How These Successful Entrepreneurs Saved Money to Help Their Career
November 27, 2015
November 27, 2015
Freelancers, who quit their day job to start working independently, must take a cautious and calculative approach to save the bucks during the initial years. Howard Lindzon is a solopreneur.
He is the co-founder and chief executive officer of StockTwits, a social media platform where investors, entrepreneurs and traders can interact for exchange of ideas and current information.
When he started working independently, he and his family decided to move from one city to another to reduce their overall family expenses and save some hard cash. He sold his house, took a house on much cheaper rent, became a one car family man and sacrificed many non essential spendings.
This is to say that saving some good amount of money is a wise decision for the beginners. You can save money and set it aside as a fund to be used for the unpredictable expenses or as business investments. So, would you like to know how some of the most successful entrepreneurs saved money during the most crucial days of their life?
Smart Money Saving By Ali Wing
You don’t always have to disappoint yourself or your family to save money. You can have many ideas to reduce the spendings. Ali Wing is the founder and CEO of Giggle — a very successful web portal for a wide range of baby products. But when she started the business on her own, she had to sacrifice many expenses to be able to invest the savings in her business.
When she had her baby, she had to decorate the baby’s room. Ali Wing always believes that investing a bit more in quality long lasting goods is a better choice. So she decided to buy only expensive industrial style adaptable long lasting furniture instead of the traditional furnitures which she had to replace in every two years. Her child, at the age of 8, still loves the room decoration and the furnitures. And this is how Wing saved a lot of money.
Christine Elia Saves Money With Unconventional Idea
Christine Elia is the founder of Closet Couture, which is a successful fashion site. She needed people to help her spread words about her business. So she had to hire few interns to write content for her site. But she didn’t have the money to invest as attractive salaries.
Christine doesn’t pay any salary to her interns. But still she is their favorite, because Christine has amazing motivational ideas to make them happy at a very less cost. Besides the stipends that she pays to her interns, Christine also tries to make their job attractive by providing them perks such as attendance pass to an exclusive New York Fashion Week event. This is how Christine manages to retain her talented interns and also saves a lot of money.
Catherine Levene Saves Money By Using Opportunities
Catherine Levene founded artspace.com. She didn’t have money to rent out as office space or pay to the staff. So she thought of using the modern day money saving ideas. She used LinkedIn and Facebook for smart marketing campaigns, which worked very well. She also used the inexpensive modern day apps to manage her emails and other important project work.
When you start as a freelancer, try to manage your expenses wisely so that you can invest in your business growth. What money saving ideas you would like to share?