As a new business owner, it is important that you save money wherever you can. This is especially true when you are just starting out and still struggling to make a decent profit. By keeping costs low, you can save money to invest in your business and expand it. This way you can claim bigger profits and hopefully lead your business to greater success. Here are some of the ways to keep business costs low your first year.
Online Marketing
If you are already starting to spend a fortune on TV and radio ads for your business; stop right now. There is no need to waste money on these sources when you can do it for free, online. Start by building up an online social networking presence for your business; by setting up profiles. This won’t cost you anything and can easily be a great source of marketing for your business. You can use any of the major social networks as a marketing tool, but we will take Twitter as an example. Use Twitter to retweet key players in your industry or business sector. Keep doing this with sources until your feed becomes a place where people can find out about news in your industry. Once this occurs, you can start networking with customers from other businesses.
Keeping Office Bills Low
If you are already spending a fortune on electricity bills in your office each month, you might want to switch electricity companies. Check around with the competition and see if you are getting the best rates for your energy and power. If you are, then we have got other ways you can save on these bills but if not, consider making a switch.
You may also want to consider switching off your computers when you leave the office at night. A lot of businesses leave their computers on standby all night, as well as some of the lights. Leaving the lights on may make some business sense because it makes it look like there are people still inside. But, leaving the computers on is just a waste of money that you cannot afford.
Switching Tech
Then again the source of your big bills may be the tech you are using. If you are still using desktop computers get rid of them right now. You will be able to make a lot of the money you spent back on eBay and then buy yourself and your employees cheaper, energy efficient laptops. The latest technology is also the greenest and, in the long run, this will save you money; so you may want to think about investing. Also, consider whether you need to spend lots of money on different pieces of tech. You may be in the process of setting up all your phones for the office, but think about whether you really need them. You might be able to do it all online through Skype conferencing or Facetime. This is how most people communicate these days, even business workers and clients.
These may seem like simple ideas, but we promise, they will end up saving your business more money than you would believe.
Photo by Damian Zaleski
Mia Guerra
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