Friday, May 9, 2014

3 Reasons Why You Need To Be Cheap

Financial mistakes and misspending can kill a business. It is important that you are a cheap CEO or business owners for the first three years of your company. Now, don’t scale back your advertising budget or your PR budget. You will need it. There are ways to scale back costs and I’m listing them below.

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

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