4 Ways You Can Be A More Frugal Business Owner

4 Ways You Can Be A More Frugal Business Owner

Every small business owners needs to be extremely frugal over their capital. The lack of or misuse of capital is actually one of the main reasons why startups fail. Your number one priority should be to save money wherever and whenever possible.

While some strategies will save you more than others it’s important to understand that every bit counts. That said, here are four ways you can be a more frugal business owner:

Use a Website Builder

If you run an online business or simply looking to build some online presence you should almost always start with a website builder. Paying for or hiring a software developer to build you a website from scratch is both time consuming and can get very expensive.

Platforms like Squarespace and Wix are great for any small business owner looking to build their own website. They have plenty of beautiful templates and themes you can choose from so you can really take control of your own branding.

If you’re looking to build an online store, I recommend using Shopify. These platforms will allow you to build and run an online business with close to no technical abilities.

Use Contractors and Freelancers

When you’re just starting out hiring full time employees can get expensive very quickly. Yes, in an ideal world you can start building out your workforce with a team of motivated and loyal employees. That said, you should always look to hire freelancers and independent contractors to fill space in the early stages.

Training and onboarding new employees takes up precious time and money. Independent contractors can be easily and quickly integrated into the team to perform certain tasks. They will also give specific quotes on cost for each project. That way you can be sure how much you’re spending to complete specific tasks.

Buy Used Equipment

New and shiny equipment may look nice in your office but you’re not doing your bank account any favors. When you equip your office it’s always a good idea to purchase used office equipment. Anything from desks to monitors you can definitely find them for a fraction of the cost at used equipment and electronic stores.

In addition you may be able to find used equipment for free. Often times when large offices or corporations purchase new equipment they donate or give away their old items. If you have friends who work at larger businesses make sure you ask around to see if you can find some freebies!

Make Trades With Other Small Businesses

Bartering is one of the best ways you can save money as a small business owner. Think about this. Nearly every other small business owner is in a similar position. They are looking for ways to save money. That said, it’s in both of your best interests to barter for each others goods and services.

Let’s say you’re a design firm that needs some accounting help. When reaching out to different firms try to offer some of your design services in exchange for theirs. They worst that can happen is they say no and then you can decide to move forward or ask another firm. Every time you need a specific good or service you should always barter first. You won’t always succeed but it’s almost always worth a try.

Final Thoughts

When it comes to saving your small business money there are plenty of things you can do. The four strategies above are proven to work and are a great place to start.

 

Posted by John Rampton   |   January 17, 2018   |   Share on: