Whether you’re looking for do-it-yourself marketing tactics or ways to cut back on employee expenses, saving money stays top of mind for most small business owners. Here are a few cost-cutting tips to consider:
- Cut back on traditional advertising and marketing: Use your expertise to be featured as a credible source in publications and media outlets. Additionally instead of buying ads and paying for email list, create your own content (e.g., blog) by targeting the needs of your ideal customer. Then distribute your own content across social media channels to drive people to your website so that you can promote your company product and convert followers into paying customers.
- Outsource to freelancers or contractors as needed: For certain aspects of your business like social media, accounting, web development, etc. consider hiring temporary professionals who specialize in a niche service.
- Get sponsors for events: Whether you’re hosting an in-store product launch or business building seminar, getting sponsors to cover the expenses in exchange for advertising, is a great way to cut costs.
- Hire interns: To cut back on expenses such as office space, salaries and benefits, contact local colleges for interns. Interns can help with building awareness about the business while learning skills relevant to their field. Refer to the Small Business Administrative for guidelines on hiring interns. Then check out sites such as e InternQueen and InternMatch.
- Use open-source software: From photo editing to invoicing to accounting, project management, and document creation, you can find open source software for any thing. Before you spend hundreds on software purchases or updates, check into the free open source alternatives such as Asana, one of the most popular project management apps available—and for up to 15 users, it’s free.
- Consider telecommuting: Thanks to the Internet and several communication technology tools, working from home is a lot easier. Not only can you save on heat, electricity and water but you can also reduce IT on-site support for employees.
- Rent a shared office space: Even if you don’t have the equipment needed to run your business at home, consider a shared coworking space, such as “We Work. For as little as $45 you can rent a workspace and gain access to a member network, office amenities and business services.
As a small business owner, what tips have you used to cut your expenses?