How to Minimize Your Startup Costs | Business.com

December 15, 2023December 14, 2023 ~ knjohn ~ Leave a comment

Startup history abounds with stories of entrepreneurs who made it big on shoestring budgets. Spanx founder Sara Blakely began her shapewear business in the 1990s with just $5,000 in savings, and Nike co-founder Phil Knight famously paid just $35 to the graphic designer who came up with the company’s iconic swoosh logo. Many big business owners became successful by keeping costs low and staying frugal.

Today, there are more ways than ever to save money as a new entrepreneur. Here are five strategies for startups to keep their finances healthy as they grow.

‘Family Discount’? When and How to Say No to Freebie Requests | Business News Daily

July 27, 2016 ~ knjohn ~ Leave a comment

When you start telling your friends and family about your new small business, at least a few of them are bound to ask — perhaps only partly in jest — about a “family discount” on your products.

What’s a small business owner to do when family, friends and even casual acquaintances ask for discounts or freebies? If you offer your services or products for free or for a deep discount, you may hurt yourself financially, and over time, you may even begin to resent people you love. On the other hand, you don’t want the people in your social circle to think that you are selfish or ungrateful, especially if they have supported your entrepreneurial endeavors.

Though there is no one-size-fits-all solution that will work for all entrepreneurs or in every situation, there are lessons to be learned from fellow business owners who have faced the same dilemma. Here’s how to turn a potentially uncomfortable conversation into a transparent and productive transaction that honors some of your most valued relationships.

Student Loans Stunting Small Business Growth | Business News Daily

July 17, 2015 ~ knjohn ~ Leave a comment

Student loans aren’t just negatively impacting you financially; they’re also hurting your chances of starting a new business, research finds.

Entrepreneurship is significantly hampered in parts of the country where residents carry more student loan debt, according to a recently updated study by researchers at Pennsylvania State University and the Federal Reserve Bank of Philadelphia.

For the study, student loan debt across the United States was analyzed by county and compared with small business creation in those areas. Researchers discovered that between 2000 and 2010 a one standard deviation increase in student debt reduced small businesses in those counties by an average of 14 percent.