When starting a business, it’s important to understand where to cut costs and where to invest more money. When it comes to marketing, this is an area that often requires business owners to be more generous when parting with their cash if they want to see a real return on investment. However, for many entrepreneurs, everyday, mundane business costs such as rent and payroll can start to take up the bulk of available capital, leaving not much left over for the marketing budget. If you want to step your business’ marketing campaigns up a gear in 2017, we’ve got some great tips to help you cut the costs elsewhere to free up more money for marketing.
Save on Energy Bills. Go Solar
What many business owners don’t realize is that they are wasting a lot of money through the use of unnecessary energy. Energy bills can skyrocket for a multitude of different reasons which could easily be avoided, such as windows and doors being left open, lights being switched on when a room isn’t in use, and electrical appliances and computers being left in standby mode rather than switched off. Cutting back on your energy use and making a conscious effort to save energy will not only save your business money, but it’ll also help to reduce your company’s carbon footprint. Invest in solar energy. Install a panel! The initial installation cost will be shortly offset by the savings.
Rather than hiring in-office staff for every service, consider hiring freelance staff on a telecommute basis. There are many freelance platforms with qualified professionals available at affordable rate. Check PeoplePerHour, Upwork, Freelancer.com among others. Outsourcing often works out cheaper for many business owners, as they don’t have to cover the cost to run the worker’s office, and only pay them for the work that they complete. If you are looking for a one-off job, there are many freelancers to be found online, from web designers to translation. For those looking for more of a long-term collaboration, there are plenty of other positions which can be outsourced as well, such as virtual secretaries and tax accountants who work on a freelance basis.
Redefine Your Office Space
Save money on rent and bills by hiring an office space in a building that offers co-working solutions, where people from different companies work in the same office space. If you are like me and live in the Santa Cruz area, check out, Cruzio, Satellite Centers, and NextSpace. Coworking space also provides a great way to spread word of mouth about your business. Quite a few new ventures also cater to a new generation of workers – those who are self-employed and work from a home office. Save money by sticking to your home office, but still have a more professional presence for meetings and other occasions by using services which allow you to register your business at an upscale location, hold meetings at the facilities, and even provide a telephone answering service, all whilst you work from the comfort of your sofa and pay a fraction of the actual price to rent the office space.
Ride Your Bike to Work
Weather and condition permitting, leave your car at home, and hop on your bike. You will save on gas, be energized, stay fit and trim, which also translate in less medical bills, and if you ride every day, you will be able to save on a gym membership! Do the math; your two-wheeler can really help you save big. And it’s better for the environment!
Skip Designer Coffee
We understand that you may believe that you need your Triple, Venti, Half Sweet, Non-Fat, Caramel Macchiato but at $5 a cup, you don’t. Instead, invest in an inexpensive cappuccino makers, and save hundreds of dollars by year-end. Stay away from machines that require a coffee pod subscription, the cost really adds up, but rather ground your own beans, just before the brew. Not only will your coffee tastes better but the sweet aroma and the money saved will get you pumped up for a fruitful day at your business.