So you are looking to expand your business but you just don’t have the financial capital to do so? Well, maybe you don’t need to go out and search for loans or other financial assistance. Perhaps you can just use this money saving tips in order to squeeze a bit of extra financial juice out of what you already have.
I run two blogs, including this, as a side business. I earn a decent income from them, after paying taxes I am left with enough extra money to pay the monthly mortgage with additional principle. There’s almost no expense apart from the hosting fee and email software fee. I run the businesses with just above $40 a month.
I listed the broad categories where your business can save money on without compromising the quality of service or products.
While not all of the tips might be used for all businesses and non-profit organizations, each can take several of the tips to heart when growing a business.
Look Over the Bills
If you look closely, chances are you can find all sorts of different ways you can save money. You just need to look closely. First, do you really need to have a landline?
While an Internet connection is likely necessary, why not go with a VoIP service?
It is far cheaper and works just like a landline. If you don’t need to have a constant phone presence in the office, consider an Internet phone line through Skype or Google. These are free; give you a phone number and a voicemail as well. By looking over all of your bills, you likely are going to save money.
Pay Early, Buy Large
First of all, pay your bills early. Many companies provide a discount when you do this. You might also receive special services when you pay bills early (not to mention you avoid late fees).
Beyond this, if you buy in larger amounts, you’ll cut down on the per-unit price, which is an excellent way to save money as well. No wonder a large portion of Costco and Sam’s club members are small business owners!
Negotiate the Lease
Your rent might be the most expensive element of running your business, so wouldn’t it be nice to save some money? Well, if your lease is coming to an end, talk with your landlord about negotiating your lease down. Tell them if they are not able to lower the rent you are going to look elsewhere.
Unless this is a prime real estate location, chances are the open spot may be left open for several months. Your landlord loses a significant amount of money for every month nobody is paying rent, so even if your rent is lowered by $50 a month (or more), the landlord saves money over having the open lot with no rent coming in.
Save on Software
Technology is great for improving productivity, but it is also expensive to download all of the latest programs and features you need for the business. So, because of this, how can you stay up to date without breaking the bank?
You can save on software by finding free software. Sure, Microsoft Office would be great, but it is extremely expensive. The same is true with Adobe and other major software designers.
Instead, you can check out Download.com for free offerings that provide similar services for nothing. You may also find free services for what you are currently paying for. Google Drive gives you free online storage space if you just need a small amount of cloud storage.
MailChip is great for gathering email accounts of customers and is also free. I use MailChimp for this blog emails. So, check around to see what sort of free software is available. You might just find you are saving hundreds of dollars annually through these free programs.
The bottom line is, in today’s era, do not pay for the software as almost every bit of software has its free alternative. Never pay a buck on buying software.
When running a business or non-profit organization it’s important to save as much money as possible. Readers tell us more about your experience as a business owner. What other ways you can save money for your business?