If you’re running a company, saving money is likely one of your top priorities.
After all, there are dozens of incidental expenses that come with starting and running a new venture, and business owners must be incredibly frugal about how they spend their funds.
Luckily, there are lots of things you can do to save money and get more bang from your buck in the places you do invest.
Here are a few unique ideas to lower your costs and put another comma in that bank balance.
While a professional web design firm can cost thousands of dollars, even for a straightforward website, a website builder like Squarespace will offer a beautiful site for just a few hundred dollars.
What’s more, these sites are easier for many business owners to manage and offer simple integrations to plug in with things like your social media accounts and sales interfaces.
While some SMBs worry that a website builder will produce sub-par results, the truth is that website builders excel at pre-made sites.
The templates are beautiful and, with few exceptions, you can get a beautiful, custom site that will take your brand well through your first few years in business.
If you’re curious what qualifies as a “home office” and what doesn’t for tax purposes, check out this page on the IRS website for more information.
No room for a home office? Consider setting up shop at a co-working space instead of leasing your own office.
In addition to saving you money, buying used materials is also an eco-friendly choice that helps extend the lifespan of items. Check local sales sites and consignment stores for the items you need before you buy them new.
Not only are these professionals less expensive than full-time employees (you don’t have to pay health insurance or payroll taxes on them, for example), but they’re a great way to encourage diversity and creativity in your workforce, and focus your budget on the places you really need it to work for you.
While hiring employees takes time and effort, freelancers and contractors are already experts in the field and will only charge you for the tasks you truly need.
This practice, which uses influencers to market a product and create unique content, is as smart as it is cost-effective. Here are a few stats to prove it:
One of the reasons influencer marketing is so popular is that it’s cheaper than traditional marketing and goes much further. While paying for a Facebook advertisement may or may not have long-lasting effects, influencer marketing has the potential to help you reach entirely new audiences and create an immediate confidence metric with your readers.
Not sure where to start with influencer marketing? Influencer marketing firms like Social Bond, Revluence, and Hypr can provide the framework and the influencers you need to get off the ground.
The first is that volunteering is generous and causes other organizations and individuals to view you favorably. The second is that volunteering to speak at relevant events is a great way to spread the word about your organization without having to invest in costly marketing tactics.
With this in mind, look up a list of upcoming events and find a few options that are relevant to you and your brand. Volunteering to speak at these things is a great way to secure some free exposure for your brand and business and improve your public speaking skills in the process.
Keep yourself from falling into this pit by using and re-using all your content.
Here are a few potential approaches: take a lengthy blog post and make it into a series of Facebook posts, or create an ebook from your FAQ page.
After all, there are dozens of incidental expenses that come with starting and running a new venture, and business owners must be incredibly frugal about how they spend their funds.
Luckily, there are lots of things you can do to save money and get more bang from your buck in the places you do invest.
Here are a few unique ideas to lower your costs and put another comma in that bank balance.
7 Smart Ways to Start Saving Money Today
Regardless of whether you’re just getting off the ground or you’ve collected a group of dedicated customers, these seven tips can help you save money and allocate your resources more intelligently:1. Use a Website Builder
If your brand needs a website, consider using a website builder instead of hiring a developer.While a professional web design firm can cost thousands of dollars, even for a straightforward website, a website builder like Squarespace will offer a beautiful site for just a few hundred dollars.
What’s more, these sites are easier for many business owners to manage and offer simple integrations to plug in with things like your social media accounts and sales interfaces.
While some SMBs worry that a website builder will produce sub-par results, the truth is that website builders excel at pre-made sites.
The templates are beautiful and, with few exceptions, you can get a beautiful, custom site that will take your brand well through your first few years in business.
2. Utilize a Home Office
If you have the extra space, convert a room in your home to an office. Not only does this save you from costly and confining leases at external office spaces, but it’ll also allow you to save double and write-off a portion of your rent and living expenses as a business expense.If you’re curious what qualifies as a “home office” and what doesn’t for tax purposes, check out this page on the IRS website for more information.
No room for a home office? Consider setting up shop at a co-working space instead of leasing your own office.
3. Buy Used Whenever Possible
Instead of investing in all-new office equipment and supplies, buy used whenever possible. Today, it’s possible to find everything from used monitors to office chairs, all of which are available at a fraction of the price of new equipment.In addition to saving you money, buying used materials is also an eco-friendly choice that helps extend the lifespan of items. Check local sales sites and consignment stores for the items you need before you buy them new.
4. Hire Freelancers
If you want to grow your business but can’t afford to hire full-time employees, use freelancers and contractors, instead.Not only are these professionals less expensive than full-time employees (you don’t have to pay health insurance or payroll taxes on them, for example), but they’re a great way to encourage diversity and creativity in your workforce, and focus your budget on the places you really need it to work for you.
While hiring employees takes time and effort, freelancers and contractors are already experts in the field and will only charge you for the tasks you truly need.
5. Utilize Influencer Marketing
Marketing is one of the largest expenses of running a business, and it can be tough to keep up. Luckily, there’s another option: influencer marketing.This practice, which uses influencers to market a product and create unique content, is as smart as it is cost-effective. Here are a few stats to prove it:
- 60% of consumers report they've been influenced by a social media post or blog review when shopping at a store
- 74% of consumers trust social networks to influence their purchasing decisions
- Influencer marketing surpassed print marketing in 2016
- 75% of marketers have allocated budgets for influencer marketing
- Businesses make an average of $6.50 for every $1.00 spent on influencer marketing
One of the reasons influencer marketing is so popular is that it’s cheaper than traditional marketing and goes much further. While paying for a Facebook advertisement may or may not have long-lasting effects, influencer marketing has the potential to help you reach entirely new audiences and create an immediate confidence metric with your readers.
Not sure where to start with influencer marketing? Influencer marketing firms like Social Bond, Revluence, and Hypr can provide the framework and the influencers you need to get off the ground.
6. Volunteer to Speak at Events
While it might seem like volunteering isn’t a great way to increase your bottom line, there are two massive benefits to this approach.The first is that volunteering is generous and causes other organizations and individuals to view you favorably. The second is that volunteering to speak at relevant events is a great way to spread the word about your organization without having to invest in costly marketing tactics.
With this in mind, look up a list of upcoming events and find a few options that are relevant to you and your brand. Volunteering to speak at these things is a great way to secure some free exposure for your brand and business and improve your public speaking skills in the process.
7. Re-Use Your Content
Content creation is one of the most expensive duties associated with running a business. This is especially troubling when you consider the fact that about 60% of B2B content goes unused once it’s been created.Keep yourself from falling into this pit by using and re-using all your content.
Here are a few potential approaches: take a lengthy blog post and make it into a series of Facebook posts, or create an ebook from your FAQ page.
