6 Quick Startup Financial Hacks to Stop Irresponsibly Burning Money
Bills are intimidating. Startup bills can be more frightening than personal ones. SaaS services can cost hundreds or thousands of dollars a year; other fees, such as getting much-needed consultations with lawyers, can pile on fees quickly, too.
The finances and purchase decisions can become intimidating, especially since most founders (including myself) aren’t former CFOs and might have never taken an accounting class (also me during my first startup). Chances are, you also won’t have a CFO until later, too. In every direction, with every service, everyone’s trying to squeeze money out of you. Luckily for you, entrepreneurs can start squeezing back as well.
Here is a list of dead-simple tactics for helping with lowering your burn rate — these are things you can do very quickly without anyone else’s help. The list contains things to do that don’t 1) require much time or effort, and 2) require specialized financial knowledge (the most complex idea listed below is earning interest).
1. Ask for and Look for Special Pricing
Whenever you sign up for a service, don’t simply accept the list price as law. There are many workarounds to it. As a contrived example, Linkedin Premium is $29.99 per month. If you try to cancel, though, LinkedIn…
