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4 Money-Saving Tips for Small Business Owners
For any small business, the value of a dollar is something that holds firm to them. Stretching every penny is so important because many small businesses fail due to losing too much money. Lowering costs is a vital part of any business, especially a small business. These tips will help you cut costs where needed so your business can continue to thrive.
Look into your mailing list
Whether you’re doing snail mail or e-mail, it’s best to go through the mailing lists to see if there are any leads or nonresponders. There are plenty of email marketing companies that offer free resources until you reach a certain subscribers threshold.
This could help you save some serious money in the end if you went ahead and slashed the mailing lists. There are ways to check your snail mail list to see how that’s going, and some local postal services will even offer to clean the mailing list for free if there are incomplete addresses.
A lot of businesses don’t seem to know about this tip. Yes, it is completely possible to purchase second-hand office equipment such as refurbished printers and even computers. These second-hand items can easily be found on most e-commerce websites that sell electronics; just check for a “refurbished” or “ used” section. As for furniture such as desks and chairs, you can check out your local thrift store.
Another way would be going to college campuses the last two days before summer break, and oftentimes students will trash items that they don’t feel like packing, such as microwaves and desk chairs. While it may be a bit weird to dumpster dive, most universities do allow for it.
Try free marketing methods
One money-making mistake that people make would be not investing enough in marketing. When a business needs to budget, they always cut off marketing first, and in the end, this hurts their business immensely. There are cheap and free ways to promote your business, so it still deserves recognition.
Going with the classic word-of-mouth marketing is a great way to get new customers, especially if you live in a small community or your business is a part of a specific niche. Content creation for the website, YouTube, and social media can be great ways to reel in new followers, readers, and customers, and realistically speaking, you don’t need to spend money on content. But be aware that content creation does take up a lot of time. Additionally, you can use video testimonials as a part of your marketing strategy, since they act as powerful social proof, converting prospective clients into buyers while increasing your brand’s credibility.
Money-saving tips: negotiate with vendors
Bartering with your vendors or other small businesses in the area could be a great way to save a bit of money on your business. They’re going to understand you as a struggling business owner better, plus these people still need cash flow.
Explaining what you’re going through and asking for a discount or some other sort of resolution will help you get the needed items for your business at a discount, but the other business still gets to have their cash flow. This will most likely only work for small communities, but it never hurts to try.