Small businesses are always looking for ways to save money. Especially when just launching a small business needs every dollar they can get. Here are a few tips and ideas as to how you can lower your expenses and keep more money in your small business’ pockets.
Sharing Space – If the business is just you, and you only need an office space, consider a shared work environment. This not only will save you money, but will make you leave your house and enter a productive work environment.
Reduce Lighting Costs – Install higher efficiency light bulbs and motion detectors to use less electricity with your office lighting.
Conference Online Rather than Traveling – Although nothing beats face to face business meetings, using a conference video call can be just as effective without costing hundreds of dollars and taking up days of your time.
Outsource – If you’re busy, but don’t want to hire an employee, consider outsourcing to freelancers who you can pay on a per job basis, at a reasonable rate, and not worry about benefits.
Buy Used Equipment – You don’t have to have brand new equipment to run your business properly. In some instances it’s required, but quite often you can get a great discount if a similar business is closing their doors or has changed out their already used equipment.
Negotiate Bank Fees and Rates – Don’t just settle for your current rates. Business accounts tend to get hit with more fees so shop around and compare a few other banks. Once you’ve found the best deal, go back to the other banks and see if they can do even better. Those fees add up so it’ll be worth your time.
Take Advantage of Every Tax Deduction – Tax deductions are like free money, so by not taking all your qualified deductions, you’re literally throwing money out the window. Save all your receipts and make sure you’re deducting everything possible.
Refill Ink Cartridges Rather than Buy New – Buying a new cartridge can sometimes cost up to three times as much when compared to simply bringing the cartridge into a refill shop. Nobody, besides you, will be able to tell when looking at the final printed product.
Use Cheap Marketing Alternatives – There are so many ways you can market your business without spending a dime. Create youtube videos, get your voice on blogs and forums, connect with related businesses via facebook, and creating press releases are all ways to get your name out there without breaking the bank.
Save on Business Electricity and Gas – This could be as simple as switching your utility provider. If you talk to an energy advisor, and tell them how many units of gas/electricity you use in your office, they will crunch some numbers to see if it’s worth changing your package to something more manageable.
Use Free Software – Many small businesses use popular software packages such as Microsoft Word, Excel, and Powerpoint, but there are free alternatives that can save hundreds, if not thousands, of dollars. Check out open office suite which is absolutely free to use.