10 Creative Ways Your Small Business Can Save Money
Many small business owners start off with small budgets, and some take months or even years to turn a profit. While trying to establish their business, owners look for ways to cut expenses. Some cost-cutting measures are obvious, but others are not. Knowing creative ways your small business can save money can impact your net income.
Other People Are Reading
-
Use a Virtual Office
-
Virtual offices are increasingly popular. A virtual office allows a business owner to possess a physical address and have access to conference rooms without paying the full price of renting commercial space. Many virtual offices provide a receptionist and use of office equipment in the rental price. You don’t get the full benefits of renting your own office, but you can save a significant amount of money if you don’t need to use office space often.
Share an Office
-
If renting a virtual office is not an option, save your business money by sharing an office space with another tenant. Choosing an office space roommate who shares similar business interests may make the experience easier. If you use your office only sparingly, structure your rental payment accordingly.
-
Buy Used Furniture
-
Buying used furniture and office equipment allows you to save money. New office furniture can get expensive, but you may find good deals shopping at a resale shop. Consider buying a refurbished computer instead of a new one. To verify you’re getting quality furniture, try to see the furniture in person before you buy it.
Hire Temp Employees or Contractors
-
Administrative costs can add up to major expenses for small business. Instead of hiring full-time, permanent employees, hire temporary, part-time employees or independent contractors. In most cases, you are not required to provide benefits for part-time employees or independent contractors.
Inexpensive Marketing
-
Some companies offer free or deeply discounted business cards and other marketing services to select customers. Contact online printing companies that offer good deals on business cards, brochures, postcards and other important marketing materials. Some software programs also allow you to create and print your own marketing materials at home.
Free Legal Services
-
For simple legal needs, visit free legal websites to learn information and obtain advice. Most can walk you through the steps of establishing your business structure and inform you of the necessary licenses and permits needed for your particular business.
Use Free Software
-
If you need certain computer software to run your business, use open-source versions. Download free data spreadsheet, word processing and bookkeeping software. The free version may possess fewer features than a paid version, but the software should suffice if you're administrative needs are small.
Take Tax Deductions
-
The Internal Revenue Service offers many tax deductions for small business owners. Familiarize yourself with the deductions you are eligible to take. Tax deductions allow you to reduce your taxable income and save money on the income taxes you must pay from your business profits.
Barter
-
Find other businesses in your area and barter your services. Bartering allows you to trade services with other business owners, which can save you money because you don't need to hire independent contractors. You also can set up an agreement with other business to refer clients to one another.
Design Your Own Website
-
Business owners needing simple websites can design their own with online Web design and hosting companies. Most companies require customers to pay a small monthly hosting fee. Choose a predesigned template and add in information concerning your business. Designing your own website allows you to establish a Web presence while saving hundreds of dollars in Web design fees.
-
References
Resources
- Photo Credit Photos.com/Photos.com/Getty Images
