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5 Money Saving Startup Entrepreneur Tips

You may wonder why businesses built on brilliant ideas still fail. The answer is usually fairly simple. Having an idea for a business and having an idea about how to run a business are two entirely different things. The reason most startups fail centers around two things — management skill and financial skill. A dearth of any of these two can kill your business.

Now, let’s focus on the latter reason, financial skill.

RELATED: Save Money 101 Ways

Let’s say your capital base is robust enough to deal with all your business expenses. If you do not know how to be disciplined and frugal with spending, the amount of money you have in your business’s kitty will not do you any good.

If you are a startup entrepreneur, here are a few tips to help ensure that you maintain your capital base, and enhance your profit margins as soon as possible.

1. Postpone personnel rewards.

Starting and running a business is already a herculean task on its own. Think of how much worse things will be if you start dolling out exorbitant amounts of money on unnecessary employment benefits and expensive salaries. You can avoid depleting your capital by avoiding these practices. Set your employee salaries reasonably and agument it with performance bonuses.

If you must have employee benefits, limit them to only those that are critical to motivating employees to achieving the set goals and objectives. Beyond helping you save money by breaking even and turning profit sooner, this practice will help you develop a culture of frugal and disciplined spending in your business.

2. Keep personal and business finances separate.

You are the founder of your business. This implies that you own the business. The problem comes up when you mistake this to mean that you are the business. No  successful business can be run with such a mindset.

Always keep your personal and your business finances separate. Money made from the business is for the purpose of maintaining and growing the business. If you do not separate these two, you will soon find yourself dipping your hands into the business’ coffers for reasons that are only of personal benefit.

It helps to have you on the payroll of the business like every other employee. This ensures that you are making money from your business while also preventing you from depleting business funds.

3. Spend cheap with coupons.

Don’t ever buy stuff because you can afford to. Having enough money to make a purchase does not mean that you should make it. Develop the habit of looking around while shopping — especially online — to ensure that you get the best possible deal.

One way to spend cheaply is by using coupons. You will be amazed how much you can save. I have always used coupons whenever available for important business purchases. When I purchased the first set of PCs for my ecommerce startup, I was able to save a good amount of money by using the coupon codes I got through Promocodewatch. The fact is, coupon codes have remained one of the main reasons some businesses have been able to start up and stay afloat.

RELATED: Stop Overspending Habits

4. Skip the real estate.

You do not need a corner office to run a successful business. Many businesses that are successful today started in awkward locations. Just ask the founders of Google.

Do not spend money on real estate that will not directly benefit the business. You can turn part of your house or any other free space you have into an office. From there, you can run your business with your small band of employees.

Let the business grow and expand organically so that when the time to spend on real estate comes, you will know about it and better still, you will be able to afford it without putting a financial strain on your business.

In essence, drop off whatever won’t be missed if they are taken out. You can start cheap, and scale up later. I started my first six figure e-commerce business on free WordPress themes. I scaled up from there.

5. Purchase key person insurance.

In every business, you will find that there are certain people who are invaluable to its success. One way to protect your business is to purchase key person insurance on such a person. As a business owner, you certainly belong in that category.

Key person insurance is a fancy way to describe life insurance on you, co-founder or key employee on whom the continued successful operation of your business depends. The business is the beneficiary under this policy. This insurance coverage is important because it ensures that if anything should happen to the key person, rendering him/her incapable of working, the business will have other options available to them besides filing for bankruptcy.

The business will be able to use the insurance payoff to cover operating costs and pay off debts until they can find a replacement for the key person.

The ability to adequately align your business with strict budget discipline is critical to its survival. Since finance is the life-wire of most businesses, every startup entrepreneur should focus on how to efficiently manage his/her business budget.

Now, we want to hear from you! Would like to share your opinion or make a comment on the Unlock Your Wealth Radio Show? If so, then please leave your comment or questions in the space provided below and share this article with your friends and family on Facebook and Twitter. Your comments or question could be chosen as our featured Money Question Monday and a phone call by financial expert Heather Wagenhals could dial your way to be live on the Unlock Your Wealth Radio Show.

Joe Nicassio on Unlock Your Wealth Radio

Resurrecting America's Entrepreneurial SpiritJoe Nicassio, Marketing Systems Architect and author of Resurrecting America’s Entrepreneurial Spirit joins Heather Wagenhals, Host and Executive Producer of Unlock Your Wealth Radio to reveal entrepreneurial and marketing advice for individuals to become stronger and more self-reliant in the work-field. Tune in to the Libsyn platform as Joe explains the new breed of entrepreneurs and how to succeed in this era of entrepreneurship. 

