20 Aug Entrepreneurship 101: How To Save Money
As the CEO of LexION Capital – one of the only fully woman owned wealth management firms in the nation – I can still recall that starting my own small business was not a walk in the park. While I know a lot of things, there was a whole lot I had to learn when I was getting ready to launch my private wealth management firm. Like most entrepreneurs, I had to learn first-hand what it meant to “wear many hats,” and in order to succeed as a small business owner, I knew I needed to embrace (and apply) a bootstrapping mentality.
In fact, there have been many times where I have joked about how my “CEO hat” hung alongside my “Advisor,” “Researcher” and “Janitor” hats. Yet, as most entrepreneurs know, there will come a time when you just won’t be able to handle any more hats – and that’s normal. As a small business owner, you have to stay scrappy to succeed, but you can’t forget to stay sane, as well.
Outsource only when you have to:
I’m a firm believer in doing things yourself whenever possible, and finding alternatives that are fiscally conservative but won’t sacrifice quality. For example, from the very beginning, I have been committed to keeping the marketing for my company “in-house” as much as possible. Being in the age of social media means there is now so much we can do ourselves without having to seek help from expensive marketing or PR firms. Yet, I also know what I can’t do. When it comes to putting pen to paper to design a logo or designing the firm’s company newsletter, I know I have my artistic limitations. That’s where outsourcing comes in. Like I said, rather than hiring out an expensive firm, there are dozens of resources available for small businesses at our fingertips that won’t break the bank. Remember, as a small business owner you always need to keep an eye on your budget, but you never have to sacrifice savings for quality if you’re smart about it.