6 Ways Your Small Business Can Save Money
Often the most important part to running a small business is managing those finances. The reason the majority of small businesses fail in the first five years is due to lack of financing, so if there are some ways to save those precious dollars, every small business owner should know them like the back of their hand!
Creative (and free) Marketing
Marketing could be the single most important, and most costly, element for launching and growing a business. To gain the proper exposure when starting from scratch, it will likely cost thousands of dollars before seeing any return.
Start networking with local businesses and see where there may be an opportunity for additional exposure – local news features, community events, etc. Trade advertising space with others. Offer your services at a discount or free for additional exposure or review from a well-known local person/company.
Utilize social media influencers. Their terms for sharing information with their communities will vary based on audience size, so start with the smallest and gradually build your reputation for the most cost-effective reach.
While nothing can replace an experienced marketing agency’s services, when you’re just getting started with the very basics, utilizing one of the many basic website builders can be a huge cost saver. Wix, WordPress, Shopify for online products, and others are perfect for getting your feet wet in the digital marketing space and sharing what you have to offer.
Volunteer to Speak & Host Casual Events
If your knowledge is vast enough to be considered an expert, or at least an expert in one area of your field, put together a small presentation and share it with your community. This will position you as an expert and will do wonders for jump-starting your local brand name. You can also do this through webinars if you prefer not to be directly in front of a crowd, but the more personal you are and the more you get out to meet people face-to-face, the better off (and quicker) your success will be.
Forget the Office
As many of us have already discovered, getting away from costly office spaces not only saves money, it’s also refreshing and freeing. Of course this doesn’t apply to brick-and-mortar retailers. If you’re not in that category, stay mobile as long as humanly possible. Many successful global businesses are being setup and run, with many employees, completely remotely with workers all over the place. Utilizing email and video conferencing is plenty to get any face-to-face time required and keep communication flowing.
Freelancers and Contractors are Key
Another popular trend is freelance work. This allows anyone to pick their favorite job and become a true expert at their niche, while offering you reasonable prices and giving you quality service (their own brand reputation depends on it).
Don’t Be Afraid to Barter
As mentioned with creative marketing, don’t be afraid to offer trades of services to get what you need. Some people will go for it, some won’t. It doesn’t hurt to ask and it could save you thousands.
Small business financing is vital to lasting success and growth. Ready to take your small business to the next level? Find out now if you qualify for a small business loan!