Being a new business owner is a very expensive ordeal. You’ll always need to follow a strict budget, and until you’re turning a consistent profit, it’s going to be hard to stay on the right side of the green. But it’s the first six months of business ownership that tend to be the hardest. 

You want to keep costs as low as possible during this time, as it gives you more time in the future to make a success out of your products. Plus, when you’ve got a healthy amount of capital behind you, you won’t have to panic about missing out on sales. It’s every small business owner’s dream! As such, here are three things to keep in mind before your first year in business is over. 

Save From Each Sale

This is your time to generate an emergency fund, which will see you through those slow periods that all businesses have to deal with. Every time you sell something, put some of the profit away into your emergency pot. 

Bit by bit, over the next six to twelve months, you should have around three months’ worth of expenses ready to rely on. That can take a lot of the pressure out of new business ownership. 

Use Free Social Media Tools

There are plenty about and they can save you a lot of money on premium subscriptions or even hiring someone to do the work for you. This can save you $100 a year at the very least, but most businesses will spend over $500 on tools and hires like these. During the first six months of running a company, that’s going to be a significant amount of money! 

So, what can you use instead? Start with free photo editing software to create the highest quality images for your social media profiles and product sections on your website. You can also use similar editing softwares to create videos, reels, and other punchy yet short form content that people respond to. All you have to do is look online for these tools and then put them to good use! 

New Business Ownership Should Only Hire When You Need Help

If you want to bring other people in, don’t rush into the decision. Having a permanent hire on your payroll could cost you at least $20,000 every year, and that’s not the kind of money you’ve got in the bank right now! So only hire when you’re sure you need help, and you’re sure you’ve got the resources to have someone around for eight hours five times a week. 

If you don’t have these kinds of resources, you can take out short term contracts with freelancers or work with agencies from time to time. You won’t have to bill yourself yearly for doing so, and that could save you thousands, not only during the first six months of business ownership, but the first few years as well. 

Want to keep costs low as a new business owner? Try out ideas like these.