More women than ever are doing their own thing and starting their own businesses, and that’s a trend we can’t wait to see continue.
Running your own business can get extremely expensive, though, so you’ll want to save every penny possible.
Looking for some new cost saving ideas to help you save a few bucks? You’ve come to the right place! Here are seven awesome tips to help you keep profits high and simplify.
1. Don’t Be Afraid To Outsource
Initially, it probably seems strange that we’re telling you to save money by paying someone else to do your in-house work. But the truth of the matter is that hiring new employees takes valuable time and money away from your company.
On average, the hiring process takes at least three weeks to complete. That’s three weeks where you and your team aren’t able to complete the everyday tasks your business needs to operate.
Outsourcing things like your IT services or marketing can end up saving you money in the long run.
2. Ditch Paper Pay Stubs
Pay stubs look official, but is that appearance really worth hundreds of dollars each year?
And not only are you wasting money on paper pay stubs, but you may be contributing a whole lot of waste to the environment. Each year, the standard person wastes up to 90 tons of paper.
Stop wasting your money and help the environment at the same time by switching to an electronic pay stub generator. It’s easy, fast, and guilt-free.
3. Partner With Other Businesses
If you’re struggling to get by, every other small business can seem like direct competition. On the contrary, they can help business cost reduction by a considerable amount.
Team with local businesses to reduce rates on the everyday things your business needs.
4. Stop Relying On Print Advertising
If you’re still relying on newspaper and magazine ads for your marketing, your business needs to get with the times. Digital marketing is a far better use of your money and time.
Advertising on Facebook, creating blog posts and claiming your business listings are all free or low-cost methods that generate a high ROI.
5. Downsize Your Office
Every lady boss dreams of a palatial office with a champagne fountain and peacocks greeting clients in the reception area. And while it’s nice to have something to aspire to, it isn’t very reasonable.
If you’re only working with a few employees, you don’t need an entire office floor. Consider downsizing to better fit your budget and needs.
6. Save Time On Scheduling
Scheduling can be a nightmare, especially if you’re still relying on outdated methods. Put away that day planner and use a virtual calendar like iCal or Google Calendar.
7. Shift To Energy-Saving Appliances
Using energy efficient light bulbs or an Energy Star certified monitor and shredder is a simple way to keep using the products you need without driving your electricity bill up.
These products use 30-75% less energy than your standard office equipment. That translates to at least a few hundred dollars more you can put into your business each year.
Incorporate These Cost Saving Ideas To Run A More Efficient Business
These cost saving ideas can help you save more money and operate your business more efficiently.
Are you thinking of starting your own business? Get to it! Be sure to consult our list of business ideas to help you come up with your next great business venture.