1. Work from Home
Leasing out offices can be very expensive. You also might need to sign a contract you don’t know you can adhere to. Rather use an empty room in your home and work from there. It saves electricity, water and rental costs.
2. Use Open Source
Purchasing computer software can become very costly for a small business. Instead, consider using Open Source software. You can get very professional software in an open source alternative. Instead of Microsoft use Linux. Instead of Microsoft Office use OpenOffice.
3. Focus on selling
Don’t focus on cutting costs when you launch business. You can become so preoccupied with admin, finding the better supplier or deal that you can lose focus on the most important aim of your business. Focus on selling your products so you can increase your profits.
4. Become a savvy shopper
Don’t use the first supplier or buy the first thing you see. Become a savvy shopper. Ask around when shops are having sales or compare prices. Bootstrapping business experts make sure to always go for the highest quality, most affordable products.
5. Start Small
Starting a big business requires a lot of capital. If you can’t afford to get the capital – start small. Start a bare-bones version of your business, so that you can start with the minimum expenses. Once your business starts growing you can increase your production capacities.