Let me be the first one to tell you that I’m super frugal when it comes to my coins! So if you’re anything like me then you’ll agree it’s always a top priority to find ways to save money in your small business.
I love to make ’em, don’t like to share ’em, and hate to lose ’em or use ’em on things that I could have found for free.
Learn Income Streams Are Best
So as you can imagine, I’m pretty lean when it comes to building up my business and all of its income streams. I like to stay digital so costs are incredibly low and I love to use the most cost-effective resources and tools available, that will deliver the results I need.
And let’s be clear on that… I want to pay the lowest cost for a great product or service that is going to deliver the results I need. I’m not saying I like to buy cheap shit that stacks up in my inbox, Google Drive account, or just sits as a purchased product on my AppSumo account.
Heck no! That defeats the purpose.
I like to buy great products and services that deliver results and value.
So if you’re anything like me and like to make money and save money as an entrepreneur rather than spend it, this is the post for you!
Saving Money In Your Small Business
Saving money as a small business owner can be extremely challenging, especially when you are just starting out.
You may have some startup costs, depending on what type of business or side hustle you decide to start and there may be some reoccurring costs to keep it going and get things built. But as business owners, we need to all be concentrating on ways to save money in our businesses just as often as we concentrate on ways to make money- because they are equally important.
A dollar saved is just as important if not more important than a dollar earned, so let’s make sure we put some time and energy into keeping our businesses lean to give them the best chance of being profitable! After all, this is the main goal, right? To have a profitable business or two that sets you and your loved ones up for financial health and stability?
Well, let me tell you… saving money in your small business is going to be an important step to getting you there.
So, here are some tips that can help you save money as a small business owner.
9 Ways To Save Money In Your Small Business
- Create a Business Budget: The first thing you need to do is create a business budget that will help you track your expenses and identify any areas where you are able to cut back and make some economical adjustments. I like to use a simple Google spreadsheet to keep track of my business budget and then we track everything in Quickbooks to make sure we’re all set for taxes at the end of the year!
- Take Advantage Of Lifetime Deals: I love to buy lifetime deals from Appsumo! This is literally one of the best ways I find that I save money in my small business because I pay less for the things I need. Instead of paying top dollar for reoccurring subscriptions on things like a booking calendar. I search for lifetime deals on the Entrepreneur Marketplace called Appsumo and buy them for a super cheap rate! The booking calendar platform I use is called TidyCal and it only cost me $29… forever!
- Hire Your Kids: If you have kids under the age of 18 that can help out in your business this can be an incredible way to save money in your small business! As the kids get older their jobs can evolve and they can start to take on more responsibilities while gaining incredible experience in how to run a business!
- Save On Email Marketing: Instead of spending a lot of money on email marketing tools like Active Campaign and ConvertiKit- try using a lower-cost program like Flodesk that allows you to send unlimited emails to unlimited subscribers for less than $50 bucks a month! Let’s be honest, you’re not building an email list, you’re missing out on building an engaged audience who’s connected to your and your brand- so jump on an email marketing program like Flodesk that doesn’t cost a ton of money to get set up and going!
- Build Up Your Referrals: Word-of-mouth marketing is the best marketing you could ever ask for! It’s also free to have your friends, family, fellow business owners and even past clients send your referrals! Take this up a notch by setting up your own affiliate program to reward people who go the extra mile and send you new business!
- Outsource Instead Of Hire: Consider outsourcing tasks like your basic bookkeeping, social media management, digital marketing, and IT to freelancers or contractors instead of hiring full-time employees.
- Do You Due Diligence: I always do my research when it comes to forking over cash in my business. From new training programs and digital platforms to new courses, books, and resources to help me achieve a specific goal- I do my due diligence and make sure the product/service I’m buying is the best and most affordable option.
- Skip The Shiny Objects: As business owners, we can all get caught up chasing squirrels and shiny objects that make big promises! But I urge you to stay focused and not purchase every $27 dollar mini-course, template pack, and training available just because it looks like it can make life easy! Take your time and focus. Complete one step at a time a build out a full business or project idea before chasing after the newest shiny object and trying to incorporate it all!
- Build Your Network & Collaborate: There can’t be enough good things said about building up a network of peers you can count on in business! Especially true for solo entrepreneurs and work-from-home moms, having a solid network of fellow business owners you can lean on for collaborations, bounce ideas off of and link up with for joint ventures that utilize the resources of all parties are great ways to save money in your small business!
Final Words On Ways TO Save Money In Your Small Business
Remember, saving money as a small business owner requires some discipline and a whole lot of creativity! Outside of tracking your ins and outs in a business budget and reducing the overall amount of money going out, sometimes it takes a willingness to make tough decisions and to just say ‘no’.
By exploring these 9 tips for saving money in your small business and continuously evaluating your business expenses, you can improve your bottom line and increase your profitability.
