We would like to take a moment to give thanks to the entrepreneurs who work tirelessly to pursue their business goals and keep our economy thriving. We know that you put your heart and soul into your business, which is why we’ve put together several tips for start-ups and entrepreneurs to help conserve revenue and foster growth.
Plan Ahead for Real Estate
Real estate is a daunting consideration for start-ups and a very complicated and strategic investment overall. Look for a commercial real estate provider who is focused on your long-term growth, not just selling you space. By planning real estate and space layout early on, start-ups can ensure their real estate strategy is a competitive advantage rather than disadvantage. Flexibility is another key consideration. Keeping space flexible enables your company to expand or relocate with ease.
Lean on Partners and Fellow Entrepreneurs
Starting a business can be overwhelming, but many people have been in your shoes before. Consider attending meet-ups with other local start-ups or even reaching out to an entrepreneur you admire. In addition to entrepreneur partners, consider everyone you do business with as a partner, particularly as you are selecting a commercial real estate partner. One piece of poor advice can severely damage a start-up, so ensure everyone you do business with truly cares about your company’s success.
Be Frugal
This sounds simple, but keeping costs at a minimum can be a challenge with all of the expenses that arise when starting a business. Every time you go to make a purchase, consider whether it is worth more to you than reinvesting the money back into your start-up.
Negotiate Confidently
Whether it’s with employees, potential investors, suppliers or real estate partners, negotiating is a key part of success for a start-up and it can also save time and money. While you may not have the experience or revenue to prove success, put your best foot forward and negotiate with confidence.
Consider Rental
Paying overhead on items like furniture just does not make sense for a cash-strapped start-up. Renting furniture is a low-risk investment to get your office off the ground and ensure flexibility for whatever lies ahead.
According to the U.S. Small Business Administration, more than half of Americans either own or work for a small business, and they create about two out of every three new jobs in the United States each year. Thank you to those entrepreneurs working to drive innovation and build our economy. We hope these tips will provide you with guidance as you work to grow your small business.
