Money is a big factor when starting a business, and is even sometimes what stops a person from pursuing their dreams. The thought of spending all their hard-earned savings or taking out a loan is daunting especially when the business may fall through and fail. Although you should be sure that you’re making the right financial choice when starting a business, you also have to just take a leap of faith. If you truly believe that what you are putting out into the world is worth it, everything will soon start to fall in place.
Whether you’re just starting a business or have been in the industry for years, there are always corners that you can cut to save some extra dough. You might not be as “high-tech” as some of your competitors, but you won’t be in debt and will be able to use your money for improving the quality of your business rather than the things behind the scenes. You will even have more financial freedom just by cutting out small unimportant things. Don’t let the financial burden of a small business deter you from continuing your dreams!
Cut Extra Costs
One of the best things that you can do to save some money as a small business owner is to cut extra costs. If you already have a laptop or desktop computer that works perfectly fine, don’t unnecessarily buy a new one. Keep your eye out for store or business liquidation sales to get any extra business supplies like desks, office necessities, and decor. Keep an eye on Facebook Marketplace, eBay, and Craigslist for any other items that you may need or just simply want. You never know when someone is getting rid of something almost brand new (like after Christmas!) that could fit perfectly into your office.
An even better way to cut costs is to work remotely. Hire employees to work at home on their own laptops and you’ll save a lot of money by not having to rent an office and furnish it. In addition to this, you can even still have office meetings through Zoom or Google Meet due to the improvement of technology over the past couple of years. If you want to save even more money, consider hiring one or two-time work freelancers. Hiring freelancers is one of the best ways to save some extra money while still meeting deadlines.
Utilize Free Resources
When managing a small business, don’t pay for services that you can easily find free online. Instead of purchasing a subscription to Microsoft Word and other Microsoft applications, utilize free Google resources such as Docs, Sheets, and Slides. These applications still have the same capabilities as Microsoft, if not more. You can also find free business guides, books, and seminars online for free. Don’t needlessly spend money when you can find things of the same quality for free.
As your business grows, make sure that you’re utilizing the proper financial resources. Find free banks with little or no fees to save as much of your hard-earned money as possible. Many checking accounts have fees, but you might be lucky enough to find a free checking account or credit card service. On top of this, make sure that you find a way to save your money and capitalize on high interest rates. Whether you invest some of your profits or get a high-interest savings account, make sure you choose the best option for yourself and the future of your business.
Get on Social Media
Yes, you read that right. Although social media is sometimes written off as superficial, it is a great way to start marketing your business for free. Your platform may differ depending on your desired audience, but all social media pretty much works the same. Share what’s going on in the office, new accomplishments, or even some freebies. Build a relationship with your following and your clients may even start to recommend you to their peers or keep you in mind for when they need something in the future. Posting on social media is free and is a great way to build followers without having to purchase a billboard or business cards!
Although you can utilize social media as a completely free platform, you can also use ads to get your business out in a targeted audience’s feed. By using paid ads, you are pretty much guaranteed that you will reach someone, especially those of your targeted audience. Facebook, Instagram, Snapchat, and more recently, TikTok, are all great platforms for both social media users and businesses that are in search of more clients. Although purchasing ads may not be free, it’s certainly cheaper than constantly buying business cards that might get thrown away or signs that will waste away time. By using social media, you can be sure that whatever you post or advertise will always be online for free!
Believe in Yourself
As you work hard on your business, make sure that you believe in yourself and don’t let financials stand in the way of achieving your dreams. Pinch pennies where you can and be frugal, but don’t stop yourself from improving your business. Work hard every day and know that you have the power to change your business for the better. Don’t be afraid of what can happen and plunge yourself into working hard. The benefits will soon add up and you will be thankful for your hard work!
Overall, saving money and pinching pennies as a business owner is one of the best things you can do to grow your business and your wallet! Be sure to cut out any unnecessary costs and save money by using equipment that you already have or can buy for cheap. Utilize free resources and technological innovations instead of paying for subscriptions or pricey newsletters. Make a presence on social media to push your business above others without spending any money. Remember to always believe in yourself and you will soon reap the benefits of saving money while being a small business owner.