Embrace your inner Scrooge

Jean-Paul Camelbeek
Jan 9
4 min read

If you want to get your business off to a flying start, don’t weigh it down with unnecessary costs. One mantra I swear by is this: Costs are easy to add and really hard to cut, while revenue is tough to build and so easy to lose. No matter the size of your business, you need to stay laser-focused on your expenses.

When you’re starting out, it’s natural to want to “look” like a business. You might think you need an office, a flashy website, a team, a lawyer, a marketing agency, a branded vehicle—the list goes on. The harsh reality? There are a million businesses out there ready to take your cash, which, let’s face it, is the one thing you can’t afford to waste when starting up.

Instead, resist the temptation. Keep your costs as low as possible because cash is your lifeblood. Don’t fritter it away. Here’s a breakdown of where to tighten the belt and when to spend wisely:

Some saving suggestions

1. Office Space

Offices are money pits, plain and simple. They come with insurance, utilities, cleaning, furniture, IT equipment—you name it. Avoid this cost as long as possible. Work from home or a local coffee shop. If you need a meeting or collaboration space, rent it for the day. Use the money you save to connect with clients, your team, mentors, or friends.

Remote work is totally acceptable post-COVID, and there are tons of shared workspaces if needed. My advice? Wait until you hit 10–20 team members (contractors included) before committing to an office. Even then, ask around—someone in your network might have unused space you can use. If you must sign a lease, go for short-term shared spaces and only move into a permanent office when you’re profitable enough to cover the cost. (And whatever you do, never sign a long-term lease until your business is stable. Avoid personal guarantees at all costs.)

2. Staff

In the beginning, you and your co-founders wear all the hats: sales, marketing, accounting, development, and so on. It’s tempting to hire help, but don’t rush into it. Check out Dan Martell’s Buy Back Your Time—it’s a game-changer for figuring out the right hiring order. His advice? Your first hire should be an Executive Assistant (EA). Let them manage your inbox and calendar so you can focus on growing your business.

I wish I’d known this in my early startups. I hired people without having the right processes in place, and it added more work instead of freeing up my time to allow me to grow the business.

When it comes to your first permanent hires, they need to be at the core of the product or service you are trying to build, for the rest use contractors or shared resource platforms, it keeps you cost agile.

3. External Team

Spend money on a good accountant and lawyer. That’s it. They’ll set up your business correctly, handle your contracts, and optimise your taxes. Everything else (PR, Marketing, HR ...) can wait until you've got your product and starting to build revenue.

4. Insurance

Start small—just enough to cover the basics. Scale your coverage as your business grows, but don’t overdo it in the beginning. I always struggle here as I'm a little risk averse - find the balance that allows you to sleep at night.

5. Subscriptions and Services

Be ruthless here. Every little thing adds up—cloud services, software licenses, phone plans, transport, etc. Always ask yourself, “Is there a cheaper way to achieve the same goal?” Economy flights instead of business class? Traveling off-peak? Skipping travel altogether by handling it remotely? It all makes a difference.

A couple of places to spend

1. ChatGPT Subscription

Yes, spend the £15 a month. Why? The productivity boost is massive. ChatGPT can handle research, market analysis, competitor insights, document summaries, proposal drafts—you name it. Think of it as your 24/7 advisor.

Here’s how I use it:

Quick learning: Someone mentions a book? Ask GPT for a one-page summary.
Frameworks: Need to apply a business concept? GPT can explain it and help you draft a version tailored to your situation.
Writing help: Drafting proposals or emails? Let GPT rewrite and polish them for you.
Data insights: If you’re analysing numbers, GPT can help (though be cautious about sharing sensitive data—it’s used to train the models).

ChatGPT saves time and money, and it’s worth every penny. Just remember to treat its advice as a starting point—it’s your job to validate and refine.

2. Upwork, Friverr or Freelancer

There'll be a ton of things you don't know, maybe you're a great sales person but draw a blank on technology, maybe finance is your thing but marketing is a foreign language. Use the shared resource platforms to find and hire great talent, that is flexible and can be scaled up or down to suit your ever changing business.

The Bottom Line

To give your business the best shot at getting off the ground and clearing those ominous breakeven trees, keep your costs as low as humanly possible. Cash is your fuel, and the more you have, the longer your runway.

Now it’s time to push the throttle and start rolling. See you in the next post where we'll talk about the first product or service!