"Industry is the fortunes right hand, and frugality is its left".Why inspiring? Because it states the truth. One cannot be industrious without also being frugal. My primary industry is operating a solo law office where I help people address illness, death and taxes via wills, powers of attorney, etc. Frugality has been key in the continued existence and growth of my practice. Thanks to frugal ways, I have never borrowed a cent for my practice. Not one. And with it has come freedom to do what I see fit, and what I think is right. No pressure to pay back the damn bank.
Whether you want to hang out a legal shingle, start a flower shop, or create the next Twitter, keep the following in mind:
- keep overhead to a minimum. I traveled to clients for meetings my first few years, and drafted out of a home office;
- hire students because they are bright, energetic, and willing to work for less because in addition to pay are earning experience. Delegation is essential, but do so wisely;
- use coupons and loyalty cards for office supplies. This will save you hundreds of dollars a year;
- buy in bulk when possible. Numbers will make or break your profits;
- do not drive a car, own a house, or wear clothing that you will be able to afford once you start making money. Accept the reality of where you are and buy accordingly; and
- market yourself wisely. How might customers find you? Don't let an ad person "sell" you on paying for advertising. Word of mouth, providing education, and simply being liked by a lot of people will do wonders for creating referrals.