6 Tips to Save Money When Starting a New Business

Don't let falling market shares, bank bailouts, and a gloomy economy put a damper on your new business start-up. Instead, save money by steering clear of financially-draining investments, thinking outside the box when purchasing office equipment and supplies, and researching diligently.

1. Don't plan (too far) ahead.

Procrastination can actually be helpful when it comes to starting up a business in tough economic times. When the flow of money slows, inventory piles up, and competition for your dollars becomes fierce. Now is the time to shop around for bargains on office furniture, computers, fax machines, and other large line items.

2. Go to estate and garage sales.

Unfortunately, many people right now are having trouble paying their mortgages and need to get out from under piles of debt quickly. You can save money while helping out those who need to liquidate items for cash by buying many things for your home office at estate and garage sales. Look for bookcases, filing cabinets, desks, lamps, paper cutters, staplers, paper, desk pads, and other home office items.

3. Be card smart.

With banks being bought up and changing hands, be aware of varying charges and transaction fees when you use ATM and credit cards. With banks in flux, now is the time to shop aggressively for the best deals in business checking, savings, and high-yield money market accounts.
Look for the best business debit and credit card deals, too. Some companies are offering cards with no transaction fees.

See Bank rate for a comparison of cards and their fees for ATM withdrawals, credit card purchases and cash advances.

4. Organize an office swap meet.

Business start-up is sure to be both economical and fun using this brand new concept. During an office swap meet, people from different offices come together to trade their unwanted or surplus office items for items they need. The atmosphere is congenial, there's plenty to choose from, and anything unwanted at the end of the day can be donated to charity.

5. Two words: Free Gas!

Hotels offering gas cards as a bonus for booking are all the rage. Look for this valuable bonus at chains such as Marriott, Sheraton and Best Western, as well as many independent hotels. Armed with a free gas card, you can easily travel to distant locations to purchase your home office supplies at big discount warehouses.

6. Consider Costco for your Merchant Account.

If you're a home-business owner, you need a way to accept credit cards over the Internet. At Costco, you can take advantage of their great low rates and fees by setting up a merchant account to accept MasterCard or Visa through your Internet business, mail, phone, or retail. Plus, if you're already a Costco Executive Member, your application fee and monthly statement fee will be waived.

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