As a small business saving money should be high on your priority list, as it will help your business create a more profitable overturn. Everything from organising the aesthetics of your company to the payment of all your employees will add up to a hefty sum of money. Luckily, there are ways you can save money and lower costs while still creating a positive outcome. Here are some creative ways you can help your small business save money.
1. Create your own website
Instead of spending money on hiring a professional website developer, you can use an online website builder like Wix, Squarespace or GoDaddy for websites and you can use a site like Shopify for creating an online store. These resources are easily accessible for anyone, and you don’t need specialised technical ability in order to create an effective website for your small business.
2. Remember that everything's negotiable
Negotiate discounts with your regular suppliers. Your business is profiting them, so if they are in need of your business you will be able to negotiate with them for a lower price. If you’re not getting anywhere, they may become more accommodating if you hint about moving your business elsewhere. Upcoming entrepreneurs also tend to look out for each other, so when mentioning that you own a business when out shopping, you may find yourself being offered discounts.
Another way to lower prices is by buying in bulk. Buying large quantities of products at the same time often qualifies you for a discount, but you’ll need to ask, so don’t be shy.
3. Alter your marketing plan
Marketing for your small business can become expensive, so try joining with other local businesses. They’ll likely be in a similar situation to you, and so joining forces through mutually beneficial partnerships will help you both out.
4. Spread the word
Visit as many local industry events or community events relevant to your small business as possible as they will provide you with free exposure for you and your brand. They will become a reliable source of advertising and provide you with one of the most relevant places to do so, as a lot of people there will be looking for businesses that can help their own. If you consider yourself to be an expert, volunteer to speak at conferences and events relating to your expertise, to give your business a little extra boost of advertisement.
5. Office space
Consider renting a shared workspace as this will allow you to split the cost with another company, as well as being able to find spaces which might not have been available to buy as a single business. Also, advances in technology mean that most businesses can now be run remotely. Stay mobile as long as possible, as signing a lease on an office is expensive.
6. Replace new with used
Do you really need the latest equipment? Of course if it’s necessary, then buy from new, but all the items you buy will quickly add up. Everything from monitors to office stationery can be found at a fraction of the price if bought second-hand. Try to only spend on what you need rather than what will look good in an office environment - that will come later. If it’s large, expensive tools or equipment, consider renting as this will allow you to spend less. You can also pool with other local business to spread the costs of expensive items and avoid having to pay full price.
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