For many small business owners, having the money to front your business and continue to run all aspects of that business at a functioning rate can put a big strain on the bank account. For this reason alone, it’s no wonder why so many small businesses fail or don’t see any profit for years after they start. If you’re a small business owner in a tight financial situation, you’ve likely exhausted many of your monetary options already. To add a few more ideas to your hat, here are some ways that you can start saving money for your small business today.
Advertise In Unexpected Ways
While every small business owner dreams of buying large billboards or creating an amazing commercial to advertise their business, this just isn’t an option for many. In fact, it can be difficult for some business owners to even come up with the money for posters or a website to help with your advertising.
To alleviate this pressure to advertise, consider including marketing aspects on items you already have to purchase for your business. Hannah Wickford, contributor to Chron Small Business, suggests wrapping your personal vehicle in advertising vinyl as a marketing option. You can also include coupons or other ads on receipts or in merchandise bags for your current customers to share.
Try An Unconventional Office Space
Rent for leasing an office space can be a huge financial burden on small businesses, especially when you take into account things like utilities, property taxes and more. To get away from a large office space payment each month, Small Business BC recommends “coworking” for eligible small businesses.
According to Small Business BC, coworking is where many small businesses share the same office space and pool resources like copy machines, conference rooms and more. If your small business only has a handful of employees or doesn’t need a lot of space to operate, coworking with other small businesses may be a great financial option for you.
Barter Rather Than Buy
Startup costs for a small business can be astronomical, making it near impossible to acquire all the equipment you feel you may need to run your business successfully. When you come to a time where you need additional equipment or supplies yet you don’t have the money to purchase them outright, Richard L. Cravatts of BusinessKnowHow.com states that you can try baterting with other business owners. In recent years, Cravatts shares that many bartering websites for businesses have popped up all over the Internet, making it easy for you to find what you need in exchange for something another business owner needs.
Saving money as a business doesn’t have to mean going without or going into a crazy amount of debt. Rather, you can use the strategies mentioned above to cut costs in an effective yet beneficial way to really save your business in the long run.
Originally posted on October 11, 2015 @ 6:43 am