There are so many amazing stories of success from college entrepreneurs. Just think of Mark Zuckerberg, starting Facebook in his dorm room. I think a lot of college entrepreneurs aspire to start something like this.
However, when actually starting the business, it’s important to be mindful of both revenue and expenses. Startups can burn through a lot of cash, so watching the expenses is important.
Here are some simple ways to save as a college entrepreneur.
Do It Yourself
First, you have to remember that you need to do it yourself as much as possible. Before you hire, try to do it yourself – this will save you the most money. If you can’t do it yourself, look for low cost options like Fiver or Elance to find freelancers that can help.
Save On Tech
Technology is one of the most expensive aspects of starting a business. You have to buy the basics, like a laptop or desktop computer. Since you’re in college, take advantage of education pricing plans – which are offered on most websites, as well as in the college bookstore.
Also, check out this list of the best cell phone plans for college students – it has a lot of options that can save money on this necessity. We’re talking 50% of more off the typical cell phone plan.
Finally, make sure that you aren’t buying stuff you don’t need. Focus on building the minimum viable product, and don’t add in features and tools if you don’t need to. Wait until you get some sales, then use the proceeds to build out more.
**Bargain And Negotiate **
Finally, bargain and negotiate for items you need. Instead of buying freelance work, maybe you can do a quid pro quo – where you do some work in exchange for other work. Maybe you’re great at programming but are terrible at website design. Try to work out a deal with a graphic designer where you can help with coding in exchange for graphic design.
Also, don’t hesitate to negotiate on pricing. If you can’t get the pricing down, consider offering something else of value. Facebook gave equity to freelancers that helped with early design work – and now that equity has paid off big for those designers. There are a lot of creative ways to pay for things if you think outside the box.