I think it’s probably a given that you want to save money where you can. Let’s be real, who doesn’t? Saving money and money management is something that MILLIONS of people struggle with daily. Granted, sometimes you can’t get away from spending money, but it’s always possible to trim the excess.
Okay but how do you do it?
When you’re running a business, there are so many costs to consider.
- Business operations / overhead
- Employees
- Rent,
- Systems and software subscriptions
- Advertising
As a company we spend almost ten grand a month on JUST our systems. All that to say that business operations can be highly expensive and not accessible to everyone.
So how can you save money?
Grants and Funding
Well our number one saver has been Government grants and funding. Being a start-up or small business means you’re creating jobs, contributing to economic diversity and growth in your community, increasing the quality of life of the people you’re impacting, and pumping more dollars into the tax system. Those are all things the government strives to encourage which is why there’s so much money available for small business and start up businesses.
It is important to take advantage of the resources available to you if you want to save money so take advantage of government assistance programs.
Consolidate Software Subscriptions
Another tip to saving money as a business owner is consolidating your software costs. By merging all your automation software you will save so much money in the long run. Typically any type of automation software that helps you manage your marketing and Customer Relationships can cost you anywhere from $500 a month to $5000 a month. By sourcing programs that might be a little more costly up front but allows you to cut 2 programs that cost 1k/month, that will save you tens of thousands of dollars a year.
Save Money by going Digital
Moving your business online where possible is another great way to cut your costs. Brick and mortar buildings cost thousands of dollars to keep open, whether that is on your mortgage payments, rent, utilities, maintenance, cleaning services, office supplies, it adds up fast! If you’re in a business that can be online, why not take advantage of the quickly growing online space?
Leave Ads to the Pros
Most business owners don’t have advertising degrees and more than likely aren’t design professionals. When you’re not proficient in running paid advertising, you can waste hundreds of thousands in running ads that don’t work, testing ads, running ads in the wrong places, and not being able to track your ads performance. When you’re in this position you have 3 options:
- Waste the money
- Hire an ads agency / third party to do it for you,
- Have an ads professional on staff.
And no, not running ads isn’t an option. The cheapest way to get the best results and the most bang out of your buck is simply getting someone who knows what they’re doing to run your ads for you.
Money will always be an integral part of the way the world operates, so instead of shutting down and wasting all your hard earned money, learn how to make your money work for you, manage it properly, and save it where you can.
Have any more Money Saving Tips? Let us know ?
