Saving your small business money…
In this blog I share my advice on how to save some costs if you run a small business and in particular when you first start out as it’s all too easy to get carried away when you first launch your business. Don’t spend your cash on stuff that’s nice to have, instead spend it on what you actually need. Of course once the money comes in and you’re a huge success (which you will be) then have all those things that are a bonus, after all you’ve worked hard for them!
Tip 1: Make sure you are networking with the right people
Do you really need to spend money joining expensive networking groups and associations? Some charge an awful lot of money and there are plenty of good free groups that you can start your networking with or ones that are cheaper, and then as your profit grows look at maybe joining those that charge more. If you are going to pay out make sure that the group has your ideal customers in it.
Tip 2: Trial software before you buy
Software for your business can be expensive and it’s tempting to think that you need the top version of everything to make your business better. Remember however, that the software is only a tool to help you. There are lots of free software packages out there and if you do need to pay for one use the free trial first that’s often on offer to see if it will be of use to you long term.
Keep on top of even the little expenses
Tip 3: Don’t go crazy with stationery
Do you really need that truck load of stationery with the fancy logoed folders that will still be in the cupboard next year? Buy the essentials but don’t go overboard, you can add what you find you need in small quantities as you go along (which may include those fancy folders!)
Tip 4: Advertise to your ideal client only
Do you really need that highly expensive advert? When you set up your business you’ll get bombarded with offers from newspapers, radio stations and websites and they’ll tell you they’re doing you a wonderful special offer and ask you how can you possibly refuse! You’ll remember in my marketing tips blog I talked about finding out where your ideal customer will be – if the advert you’re paying for is not reaching that ideal customer you’re wasting your money.
Tip 5: Why Canva is fabulous
I want to share a piece of free software called Canva with you that helps you create graphics so that you don’t need to pay out for a graphic designer to begin with. You can add text, shapes, upload your own photos or use theirs (some are free and some only cost a small fee), there is so much you can do with it. It even creates the graphic for you in the correct size (i.e. for Instagram or Facebook) so that you don’t need to resize your graphic www.canva.com
You know how the old saying goes “Look after the pennies and the pounds will look after themselves.”
Tip 6: Trade shows can be very expensive
I often hear people say ‘I need to go to a trade show to get my business out there.’ However, the stands are extremely expensive and you need to consider extra expenses such as staff time to man the stand, travel, food, free promotional items, it all adds up. You can attend trade shows without having a stand and this is a good way to find out if it really is for you first. Remember my rule – if you do attend make sure it’s where your customers are definitely going to be.
Tip 7: Seek help with clients who are late payers
No matter how well you check out your clients you may get one that never pays your invoice on time. Chasing these clients yourself costs you time and money so it might be a good idea to seek a specialist to help you with those outstanding invoices. Make sure you have a contract in place detailing the process if your client pays late or refuses to pay.
I hope you’ve found my money saving tips useful. Be careful with your money and figure out what you really do need as your business grows so you don’t waste your cash when starting out. Feel free to share of any of your money saving tips in the comments below I’d love to hear them.
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