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June 21, 2018

How To Save Money In Business



When you run a business, you don’t want to spend money unnecessarily, and that’s especially true right at the start when you may not have made any profits just yet. Therefore, you need to look at ways to save money whilst still offering a great service. Here are some ideas that will help you at any stage of your business. 

Advertise All The Time

Advertising all the time may sound like an expensive option, but it’s not really. It simply means that whenever there is a chance to promote your company you need to take it. Put special offer flyers in with invoices, for example, or have your vehicle sign-written. Wear a t-shirt with your logo on it when you’re not actually at work. You could even keep a pile of flyers in your car, and if you have a few moments, you can put them into people’s mailboxes. Be on the lookout for advertising ideas that may not seem obvious and if they don’t cost you anything then take the opportunities as they arise. 

Get Quotes

You may think you know what you expect to spend on something, but that doesn’t mean you should take the first price that you’re offered. It’s best practice to do your research so that you can ensure that you’re not paying too much, and you can compare the services offered. You should do this with anything from commercial shipping, where you may want to inquire about an LTL freight quote to photocopying services and everything in between. This way you know you’re paying the best price, and you know what you’ll get for your money.

Get Testimonials

People are much more likely to buy from you if you have testimonials, and the great thing about these is that they don’t cost you anything. If a customer has been happy with your service and products, they will gladly write you a testimonial. Make the most of these as they can really save on advertising costs and they can bring in plenty of sales too. 

Websites

Although it’s best to have your own website if you are running a business, you can always start smaller if you prefer. If this is a side hustle and you’re not sure whether to make it into something more full time, you can start by using third party websites such as Facebook or eBay to sell your services and goods. Then, when you’re ready, you can take the next step and create your own website (or have someone do it for you). This will save you money at the beginning and allow you to put some cash aside for your web developer when the time comes. 

Be Mobile

One of the biggest costs associated with running a business is the rent or mortgage for an office space. Thanks to technology, which is only getting better, it’s now possible to run a business entirely from home or be completely mobile if you need to visit your customers in person. This will save you a huge amount of money and will enable you to be more flexible too. 

The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.

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