When you own a small business, saving money is one of the most important rules to live by; not the only one, but staying profitable helps all your other goals. Here are some suggestions to consider when trying to cut costs. Equipment and Supplies Buy used. Furniture that shows little wear or purchase a refurbished computer instead of a new one.
Look to a resale shop, or even Craigslist to find local deals. You can also search going-out-of-business sales. To save a little money, also consider using a smaller ISP. In this field anyway, they tend to offer better deals than larger companies. Look into VoIP, or Voice over Internet Protocol, which allows phone and video service over the Internet, instead of over a phone line.
It can save you a lot of money over traditional telephone companies for phone conferences and multimedia sessions.
It’s amazing how fast printing costs can add up. You can save money by not printing your presentations on paper.
Instead, print them to PDFs and email them when you need to. You can send your document without the expense of using ink and paper. But for the things you need to print, there are several things you can do to lower your costs.
To save money on paper, buy two different qualities of paper, one for basic copying, and the other high-quality for your more important print jobs. You can cut down on paper usage by printing double-sided as well as two-to-a-page in some cases. Since every print job does not have to be suitable for a presentation, in your printer set-up, choose a draft or economy mode.
Less ink and toner is used and it will print faster. If you print a lot, choose a laser printer. They are much more cost-effective in terms of ink, as compared to other printers. You can also purchase recycled printer cartridges.
Try using online e-commerce sites. At least do that to start with as you develop your brand and reputation in other areas – customer responsiveness, fast turnaround time and so on. Don’t put the cart before the horse. Why pay for the shopping cart, before you have made any sales? Don’t pay a web designer to create an expensive website with e-commerce capabilities before you’ve made your first sale.
Using online sites, such as Amazon.com and eBay can be a great way to sell merchandise online until you make enough profit to get yourself a fancy, e-commerce site plastered with your logo and branding. Don’t spend money trying to collect money! You can save money on invoicing and collecting by switching to an online payment service such as PayPal.
But before you switch, compare their per-transaction fees with how much business you currently do, in order to see if it will actually save you money. Staff Instead of full-time staff, you can hire temporary employees or independent contractors.
As long as they’re reliable. Tell them there’s a very real possibility of full-time work if everything comes together. Contracting with freelancers makes sense when you need someone to get a job done, but you don’t want to pay them when business is slow.
To find freelancers, you can go to any number of sites. Independent contractors will bid on your job, and if they do a great job, you can develop an ongoing working relationship so they handle the work as you need it done. You can also hire students.
Do you have children? Why not hire them while still leaving time for other aspects of life? You get cheap labor while they learn responsibility, and you may also get some tax breaks out of the deal. Do you live near any colleges? Did you know you can often hire college students for college credits? You can pay them less than the average and get someone who’s anxious to learn and impress someone in the business world.
Technology Open source software may be the way to go. Large software providers have perpetuated a feeling in the market, that a consumer needs the security of technology and software backed by a large company. But open source software can provide enough of what your business needs at a much lower cost.
Instead of purchasing software you can download software for data spreadsheets, word-processing, and bookkeeping, for little to no cost. Searching online for free or less expensive web hosting services, will allow you to read reviews of hosting sites to figure out which ones offer what your business needs and which ones do that successfully, based on the reviews of other business owners.