There comes a time in most of our working lives when we grow tired of pounding the arduous corporate treadmill, of taking unwarranted flak from a belligerent boss and lining the pockets of well-heeled bigwigs.
Whilst the majority will suffer in silence, this kind of scenario is all the inspiration inherently entrepreneurial types need to throw off the shackles, pack up their desk and tell their superior to stick their job where the sun doesnâ€™t shine.
But not so fast.
Although you may fancy yourself as the next Richard Branson or Mark Zuckerburg, youâ€™re unlikely to get ahead in business if you have a similarly cavalier attitude towards pounds and pence and the statistics donâ€™t lie.
Indeed, more than half of new businesses donâ€™t survive beyond five years, as the UK tax system, a dearth of bank lending and the cost of actually keeping a business afloat combine to cause these failures.
In a bid to avoid becoming another statistic, itâ€™s important to keep a tight rein on your finances when starting a company, lest you crash and burn faster than a deck of cards doused in Sambuca. Hereâ€™s the lowdown â€¦
Choose Premises Carefully
Starting your own company is an undeniably exciting time, but getting carried away and blowing your budget on an office thatâ€™s altogether too large will have you and your employees (if you have any) heading for the poorhouse.
As such, when looking at shops for sale, use the web to your advantage by browsing retail opportunities that are not only conveniently located, but within your budgetary parameters. Best of all, it avoids the hassle of pounding the streets in search of a suitable property.
Grab Yourself an Intern
The employment market is a dog-eat-dog world, with graduates often willing to climb over their own grandmother and throttle a puppy in order to win themselves a job with a big corporation but theyâ€™re also willing to work for free.
For a small business like yours, you can offer graduates valuable workplace experience, with most keen to prove themselves for little to no money. If theyâ€™re any good, you can look to hire them on a permanent basis. If not itâ€™s not great loss to your business.
Learn to Negotiate
If youâ€™re going to get anywhere in business, itâ€™s important you brush up on your negotiation skills and a great place to start is by trying to haggle with the providers of your utilities, software and hardware.
You may sound like Fagin on a particularly bad month, but youâ€™d be amazed at the number of companies willing to listen to your plight and offer you a better deal than you wouldâ€™ve got by keeping your mouth shut.
Evidently, this is just the tip of the moneysaving iceberg for the potentially frugal fledgling business owner. Consequently, why not leave your own tips in the comments below weâ€™d love to read what you have to say!