Entrepreneurs Share Their Money Saving Tips

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

Photograph: Courtesy of Artspace.com

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Catherine Levene, Artspace.com

When Catherine Levene co-founded Artspace.com last November, she and her team "camped out in the office of another company," paying a "very small" amount of rent while avoiding costs like security deposits.

Levene, the company's chief executive officer, says she didn't have a budget for recruiters while starting the marketplace for contemporary art. "So we spent hours and hours working our own networks." Most effective, she found, were social media sites such as LinkedIn and Facebook.

She also saved by using software developed for young companies, covering everything from e-mail to project management. With so many options, many of them inexpensive--and some even free--Levene says: "In the early days of a company you don't need to build everything."