The Latte Factor

Hey Big Spender… yeah you – the one who can’t live without the $5 morning java fix. Do you have any idea what your Starbucks addiction might be doing to your business?

Well, maybe it’s not Starbucks for you. Maybe you’re a sucker for super-sizing your lunch, guilty of not filling your tank until the empty light flashes – or maybe your mail always goes out express, or you’ve got late fees at every video store in town.

Just think about all the rushed purchases that you make each day, and the price you pay for not planning out your purchases.

In a rushed world it would seem like getting fries with that is the right thing to do. After all, we are hungry and time is of the essence. But, so many of us waste our hard earned money on stuff we don’t LOVE. Money is wasted when we buy things out of what seems like necessity, but don’t put thought into what we are actually getting.

And the fines we pay for not staying on top of our bills can kill us financially.

How much food do you throw away each week? How often do you make copies at the all night mega cost copy shop? Are you often forced to pay big bucks for parking because you would otherwise arrive late to meetings? People, think about all the lattes you could afford if your shopping list was more structured.

And do you really need the latte every day? Could you cut down and just order the regular coffee?

I’ve dubbed myself the Cost Cutting Queen for the day (today). And I’ve got some tried and true tips to help save you from falling victim to vultures who prey on us. (yes, they do particularly target our age group – so beware).

Bulk Buying is Not Just for Granny

You can begin by stocking up on things like office supplies, toiletries and dried foods (if you eat rice, pasta or items that can be stored). If you’re forced to buy toothpaste at 9 a.m. before a meeting you’re likely to pay double for it. Also, things like paper, pens, printer ink are usually cheaper if bought in bulk and there are tons of internet companies who sell them very reasonably.

Bulk buying does not need to be done at a club store. You can check for sales at local markets and even double up with coupons (yes, coupons are not just for Granny either)
Have a list handy and vow to stick with it. Stores use sales to lure you in.

Stop Wasting

If you live with a roommate – try to come to some agreement where you can share food. This will cut down cost of wasted food, as well as time taken for trips to the store. Roommates can be very territorial about their bananas, but let them know that if they share – you will be able to buy fresh bananas sooner and both of you will save.

Be Prepared

If you’ve always had a problem getting bills paid on time, following up with clients, or administrative procedures – you may just need an assistant. It will wind up costing you less to hire someone to keep up with your mail, than to be forced into paying late fees.

Take Stock

Take note of all of your current bills. Do you use your gym membership? How many phone numbers do you have? Eliminate what you do not need. I have a six month rule. I recommend purging services that you have not used. Sell your palm pilot on ebay if it’s not working for you. Make sure that the systems you have in place run comfortably. Maybe you can live with just a cell phone – no home phone. I do.

Get Tech

You’re in business and you need business supplies. Invest in a printer/copier/fax. It will save you $$ in the future. Filing cabinets and anything that will make you feel more organized is worth the cost. You also NEED high speed internet and a good laptop. As a young entrepreneur you’ll be on the go, and a laptop is like a walking office. All of these things can be purchased second hand if need be. Just make sure you are getting good quality.

The Latte Factor

I used to work at a coffee shop. Sometimes we made about $1000/hr. Think about how much of that is contributed by people like us. If you could save only half of what you spend on your morning coffee each year – what could you buy for your business? And couldn’t you just get one of those thermos things and brew your own joe at home. I do. Plus, I’ve got some great latte recipes that I’m willing to share for free.

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