First, you don’t need a fancy office. Be cheap with your office space. Rent virtual offices or work from home. You should get an office you can afford now and find a better one later when your business is actually bringing in money. Cut a major expense out by only obtaining the office rental you need, no the one you want.
Next, don’t travel like a king or a queen. Keep your business expenses down by staying at the Holiday Inn. Yes, traveling on the company’s dime when you own the company still isn’t a reason to go all out. So, make sure you travel right by spending as little as possible and flying, driving and staying in economy-class. This small change can save you up to 60% on travel expenses yearly. A bed is a bed, right? Right!
Finally, don’t call your lawyer for every hiccup. Legal fees run an average of $500 an hour. Why! You do need your lawyer for specific items. However, setting up the legal structure of your company can be done for a lesser expense on LegalZOOM.com or alike websites.
Until next time,
Twyla N. Garrett