What Can Elon Musk Teach Your Business About Repurposing (Watch)

Space travel is about to get a whole lot cheaper.

After SpaceX’s next rocket launch, CEO Elon Musk says that the company will switch from using expendable rockets to reusable ones. Since each Falcon 9 rocket costs about $62 million, according to the company, the ability to reuse them could be a pretty big asset. And Musk also said that the rockets could be reused almost indefinitely, as long as routine maintenance is done.

Currently, the only other company with reusable rockets is Jeff Bezos’s Blue Origin. But those aren’t designed to go into orbit like the SpaceX rockets. So this initiative also signals a big step for the space travel industry as a whole.

Given the high cost of almost everything involved with space travel and exploration, it was essential that companies come up with smart ways to cut costs. Otherwise all of those grand plans held by Musk and other entrepreneurs, like building colonies on Mars, would simply cost too much.

How Can You Repurpose Office Supplies and Equipment?

Reusing or finding new purposes for expensive equipment or other resources can be a great strategy for businesses looking to make smart financial decisions back here on planet Earth too. You probably don’t have any $62 million rockets on the books. But the more you’re able to repurpose office supplies and equipment, the more your business can save to put toward its larger goals.

Elon Musk Photo via Shutterstock

This article, "What Can Elon Musk Teach Your Business About Repurposing (Watch)" was first published on Small Business Trends