Keeping costs low while running a small business can be a challenge, especially when you are just starting out. You want to make sure you have everything you need to be able to satisfy the needs of your customers or clients, but you also can’t be so much in debt that you are unable to keep up with your bills. When you first start out and as you grow your small business, you can save money through through the ways that your marketing and business expansion methods, materials, tax and business deductions, business loans and employees.
Social Media and Blogs
By creating a page on different social media and blogging websites, such as YouTube, Facebook, Twitter, LinkedIn, Google+ and WordPress, you can reach out to different audiences. On these pages, you can advertise promotions, special deals or new products or talk about industry-related topics. Social media and blogging websites often offer free accounts, so you don’t have to spend money to increase your advertising efforts.
Networks
Making business contacts in the same or related industries can help you to save money over time. You can make these contacts in different ways, including social media and in-person networking opportunities. By attending in-person conferences or workshops related to your industry, you may be able to meet industry contacts with whom you can develop mutually-beneficial relationships or get funding for your company.
Business Expansion
You can save money by gradually growing your business instead of trying to create the type of company you envision when your first start out. Begin small with one customer and gradually expand the size and scope of your business as you build a customer base through word-of-mouth promotion and different types of advertising methods, including standard and social media marketing.
Materials
Limit materials within your company by using recycled products, such as used ink cartridges or office equipment, and electronic software or applications, such as mobile payments systems, to keep track of business-related information, such as customer records. Make sure to back up all of your information if you don’t use paper records.
Loans
When you first start out or when you expand, find an affordable business loan, with the smallest amount of interest, by shopping around. When securing a loan, go through a company that caters to small businesses and helps individuals with different credit ratings, such as the Advanced Funds Network. When you choose a loan provider such as Advanced Funds Network, you can obtain a loan for the amount that you need and choose from different options from repayment.
Tax Deductions and Expenses Reduction
Work with an experienced accountant or tax professional to get small business deductions when you do your taxes. Do research every year into new deductions for small businesses to make sure that you take advantage of them. Also consult with other experts, such as attorneys and insurance agents, to find other ways, such as more cost-efficient insurance plans, to scale back on your business costs.
Employees
Hire employees that want to gain experience in the industry, such as high school or college students, entry-level employees or contractors. You likely won’t have to pay these individuals as much money as you would professionals with several years of experience in their fields, but you also may face restrictions in what or how many hours individuals attending school can work. Follow state and federal wage laws and involve your employees in the day-to-day running of your business to make them feel a part of your company.
By taking smaller and larger steps to reduce costs, you can help your business to have a better chance of surviving, especially at the beginning. As your business grows and expands, you can make some changes, such as paying employees more, while still taking certain steps, such as using social media, to keep costs down.
