Entrepreneurs Share Their Money Saving Tips

By Ben Steverman - 2011-09-15T00:41:10Z

Ringo Chiu/Zuma Press

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Paige Craig, BetterWorks

When starting companies, serial entrepreneur Paige Craig gives new employees equity but also tries to get them to take a 50 percent salary cut--at least initially. First, it "saves you a lot of money," says Craig, co-founder and chief executive officer of BetterWorks, a platform for companies to manage employee perks. BetterWorks, which started up in 2010, has 21 employees and a labor budget of less than $100,000 per month, Craig says. "Second, you'll know everyone who is working for you genuinely believes in what you're doing."

"When the company's a success, the reverse is true," he says. "You want to keep your core team and overcompensate them." Rather than hiring expensive, outside talent, he says, "invest that money in your existing talent and promote them upward."