You’ve invested money and countless hours trying to make your dreams of a small business a reality. How do you save your money so that you can keep the doors open?
These 10 money-saving tips will help your small business grow
1. Use an advertising medium that is cost effective. When done the right way, advertising doesn’t cost, it pays!
Local television stations often charge over $1000 for 30 second advertisements, and national television stations may charge over $350,000 for 30 second advertisements. Considering that you will only get half a minute of exposure, the cost that you pay will likely not translate into new clientele for your small business. Most small businesses do not have enough capital to pay for more than a couple of local commercials at these rates.
Have you ever heard of promotional products? Promotional products are items such as pens, koozies, magnets, rulers, USBs, pop-sockets, and more, which have your custom information printed onto them so you can hand them out to your customers. Promotional products COST LESS and give you over 6-8 MONTHS of exposure just for one product with your logo/information on it, at the very least.
People remember promotional products because they serve a purpose, are tactile, and always seem to be around the house even when you are not using them. USfastprint offers a large selection of promotional products for any occasion. Check out our website USFastPrint Homepage to shop now!
2. Go with generic brands for products that your business needs for day to day operations.
Companies will charge you a premium just for a logo, even if the content of a certain product is EXACTLY the same. Your small business will save money that you can use for other expenses if you purchase generic brand products.
3. Go green! You can save tons of money and help the environment when you purchase “green” goods and services.
Did you know that you can save up to 75% a year on your energy bill if you switch all of your light bulbs to fluorescent bulbs. Save money on paper when you transition all of your business to a paper-free model. At the same time, you will save trees from being cut down! Hooray! Check with your local government to see if any incentives are offered for using solar energy.
4. Cut down on meeting time!
You might be having more meetings than necessary for your small business. Make sure you have a concrete agenda for meetings, and have a moderator of the meeting who sticks to the agenda and guides people back on track. Go over the agenda of your meetings to see if any of the topics can be covered at different times of the day where you are not cutting into valuable time. Cutting down meeting time to allow for more time completing tasks can help your small business transform out of the idea stage into the growth stage.
5. Buy used office equipment and furniture.
You can score great discounts on these items if you go through websites such as craigslist and ebay. Also check out facebook marketplace for a easy way to meet with people in your local area who are selling equipment. Before purchasing, go to make sure that the equipment is in proper working order.
6. Think “outside the box” with your marketing strategies
Before you start shelling out the big-bucks to expensive marketing agencies, try your hand at some creative DIY marketing campaigns. If you are a local business, try personally handing out flyers, hold public grand opening events, hire a sign tosser, etc.
Promotional products are also a very cheap way to get you name out into the community, with many custom printed pens, keychains, magnets, and flyers, starting below $0.50 a peice! There are plenty of promo products that are “outside of the box” as well!
8. Minimize inventory until you have a proven sales strategy.
Unused inventory is just money that is sitting around. You will only make profits once you have sold you inventory to your clients, so start out small! Once you notice your sales strategy start to result in more orders, increase your inventory accordingly.
9. Remember your tax write-offs, especially if you are an at-home business!
You can deduct portions of your rent/mortgage interest as a business expense. Additionally, you can deduct a percentage of various home expenditures such as maintenance and cleaning fees if you characterize it as a business expense.
10. Ask for sponsors for your local events
Throwing a large event for client appreciate or acquisition can be expensive. Try to partner with another business in your area to see if they would sponsor the event if it aligns with their company’s values. This can be a the start of a nice business relationship that has benefits for both parties.
Thank you for reading