I write a lot about making sure that you save money when you set up a business. There are so many ways that you can waste money when you are in business, it is so important to make sure that you are sensible. Obviously you do not want to waste money, but you also want to make sure that you spend where necessary. There are a few places where you need to make sure that you spend enough money.
- Don't get cheap business cards unless they are good quality
- Do not go without insurance
- Buy good quality stock so you get known for quality
Places where you need to be very careful of overspending are
- Stock you cannot sell
- rent on premises
It is not always easy to get the balance right, but it is easy to do a lot of research so that you can make a calculated decision and not take too many risks.
In the past I have wasted money on advertising, stationery and stock. What have you wasted money on in your business?