CO— partners with Entrepreneur.com to bring you a roundup of the best Entrepreneur articles each week. Below are this week's favorites.
Money is an integral component of any small business’s success. Business operations are reliant on positive cash flow, and most startups run on a lean and limited budget. That’s why it’s essential for entrepreneurs to know how to spend smartly and make the most of the resources they have.
To help small business owners better understand their financial situations, reduce costs, market inexpensively and creatively, and more, we've rounded up some of the best content from Entrepreneur.com contributors published in the last week.
Strive to keep your operating costs lean
Setting your company up for success is contingent on making healthy financial decisions from the start. Anna Johansson’s article, “How New Entrepreneurs Can Save Money Easily,” offers entrepreneurs several practical, actionable tips, including keeping operating costs lean by working remotely, handling professional services on your own, hiring based on talent (besides just experience) and using free resources and tools whenever possible.
Read the full article on Entrepreneur.
Create a plan for maximizing your marketing budget
When it comes to marketing, startups often don’t have the disposable income to “try everything and see what sticks.” Justine Beauregard’s article, “3 Marketing Dos and Don'ts for Maximizing Profit on a Bootstrapped Budget,” offers some solid advice for maximizing a limited marketing budget, including working on audience building, compensating for weak spots and drumming up a desire for your product, which then creates demand.
Read the full article on Entrepreneur.
[Read More: How to Build an Effective Marketing Strategy on a Budget]
In a difficult economy, you may need to make some money decisions you might not otherwise make, especially when it comes to your personal finances.
Plan for the best and the worst
A huge number of small businesses were formed in the United States in 2021, and each of those new ventures needed some kind of capital to get off the ground. While some bootstrapped or borrowed money, others turned to venture capitalists, angel investors and other forms of fundraising to finance their business goals. In an article entitled, “The Best Fundraising Advice We Heard in 2021,” Entrepreneur.com staff curated numerous tips for entrepreneurs seeking funding, but one standout piece of advice is to plan for the best- and worst-case scenarios. As Peter Daisyme, co-founder of Hostt, noted, offering a complete spectrum of possible post-investment outcomes allows your potential investors to assess the risks and rewards for themselves.
Read the full article on Entrepreneur.
Consider government incentives for reducing IP-related expenses
Protecting your intellectual property can require complex (and often costly) measures, such as filing a patent. However, the costs associated with IP protection can be optimized with the right strategies. In “4 Ways to Significantly Reduce the Cost of Obtaining New Patents and Managing IP,” Tarun Kumar Bansal notes that governments offer incentives to small, medium and even large businesses to domestically or globally protect their IP — and leaders should explore all options to lower the cost.
Read the full article on Entrepreneur.
[Read More: How to File a Patent]
Don’t be afraid to bend the ‘rules’ with personal finances
In a difficult economy, you may need to make some money decisions you might not otherwise make, especially when it comes to your personal finances. In his article, “6 Personal Finance Rules You Can Break During a Crisis,” John Rampton offers some “rules” that can be bent with an entrepreneur’s personal finances during tough times, such as borrowing money from friends and family, using credit cards and not paying bills.
Read the full article on Entrepreneur.
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
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