Unless you’re a rarely-seen prodigy of the business world, you know that “entrepreneurship” does not equal “rolling in cash” – at least, not at the start. But fear not! There are ways entrepreneurs can save money in their small business. Here are five thrifty tips we think you’ll like:
1) Consider having a virtual office location instead of paying expensive downtown rent. A virtual office location is a place where you pay a monthly fee to have your mail sent, receptionist service and access to meeting space in a downtown office suite. The difference is you and your team are actually doing the day-to-day work from home or a less expensive location. You also gain extra work time when you give up rush hour – lucky you!
Do you absolutely need a downtown office? Sharing an office – and the rent – with another small business is another good money-saving tip for entrepreneurs.
2) Many of you may not believe this, but the government can be a great source when it comes to saving money in small businesses. Investigate your local, provincial and federal programs – there may be handy tax breaks available to you or other resources to help your small business ticking along smoothly.
3) Advertising may cost a pretty penny, but public relations doesn’t have to. Free (positive) publicity is out there. Find ways to get your name known. You can offer expert advice on a local news program or write a series of how-to articles for a trade publication. Get creative and have fun with it. Of course, the best PR happens when you provide top-quality service to all your customers!
4) Network like it’s going out of style. Even if the thought of attending another industry meet and greet makes you want to hide in your basement, get out there and mingle! You never know which hidden gem in your network can recommend a good deal on business cards or knows the best graphic designer in town.
5) If it makes sense for your small business, partner with other companies that offer related services and pool advertising funds. For example, your flower shop might be the perfect match for the local spa that’s looking for a great Mother’s Day promotion. Or your plumbing company can approach local roofers, electricians and landscaping companies to co-create a “Home Makeover” coupon book. Cross-promotion can be cheaper for everyone and helps strengthen the credibility of all involved as well.
Got a few great money-saving tips for entrepreneurs? Let us know!