Close this search box.
Blog » Business Tips » 7 Creative Ways For Your Small Business to Save Money

7 Creative Ways For Your Small Business to Save Money

how to save more money

As a small business owner, you need to be extremely frugal over how you manage your funds. Lack of or misuse of capital is one of the main reasons why companies fail today. That said, priority number one should be to save money and stick to a budget.

While some ideas to save money will save more than others you need to understand that every little bit counts. If it saves money it’s worth it (generally speaking).

Here are seven creative ways for your small business to save money:

1. Communal Advertising

Marketing can get very expensive for small businesses. Without large mailing lists or exposure, it can cost thousands before you see any bit of return. If you’re in good standing with local businesses you may want to consider advertising alongside them.

If applicable you can share distribution channels, mailing lists, and suppliers with businesses offering complimentary goods and services.

2. Use Website Builders

If you’re looking to build a website or even an online store you should absolutely use a website builder rather than hiring a developer. Platforms like Squarespace are great for any small business owner looking to get a bit of online exposure.

If you’re looking to build an online store use a platform like Shopify. These solutions allow you to build and run an ecommerce business with close to no technical ability.

3. Volunteer to Speak at Industry Events

If you consider yourself an expert in the field then you should try to impart that knowledge on others. One great way to do so is to volunteer to speak at industry events or conferences.

This is a great way to get (free) exposure for both your personal brand and your business.

4. Avoid Full-Time Office Space

Thanks to so much great technology the majority of internet businesses can be run remotely. If you’re in retail then this tip doesn’t necessarily apply to you.

If you don’t work in retail you should try to stay mobile as long as possible. Signing a lease on office space can be extremely expensive.

Pro Tip: If you have space, convert a space in your apartment or house into your office space. Then you can save double and write-off part of your rent as a business expense.

5. Buy Used Office Equipment

If and when you decide to move into an office you should definitely look to purchase used equipment. Anything from monitors to office chairs you can find them for a fraction of the price at used equipment stores. This is a short term and long term strategy to save money easily and quickly.

New shiny gear may look nice but an empty bank account doesn’t. Remember, only spend on what you need and delay gratification.

6. Use Freelancers and Contractors

Full-time employees cost a pretty penny these days. Yes, ideally you start to build out your workforce with motivated and loyal employees. However, you should use freelancers and independent contractors until you’re stable.

Onboarding and training an employee takes time and money. An independent contractor is already an expert in the field and will only charge you for tasks you really need done.

7. Barter

Bartering is one of the best ways to save money as a small business. Think about it. Nearly every other small business is in a similar position as you are. Strapped for cash. That said it’s in both of your best interest to barter for goods and services.

If you’re an accounting firm that needs design services you should offer to handle their finances in exchange for some design work. Every time you need a specific good or service always look to barter first. It won’t always work but it’s always worth a shot.

Final Thoughts

When it comes to saving money there are hundreds of different things you can do. As I mentioned above some will yield better results than others. That said, if it saves money it’s probably still worth it. Try the seven strategies listed above – your bottom line will thank me later!

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.


Top Trending Posts

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More