If you want to be a lean entrepreneur, you must memorize this immortal quote.
“It’s not what you MAKE.. it’s what you KEEP”.
We’ve all heard entrepreneurs say things like, “my business did $3 million last year”. But what they don’t mention is how much PROFIT their business made.
Profit is the name of the game. And I’m a big fan of keeping your expenses down as low as possible.
Here are a few quick tips/resources to help you stay lean.. and profitable!
#1. Profit First
Every business owner and entrepreneur MUST read this book, Profit First, by Mike Michalwicz. It’ll transform the way you run your business and, in turn, create more profit!
#2. Coupons with Goodshop
Goodshop is a great site that’s been around for over a decade. You simply download Gumdrop, get coupons from thousands of merchants and save money. But what I love just as much as saving money, is the fact half their profits go directly to charity. That’s a win/win my friend!
Rather than looking to immediately hire full-time people, think “outsource”. And look for people to hire on a project-by-project basis. Check out marketplaces like the Freedym Marketplace for marketing help, Upwork for programmers, and 99Designs for graphic designers.
For smaller, less high-value tasks, Fiverr has some bargains for $5.
#4. Office Space on Demand
In many cases, you can run your entire business “virtually”. So before you invest in long-term, multi-year office space leases, look for low-cost or free options.
Yes, coffee shops, book stores and even libraries offer free wifi and a space for you to get out of the house (with four kids, I need to leave the house to get some work done!).
#5. Think FREE!
You’d be amazed at all the FREE resources you can use to run your business. Here are just a few.
Google Drive: Free online documents, spreadsheets and presentation programs that are sharable.
Slack: Powerful communication tool to run everything from projects to an entire virtual team
Zoom: Free online meeting software. Great for online classes, interviews and more!
We’ll cover more tips in future articles and videos.
You a lean entrepreneur? Absolutely!
You got this.
P.S. If you have a good FREE or low-cost resource, please share below in the comments!