing setup, and purchasing your business logo.
If you're always eating out and ording takeout, you can quickly drain your bank account instead of save for your future business. Not only will you be healthier this month, but your future business will thank you.
Avoid cabs, Ubers, and even the subway.
If you're in a city, chances are you might spring for a cab or Uber ever once in a while. Even if it's ocassional, these quick fixes can quickly add up. Challenge yourself this month to not only get some extra excercise, but save money on transportation if you're able to bike or walk.
Spring is here so I'm challenging myself to bike as much as possible. In New York City, it's usually just as fast as the subway and saves me gym time later. Everytime I bike, I save the metro fare which puts money back into my pocket to build my business.
Cut back today and reap the benefits tomorrow! How much can you save this month?