If you are running a small business, then you are always looking for ways to save a bit of money. There are many small habits that can help you to create more leverage for your business if you look hard enough.

Here are some small business spending habits that you can take advantage of to save money for your company.

Any spending that is in the short term is potentially harmful.

If you are not investing in the long term aspects of your business, then you are harming your bottom line. There are many different ways that you can take advantage of the notion of investing to give yourself a leg up in the marketplace.

Start by investing in the niceties of your office. You can save yourself and your employees thousands of dollars per year as well as plenty of manhours if you simply buy a espresso machine.

This will keep your employees in the office during break time, creating more inter-office bonds and raising productivity – no one has to go anywhere for their next cup of coffee. They can stay, continue to discuss business strategy, and keep their ideas coming in continuance.

Make sure that your interior design is conducive to productive team based thinking and synergy.

As the business owner, you have the ability and the responsibility to create an environment that is geared towards group thought and camaraderie.

One of the easiest ways that you can do this is to arrange the furniture so that people can easily find and speak to each other about ideas that they have come up with. You can also create a group room that will allow ideas to grow as they are created by individuals that are in your company.

If you are not the boss, then you should ask for an environment like this. The best companies in the world create environments like this for their employees. Tell your bosses to look up companies such as Google and Apple to see the things that they do for their employees that are done in literally no other companies around the entire world.

These changes are not expensive; they simply require remodeling for the benefit of the employees. They can also save the average business a great deal of money in solutions that do not work when it comes to bringing people together inside the company.

Consider virtual solutions rather than hardware solutions in order to save money.

Many of the most competitive companies around the globe have based their cost curve on having a virtual office rather than an office that is full of hardware that breaks down and is always in need of protection. The virtual office spreads the responsibility of security and maintenance around to larger companies who are much better equipped to handle the burden.

Putting your information in the cloud is a good start. Instead of having to rely on hardware options that can break down at any time, you gain the cutting edge solutions of the cloud that will give you more leverage to invest in true research and development rather than in safety and maintenance of your ideas.

Photo: Mick Baker / CC 2.0

Deciding to start your own business is exciting and scary. You may have dreams of becoming the next big thing in your niche, but if you go into it unprepared you will crash and burn quickly.

Most start-ups fail due to lack of funding, but without a solid foundation and clear understanding of your customer base, a start-up can never get off the ground.

An often overlooked part of a solid foundation are essential business products that help with preparedness. Without these five products, your start-up is doomed from the get-go.

A Business Plan Kit

When I started my own business a few years back, I had no idea business plan kits existed.  I also had no idea why I would need one. Because I never put a clear vision for my business on paper, I restarted and changed direction three times, costing me valuable time and money.

A business plan kit helps you define company values, set forth a funding plan, marketing plan, launching plan, and more. All start-ups and established companies need a business plan regardless of business type.

Accounting Software

I remember taking my receipts and putting them into a pile thinking it would be easy to figure out my income and expenses once tax time came. It only took one time of sifting through mounds of unorganized receipts for me to understand what a mistake I had made.

You do not need to be an expert in accounting, but you do need to understand the basics. Luckily basic accounting software can teach you those basics and keep your finances organized. Choose a program that is accessible on both your computer and a mobile device. That way you can enter expenses on the go. When first starting out, there are several excellent free products out there. You can always upgrade to a paid version down the road.

All-In-One-Printer

Printers that can do it all are not expensive, and they are a necessity for any new business. You want to be able to print, scan, copy, and fax when needed. You also want to be able to choose black and white or color.

When a new business is just starting out, money is tight. Being able to print your own business cards and letterhead can provide professional quality business essentials while saving lots of money.

Social Media Products

Part of launching a successful new business is creating buzz around the business. Many new entrepreneurs have a great idea that could make them a lot of money, but once they launch, all they hear is crickets. Why? They didn’t market their business properly through social media.

Free products like Hootsuite can help you identify the people with the most influence in your niche. Once you know who they are you can begin to build a relationship through social media. You can also schedule your own tweets and posts to go out regularly through the day. A shout-out by someone with influence in your niche can sometimes bring more business than paid advertising ever could.

Email Marketing Products

Without an email marketing plan, it is difficult to be successful. Basic plans are inexpensive and bring a lot of value for the cost. Not only do they give you a database for communication with potential customers, but also they give you an avenue for marketing funnels and more advanced methods as you grow.

There are free products out there but beware. If you do not have a program with a double opt-in and auto responder, you could easily violate anti-spam laws. You usually need a paid version to add these features.

There are many other products you can utilize to prepare for a successful start-up, but these five are essential. As you grow, you will learn more successful ways to market your business while keeping accurate records.

In the end, all that matters is delivering what the customer wants. Learn as much as you can about their desires and fears, and then utilize social media and other means of marketing to get the word out that you have what they need. Most importantly, deliver on your promise, and you will be a success story among the many start-ups doomed from the start.

Jurissa Ayala

Running your own show is no picnic. You have no one to report to, sure. You can work in your pajamas while eating too many pancakes. Any time you feel like it, you can take a yoga break. Or a Big Bang Theory break. I won’t lie, that’s all pretty awesome.

