Making The Leap Into Entrepreneurship? Do These 4 Things To Make Your Life Easier (And To Save Money)

Gearing up to become an entrepreneur is nothing short of thrilling. The planning and prep work that you’ve put in until this point is finally about to pay off. Even after spending countless hours researching various topics and speaking with fellow business owners, there is always something new to learn. When continuing to grow as a soon-to-be entrepreneur, some of the most helpful tips are ones that save you money and reduce your stress levels. The experts at Buck by Buck share top strategies that all brand-new entrepreneurs should use to make life easier — and to save big.

Build a remote team of contractors.

Hiring part and/or full-time employees is expensive. According to the U.S. Small Business Administration, every employee you hire costs 1.25 to 1.4 times what you are actually paying them. While having a staff may be part of your long-term goals, there is an effective, cost-saving strategy that is fantastic for first-time entrepreneurs: hire independent contractors.

Whether you decide to post a listing yourself or work with an employment agency to scale your team, independent contractors are self-employed individuals who charge only their hourly or project rate. They are not eligible for paid time off, insurance, or other standard benefits. With the rise in self-employment and the gig economy, you can find top-quality independent contractors to fulfill every need. From IT to design, you can build a remote team of experienced professionals for less than what it costs to hire a full staff.

Select the business structure with the most financial advantages.

The business structure (e.g., sole proprietorship, corporation, etc.) you select can have major financial implications. In many cases, the practical and financial benefits of forming an LLC make it the best choice if you're starting a new business. More specifically, these benefits include limited liability, tax advantages, less paperwork, and increased flexibility. Prior to forming an LLC, know that each state has different regulations. As a result, be sure to check the rules in your state before moving ahead. 

Choose the systems and software that streamline your workflow.

Nowadays, there is a software system for every possible business need. Don’t fall into the trap of using every available option. Not only is it stressful to use and keep track of information on multiple platforms, but monthly subscription costs add up quickly. Instead, examine the specific needs of your business. Compare available systems and software so that you can decide which options best streamline your workflow. Apps and programs should always make life easier and not add to your daily stress.

Find a workspace that meets your needs and makes financial sense.

Depending on the type of business you are starting, you’ll likely have a wide range of options when it comes to your workspace. Being location-independent is rapidly becoming the most popular choice among experienced and novice entrepreneurs alike. Not only do you avoid monthly rent payments (as well as maintenance fees and the cost of utilities), but you also have an enhanced degree of freedom. When choosing your workspace, decide what works best for your business — and which option makes the most financial sense. Only you can know what your needs are, which makes you the best person to make the final decision.

The journey to entrepreneurship is a difficult but exciting one. In everything you do, make choices that simplify your business processes and your life. Striving for efficiency is often the key to making your day-to-day easier, and also for saving as much money as possible.

This article was written by guest writer, Chelsea Lamb, who has spent the last eight years honing her tech skills and is the resident tech specialist at Business Pop. Her goal is to demystify some of the technical aspects of business ownership.