Many entrepreneurs, especially those who are just starting out, are on a penny-pinching budget.
Here are some cash-saving ideas that can help boost your company’s bottom line by cutting costs in various aspects of your business.
1. Co-promote with a Partner Firm
When it comes to advertising, it can be helpful to work together with a neighboring business that provides a product or service which complements that of your company. You can jointly promote your businesses, and you might even be able to share distributors and mailing lists. It’s a win-win situation.
2. Seek the Help of Existing Clients
It’s common knowledge that word-of-mouth is one of the best and quickest ways for a new small business to gain attention. So why not offer your happy customers some extra incentive? Satisfied customers would be even more satisfied to receive 5% off their next buy for referring a friend, and you’d be spreading the word about your business without spending a bundle.
3. Purchase Used Equipment
Not all the equipment in your small business needs to be brand new. You can save money by buying used things like office furniture and copy machines. After all, when your business has some more money in the future, you can always upgrade to new equipment.
4. Prepare for the Worst
If you live in an area that is disaster-prone, it can be helpful to arrange an additional place from which you can run your business. You can save money on insurance this way, and you will also have a plan B in case of the worst.
5. Hire Interns
Some everyday tasks of the business do not need to be completed by experts or trained professionals, so why not hire interns for these simple tasks? You get to take on an apprentice to teach and mentor, and the intern gets hands-on exposure to an actual small business setting—plus something to put on his or her resume.