Managing the moola is one of the key issues that will probably keep you lying awake at night as you try and do the cost-profit juggle. It’s a constant and it need to be managed; it is even more important for a young entrepreneur who has limited savings, limited access to capital and overall less options.
Whether you are starting solo using your mums liquidizer to make frozen smoothies to sell at school breaks, or you are printing t-shirts to sell at Varsity Cup, counting pennies here are a few top tips keep help you keep a finger on the pulse of the rands and cents:
- Try and borrow items that you may need for your initial start up. Even old equipment is better than nothing. Don’t be shy!
- Go to the library – yup, you’ll be able to research to your heart’s content using reference books and if they are a pretty jacked library they may even have computers so you can work the internet.
- A very inexpensive way to reach new markets and interact with them is the internet. It allows for powerful, fast and efficient marketing.
- Ask for things for free such as advice. If your dad’s friend is a lawyer, ask him for advice; or maybe your neighbor works in a bank and could spare some time to answer your most pressing financial concerns.
- Meeting Spaces …if you are pitching your business plan to a key source why not meet at somewhere like the Mugg n Bean chain of restaurants where they have free WiFi should you need to access the web. It looks professional and you won’t have to deal with the realization that it’s your smelly socks causing that dreadful smell.
- Advertise on top radio stations from midnight until 5am. It’s usually much cheaper and in some instances you will be allowed to produce the spot with the stations help in their very studios.
- Use on-line programs from the internet to run your business such as Inkscape for graphic design or an accounting program that could get you sorted on the financial front.