As America’s leading expert at troubleshooting business problems, Joe has successfully coached hundreds of entrepreneurs to get more customers, to pay them more money, more often, and in the fastest and most cost effective ways possible. In this interview Joe teaches us that it’s not just one thing to be successful as an entrepreneur, but rather there are multiple disciplines and a foundation to build in order to become successful. 

Tune in to the Unlock Your Wealth Radio as Joe reveals the 5 elements you need to for a solid foundation in a company and the two most critical components to achieve this success. 

The Keys to Riches Financial Wellness Series from Heather Wagenhals logoThis week’s key trivia is based on last week’s key:
Forget the Perfection Principle.

Plus Minutes on your Money, this week’s MoneyismMoney Drama and so much more as you Start anew in Season 22 with Unlock Your Wealth Radio.

Learn more about The Keys to Riches Financial Wellness Series in this week’s key:
Practicing the 3 R’s.

Joe Nicassio on Unlock Your Wealth Radio

Resurrecting America's Entrepreneurial SpiritJoe Nicassio, Marketing Systems Architect and author of Resurrecting America’s Entrepreneurial Spirit joins Heather Wagenhals, Host and Executive Producer of Unlock Your Wealth Radio this Friday, March 20th at 9AM PST to reveal entrepreneurial and marketing advice for individuals to become stronger and more self-reliant in the work-field. Tune in to the Libsyn platform as Joe explains the new breed of entrepreneurs and how to succeed in this era of entrepreneurship. 

As America’s leading expert at troubleshooting business problems, Joe has successfully coached hundreds of entrepreneurs to get more customers, to pay them more money, more often, and in the fastest and most cost effective ways possible. In this interview Joe teaches us that it’s not just one thing to be successful as an entrepreneur, but rather there are multiple disciplines and a foundation to build in order to become successful. 

Tune in to the Unlock Your Wealth Radio this Friday, March 20th at 9AM PST as Joe reveals the 5 elements you need to for a solid foundation in a company and the two most critical components to achieve this success. 

The Keys to Riches Financial Wellness Series from Heather Wagenhals logoThis week’s key trivia is based on last week’s key:
Forget the Perfection Principle.

Plus Minutes on your Money, this week’s MoneyismMoney Drama and so much more as you Start anew in Season 22 with Unlock Your Wealth Radio.

Learn more about The Keys to Riches Financial Wellness Series in this week’s key:
Practicing the 3 R’s.

Entrepreneurship with Mike Moyer

Mike Moyer, inventor of Grunt Fund, Founder of Lake Shark Ventures, LLC, and author of 8 books, joins Heather Wagenhals host and executive producer of Unlock Your Wealth Radio on the Libsyn platform. Tune in to this interview as Mike explains why startup companies fail and what you need to focus on to ensure your startup becomes successful.

As an author of 8 books, including How to Make Colleges Want YouCollege Peas, and Trade Show Samurai, which provide structured advice to people who want to solve specific problems. Mike also has a successful track record as the inventor of Grunt Fund, a unique funding equity model which allows entrepreneurs to create perfectly fair equity split in their company, Lake Shark Ventures, LLC, where Mike invests in early-stage ventures and provides consulting focused on management and revenue generation. All of Mikes success has lead him to be one of the best experts in startups and entrepreneurship.

Learn what  “Alligator Pet Negotiation” and how this term can benefit your startup.

Entrepreneurs will gain a lot in this interview as Heather and Mike go through partnership scenarios, advising other entrepreneurs on how to structure a startup plan and succeed in choosing a partnership. Find out how a “Slice of Pie” can determine your fair market value as Mike reveals his framework of Slicing Pie, an app he developed that helps entrepreneur’s figure out how to split and share partnerships in a startup.

Tune into the Unlock Your Wealth Radio Libsyn platform as Mike reveals the core of the problem in startup companies and how you can avoid this problem before it’s too late, explaining how to establish ground in partnerships and be successful as an entrepreneur.

The Keys to Riches Financial Wellness Series from Heather Wagenhals logoThis week’s key trivia is based on last week’s key:
Dreams with Deadlines.

Plus Minutes on your Money, this week’s MoneyismMoney Drama and so much more as you Start anew in Season 22 with Unlock Your Wealth Radio.

Learn more about The Keys to Riches Financial Wellness Series in This Week’s Key:
Knowledge is Power, Not Knowing is Powerful.

More on Mike Moyer:

Mike has been an entrepreneur who has started a number of companies including Bananagraphics, a product development and merchandising company, Moondog, an outdoor clothing manufacturing company; Vicarious Communication, Inc, a marketing technology company for the medical industry; Cappex.com, a site that helps students find the right college. In addition to his experience as an entrepreneur he has held a number of senior-level marketing positions with companies that sell everything from vacuum cleaners to financial data services to motor home chassis to luxury wine.

