As a small business owner, you know that managing your funds and being economical is a must – as lack of or mishandling of money is one of the main reasons why businesses fail. Yes, your number one overall priority is to grow, but your immediate priority is to save money.
Here are six creative ways for small business owners to save money:
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Communal Marketing
Marketing can be very expensive, especially for a small business, and advertising can cost thousands of dollars before you see any return.
One way to save on marketing is to advertise alongside local businesses that you have good relationships with – you could share mailing lists, distribution channels, and suppliers with others offering complementary goods and services.
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Office Space
Signing a lease on an office space can be very expensive, plus it can also tie you down to one place for many years.
In today’s highly technological world, if you have an Internet business, chances are you can run it remotely. This means that, unless you’re in retail, you could save money by renting either a part-time space, leasing a co-working space, or converting a space in your apartment or house (which would also save you money as you can write off a part of your rent or mortgage as a business expense).
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Used Office Equipment
Whether you need to have a proper office space or you’re converting your spare bedroom into a home office, consider purchasing second-hand furniture and used equipment – you can get them for a fraction of the price at used equipment stores.
Instead of getting all top-notch gear (unless your business depends on it), it’s wiser to only spend what you need and save money for more important stuff.
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Independent Contractors
While it’s ideal to build a workforce comprising of loyal and dedicated employees, full time staff typically cost a lot of money.
Instead, use freelancers, contractors, and consultants as needed, at least until you grow your business.
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Industry Events
A great way to get free exposure for your business and for your personal brand is to be a volunteer speaker at industry events or conferences.
You could establish yourself as an expert in the field, network and make new contacts, and even gain clientele.
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Trading
As a small business, you are likely in a similar position as other owners, in need of cash, and you could all benefit from trading goods and services.
Whenever you need a specific product or service – always look for bartering opportunities – it’s one of the best ways to save money as a small business.
When it comes to saving money, there are hundreds of different ways to do so. As mentioned above, some will yield better results than others.
Your bottom line is your focus; so try these six ways to save some money as a small business. There are dozens of more things you can do, and we think that if they can save you money – they’re probably worth it.
At RODA marketing, as a group of seasoned consultants who started very small and worked very hard to find ways to save money as well as never compromising the quality of service we’ve been offering to our clients – today we work with you to build and implement well thought out Internet Marketing strategies that include SEO, social media, blogging, infographics and more, that will help you grow your business.
We invite you to check out our portfolio and get in touch with us to see how we can take your business to higher levels of success with web design, and digital and Internet marketing.