Not everyone is born with a silver spoon in their mouth. Lucky for these people who were born rich, they can start any business they desire from their family’s wealth. But for those whose lives that began at the middle-class of society and lower, efficient resource management is the key to achieving success.
So how does one start a business with no capital? It’s like building a sandcastle in the middle of the city far away from the beach. It’s hard to do, especially for students and the unemployed. As mentioned before, the answer is efficient resource management.
This means you need to work and save money. Save enough until it reaches your desired capital. How? Keep on reading.
1. Cut on Starbucks, Dunkin’ Donuts, and Netflix
Buy a coffee maker yourself. You’ll save much more money from it. The machine is even a better investment in the future. For $135, you’ll be making yourself Starbucks-quality coffee for life!
Don’t buy donuts from Dn’D. Make them yourself. You’re not only saving money, but you’re also learning valuable food-making skills. And Netflix? It’s a huge money and time-wasting luxury.
Cut your subscription, save that money, and use your time to binge-watch for side-hustling.
2. Drink at home
We all need a stress-reliever, but stay out of your favorite bars. You might be friends with the owner, but they’ll understand your decision as a businessman. Drinks are much cheaper when you buy them at the liquor store and pour it yourself at home.
3. Cook at home and bring leftovers to work
Saving money isn’t the only benefit you get when you prepare your own food. You’ll also take good care of yourself by making healthier choices and guarantee your food is clean and safe.
4. Go cash only
When going out, don’t take your credit card with you. There are interest rates for every credit you make and that’s already a sign of financial loss. If you can’t afford it don’t buy it. Stick to a weekly budget, life will be easier and stress-free.
5. Move back home
Whether you’re married or not, try to ask Mom or Dad for shelter to save living costs. If you have kids, they’ll enjoy taking care of their grandchildren. You’ll bring more life to their home.
You can also ask a friend or a sibling to rent you a room in their home. Another way to earn money for your startup is to rent a room out in your house to a college student. This is also a great opportunity to learn how to be a businessman by starting as a landlord.
6. Keep your day job or find one
There’s a chance you might not be able to support yourself during the startup phase. Keep on working as a fulltime employee to survive as the cash starts to roll in. By doing this, you’re giving yourself a financial backup in case your venture isn’t doing well as you’ve expected. If you’re a student, work part-time.
7. Shower in cold water
Water heater costs are the third-largest portion of every household’s electricity bill. Save money by avoiding using it. While hot water has its own benefits, the benefits of a cold shower are more ideal for people in the working class.
Cold showers make you more alert in the mornings which prepares you better for your day job. It can also potentially boost your weight loss and reduce muscle-soreness from workouts.
8. Track your expenses
We’ve all been in a place before where we look at our savings and ask, “Where in the world did my money go?”. By tracking your expenses, you’ll understand your spending behavior even better. This strategy will help you prioritize your needs over your wants.
9. Wear thrift clothing
Branded clothing is expensive yet provides the same cover as thrift clothing does. Ask yourself this, “Why would I buy expensive jeans from Levi’s if there are cheaper pants with the same comfort and durability at The Salvation Army?”
And you know what’s the best thing about thrift stores? There’s so much to choose from that you can literally create your own style!
Saving money is easy, all you need to do is be conscious about your wallet. Cook your meals from home and bring leftovers to work or school. Keep your everyday fashion simple or buy from thrift shops. Stay away from mainstream businesses and bars. Save every penny you can!