Entrepreneurship with Mike Moyer

Mike Moyer, inventor of Grunt Fund, Founder of Lake Shark Ventures, LLC, and author of 8 books, joins Heather Wagenhals host and executive producer of Unlock Your Wealth Radio on the Libsyn platform. Tune in this Friday, January 23rd at 9AM PST as Mike explains why startup companies fail and what you need to focus on to ensure your startup becomes successful.

As an author of 8 books, including How to Make Colleges Want YouCollege Peas, and Trade Show Samurai, which provide structured advice to people who want to solve specific problems. Mike also has a successful track record as the inventor of Grunt Fund, a unique funding equity model which allows entrepreneurs to create perfectly fair equity split in their company, Lake Shark Ventures, LLC, where Mike invests in early-stage ventures and provides consulting focused on management and revenue generation. All of Mikes success has lead him to be one of the best experts in startups and entrepreneurship.

Learn what  “Alligator Pet Negotiation” and how this term can benefit your startup.

Entrepreneurs will gain a lot in this interview as Heather and Mike go through partnership scenarios, advising other entrepreneurs on how to structure a startup plan and succeed in choosing a partnership. Find out how a “Slice of Pie” can determine your fair market value as Mike reveals his framework of Slicing Pie, an app he developed that helps entrepreneur’s figure out how to split and share partnerships in a startup.

Tune in this Friday, January 24th at 9AM PST on the Unlock Your Wealth Radio Libsyn platform as Mike reveals the core of the problem in startup companies and how you can avoid this problem before it’s too late, explaining how to establish ground in partnerships and be successful as an entrepreneur.

The Keys to Riches Financial Wellness Series from Heather Wagenhals logoThis week’s key trivia is based on last week’s key:
Dreams with Deadlines.

Plus Minutes on your Money, this week’s MoneyismMoney Drama and so much more as you Start anew in Season 22 with Unlock Your Wealth Radio.

Learn more about The Keys to Riches Financial Wellness Series in This Week’s Key:
Knowledge is Power, Not Knowing is Powerful.

More on Mike Moyer:

Mike has been an entrepreneur who has started a number of companies including Bananagraphics, a product development and merchandising company, Moondog, an outdoor clothing manufacturing company; Vicarious Communication, Inc, a marketing technology company for the medical industry; Cappex.com, a site that helps students find the right college. In addition to his experience as an entrepreneur he has held a number of senior-level marketing positions with companies that sell everything from vacuum cleaners to financial data services to motor home chassis to luxury wine.

Author and Founder of of School for Startups Jim Beach joins Heather Wagenhals host and executive producer of Unlock Your Wealth Radio this Friday, January 16th at 9AM PST on the Libsyn platform. Tune in as Jim explains how his program, School for Startups, will educate entreprneuers to achieve financial success.

In this interview you will gain the skills needed to succeed and achieve the life you want by learning more about Jim’s School for Startups program and his proven success.

In 2009, Jim founded the School for Startups, www.SchoolforStartups.com, a web resource devoted to teaching his philosophy of low risk entrepreneurship. He believes that anyone can be an entrepreneur when they forget about risk, creativity, and passion. Even Jim’s wife started her own online business and in just one year of using Jim’s program and with less than $600 invested in her “passion to make money”, she grew her business to more than $68,000. Find out which business Jim’s wife became financially successful at and how she accomplished this financial achievement.

FUN FACT: Jim had to drop out of graduate school
because his business was growing too fast 
for him to complete his homework.

Tune in to this interview as Jim explains more on his program, offering advice for entrepreneurs to go out there and find a problem, solve it and let your passion be in the money, not the actual product or service. This interview will air on the personal finance radio show this Friday, January 16th at 9AM PST on the Libsyn platform at http://UnlockYourWealthRadio.com.

The Keys to Riches Financial Wellness Series from Heather Wagenhals logoThis week’s key trivia is based on last week’s key, Take Action and Make Assessment.

Plus Minutes on your Money, this week’s MoneyismMoney Drama and so much more as you Start anew in Season 22 with Unlock Your Wealth Radio.

Learn more about The Keys to Riches Financial Wellness Series in This Week’s Key: Dreams with Deadlines

More on Jim Beach:

Jim has started businesses and has taught entrepreneurship around the world and he recently won the Small Business Administration Media Advocate Award for his terrestrial radio show. In 2012, Jim started the School for Startups brand and radio show called SchoolforStartupsRadio.com. This show airs at 11 AM/FM stations (Tampa, Las Vegas, Seattle, Kansas City and other cities) and won the 2014 Small Business Administration Media Award.

 

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