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The Top 5 Saving Tips for Startups

September 17, 2020

Do you own your own startup business, and have some troubles saving in your personal economy? 

The startup life isn’t really getting you rich. Not at first at least. There is a fine line between your startup’s economy and your personal economy in the starting phase, and it can sometimes be hard to seperate the two. Your startup becomes your whole life and you want to spend every penny you have on it. But it’s important to distinguish between the two so that you can live a good life outside of work. 

In this article, we’re going to provide you with the top 5 saving tips for you!

1. Networking

When you’re recently established on the market, your biggest resource is going to be your network. Before you have gained many, or any clients, you have to rely on getting your brand published in public. And for people to get to know you, you must share your brand wherever you can and with whomever. 

But networking isn’t your only resource when it comes to word of mouth – there may also be financial help among your acquaintances. Swap services, and if a service swap is not applicable, you may still get a better price just because you know someone. Anything helps! 

You may also want to try going to business and networking events to add more acquaintances to your professional network. 

2. Budgeting

Ah, yes, budgeting. You may already be doing it for your business, but have you tried budgeting your personal economy as well? By setting up a budget, you get a good overview of all expenses and earnings each month. When setting up a budget, you can easily monitor what expenses you can cut. 

While setting up a budget, you might also see that you’re spending too much on credit card bills or loans. If so, you may want to refinance in order to combine all of your existing loans and credit card bills in one larger loan. By doing so, you can easily cut unnecessary expenses that are going to work wonders for your budget.

3. Look for Financial Support

Finding yourself at the start of a project or business can be economically demanding. Firstly, there may be a lot of new equipment that has to be in place. Additionally, the service or product has not received significant distribution on the market, which causes a huge budget post.

Fortunately, there are many organizations, banks and investors looking for new exciting projects to invest their money in. Investigate the market and see if there are any people out there who could be interested in your particular project.

4. Look for Personal Loans

A personal loan with favorable interests and a smart payment plan may help you on your way to become financially stable. 

If you need extra funding during the start-up phase, you can save a lot on choosing the right loan for you. Even though the banks follow the general interest rate level on the market, it is up to each bank to set its interest rate based on its own risk assessments. Therefore, it pays off to compare and collect loan offers before submitting an application.

You may want to look for a personal loan with a low interest rate. Research the market, and find the most suitable bank for you. 

5. Set Up Automatic Payments and Transfers

Not all banks have this option – but some banks allow you to set up automatic payments and transfers. Set up automatic transfers to your savings account and automatic payments to your regular monthly expenses. 

And if possible: Always choose to receive a digital invoice. While you previously received invoices exclusively on paper, you can now choose a more easy-to-use variant. Not only is the digital invoice easier to handle, but it is also considerably cheaper. The traditional paper invoice comes with additional expenses from the companies that issue it, both in terms of materials and for environmental fees. By choosing to receive an electronic invoice, you will lose these expenses and save money. 

Good luck!

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