There are some downsides to owning a small business, however. When you are self-employed, you report to you. Which means that sometimes your boss is a lazy slob who won’t demand that much of you. Who might make excuses for your poor behavior or let you cut work more often than you should. Plus, your boss has only as much experience as you do, and that can really hogtie you.

It took me more than seven years after graduating college to consider myself a “success.” This is partially due to a lack of determination to get there, and partially to a number of mistakes I made. By sharing them with you, I hope to reduce the time it takes you to find your own success. Ready for a crash course in small business life? Put on your helmet and let’s get started.

Mistake #1: I Went to College Too Soon. Then I Did It Again

I was always a good student, and the occasional C in Chemistry didn’t stop me from getting into one of the top programs in my state. Because school came easy, I never really tried that hard. Nor did I question whether it was “worth it” to spend time and money on college when I was still finding myself. Too bad for me.

When I graduated with a degree I would never use, I shrugged my shoulders and found jobs that didn’t thrill me: first in insurance sales, then at a bank. I used the money to pay rent and party, and started looking for another path only when banking made me so miserable it was starting to ruin my life. I chose teaching, and got another expensive degree that didn’t pan out due to a bad economy. Then I went to school for journalism. Finally: something I loved. It only took me an extra four years and untold student loans to get there.

Mistake #2: At First I Didn’t Stick With Anything

Even after receiving my master’s degree in journalism, I found it hard to settle down. School was so easy for me: I got better grades than most of my peers with my eyes closed. Naturally I assumed this would translate to my career, and was spectacularly disappointed when it didn’t.

No one cared that I was smart, or that my teachers liked me. They just wanted to see results, and I didn’t have any. My dreams of being a world-famous writer and author soon evaporated. I was crushed and lost, and only after a year of soul-searching did I finally settle into the less-glamorous but better-paying world of freelance copy writing. I had finally found something I was good at and loved … and it paid the bills too. Add two years to the clock.

Mistake #3: I Thought Success Came Before Hard Work

At the beginning, I was convinced I had to find a glorious gig to in order to really apply myself. Once I took care of my ego, I reasoned, the hard work would feel natural and the success would come.

The opposite turned out to be true. Once I took a deep breath and accepted that there would be no glory for a long while – perhaps ever – I was able to settle into my day job with a joy and willingness I’d never before experienced in life. It came naturally, fitting into the flow of my life well enough that I was able to care for my tow children at home and keep up full time work. My world became perfect. It only took one more year.

Key Takeaways:

• Consider waiting on college until you’re sure you know what you want to do
• Prepare yourself for hard work at the outset, and do not expect success before you put in a lot of long, inglorious hours
• Stick with it, even when it sucks
• Consider talking to someone in the line of work you hope to go into to find out what it will be like and ensure you’re prepared
• Have a positive attitude! No, really! It will totally help

As a small business owner, I now write for clients all over the world. I set my hours, I sleep in, I play with my kids … and I work hard. I’ve transitioned from the nothingness of endless ego drain to the true fulfillment of hard work and a quiet personal success.

Next up? I might take a sewing class. But it probably won’t be glorious.

Whether you require financing for home improvements or to purchase a new home, banks and credit unions are available to lend you money.

Of course, not everybody qualifies for a loan. Getting a loan is often determined by the applicant’s credit score and income.

Before walking into a financial institute and completing a loan application, it is important to educate yourself on the best options for obtaining a small business loan. This can enhance your chances of being approved for a low interest rate loan.

Credit History

Before you apply for a loan, get a credit report and use the information in the report, to identify factors that may cause the loan to be denied.

Your credit score determines if a lender will extend credit. In addition, a low credit score attracts higher interest rates. It’s also important to maintain a decent payment history.

Finances
In addition to assessing your credit history, lenders consider your personal income and finances.

They will request employment information, and if you do not have a steady income or employment, you may not qualify for financing.

Having few or no debts makes your loan application appealing to lenders and makes you look reliable, and having a personal savings account and down payment can also enhance your chances of approval and help you obtain a lower loan rate.

Collateral and Co-signer

Lenders may ask for collateral. This is an asset that you can use to secure a loan. To qualify, the dollar value of the collateral must match or be comparable to the dollar value of the loan.

Lenders require different types of collateral including, vehicle titles, jewelry, electronics or equity.

If your credit score makes it difficult to obtain a loan, consider using a co-signer. A co-signer is essentially somebody with great credit who guarantees to pay your debt if you are not able to satisfy the contract.

In other words, they assume full responsibility for the debt. This is a risky situation for the co-signer. However, it helps individuals who are not able to gain financing by themselves.

Loan Application Process

Select a lender. The first financial institute to contact should be the one with whom you have an established financial relationship. Local financial institutes prioritize their clients when processing loan applications.

Itemize your expenses for the small loan. For example, give an itemized breakdown of the machines you wish to purchase for a home improvement project. Give precise totals and estimates for each expense.

Grant the lender permission to acquire a copy of your credit report from one or several credit reporting bureaus. Small personal loans may not require an asset as collateral. However, lenders treat applicants who are creditworthy favorably.

Fill in required paperwork. This includes an application for a small loan. Check the accuracy of the information provided in the application forms before turning the application over to the lender. When applying for a small loan, you must include your legal name, Social Security number and year of birth.

Inquire the terms of your small loan. One such term is the repayment period of the loan. Work with the lender to come up a repayment plan that works for your budget.