Save money like a millionaire

Save money like a millionaire

Part of making money is knowing how to save. There are ways to save without using a bank, with which you can reduce the costs of doing business. Here are some tips used by millionaires.

Avoid buying expensive furniture or implements

“I did not buy new furniture in the first six years of my business,” said Brett D. Reizen, CEO of Entertainment Benefits Group, a millionaire travel service provider. One option is to look for used furniture at garage sales or classified ads. There are also some companies that are dedicated to the rental of furniture, which can significantly reduce costs to open an office.

Recycle your shipping supplies

Although the online business provisions Gardens Growers House won $2 million dollars in revenue in its first nine months, its founder Nate Lipton only spent $300 on shipment supplies. Whenever this company, located in Arizona, receives their cargoes it flips and reuses all the boxes.

every dollar counts

every dollar counts

Be creative with space

Instead of installing a luxurious office for their franchises RetroFitness health clubs, founder Eric Casaburi used an extra room in one of its clubs. “It was not pretty,” says the entrepreneur, but I saved over $10,000 in rent and was consistent with the image of the brand. The co -working spaces are also  good choices because they share boardrooms, coffee machines and even receptionists and telephone lines with other businesses.

Check sites’ offers

Liz Gaspari, co-founder of Gaspari Nutrition, a company  of food supplements worth $8 million, constantly checks sites like Groupon to offer benefits to their employees. “Either through food or gym memberships discounts, coupons have saved the company thousands of dollars”, she says.

Multifunctional employees

New businesses are not places for attitudes like “that’s not my job”. After Jeff Platt began to train their employees to fulfill multiple roles in their company recreation Sky Zone Indoor Trampoline Parks, he saved more than 5% in payroll.

Do your own research

In his early days as an entrepreneur, Eric Casaburi also conducted his own market research by sitting in parking lots of possible locations for his new gym,to see if there was enough activity on the area. He analyzed every metric, from population, traffic and other aspects of their most successful locations to check if they had similar characteristics. Now he has no need to do this work by himself, but it’s estimated that it has saved about $100,000 a year in salary and consulting.

By Nikos Kontorigas

About Nikos Kontorigas

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