1. Postpone Personal Rewards

  • Set your salary as low as possible, coupled with performance bonuses
  • Limit employee benefits to those legally or competitively necessary and no more
  • Utilize functional, not extravagant, workspaces
  • Travel and entertain as if you were personally paying the bills, not the company
  1. Focus on Critical Tasks

  • Focus exclusively on the task immediately in front of you
  • Do not use your company’s limited cash and resources to pursue attractively but non-critical paths to long-term goals
  • get your product or service to the market as soon as possible, while keeping your nonessential costs low
  1. Hire Only Critical Capabilities

  • Rely on a few key individuals with critical skills to build the company
  • Understand which skills are important in each stage of your company’s growth
  1. Don’t Reinvent the Wheel

  • Examine your operations to be sure that the activities you perform are essential and are being performed at a lower cost than you might pay elsewhere
  • Incorporation papers and legal forms of all types are common across the Internet and third-party manufacturers supply volumes of products ranging from processed food to apparel for a negotiated price
  1. Share the Wealth

  • Rewarding performance for goal achievement measured by such outputs as milestones achieved, deadlines met, productivity, cost savings, and other tangible measures encourage positive results
  • be sure you understand and define the appropriate goals, recognizing the possibility of unintended consequences when targets are set without careful analysis and controls

Source:
Shopify Blog: https://www.shopify.com/blog/8389110-5-money-saving-tips-for-first-time-entrepreneurs