Updated: March 30, 2020
Happy New Year Everyone!
While I am personally not a big fan of New Year’s Resolutions (I prefer and actively set goals on a weekly, quarterly and monthly basis), I know saving money is at the top of almost everyone’s list come January.
If you have a business, I’m sure you’re constantly looking for ideas on how to save more money in your business. In the beginning, it can seem like a lot more money is going out vs money coming in.
Disclosure: This post contains an affiliate link. If you purchase through the provided link, I will get a percentage of the sale.
In case you missed it, I wrote a blog post last year on how to save money when you’re starting a small business. The post you are currently scrolling through is how to continue to save money while you’re running your business.
So perhaps you’ve already read the previous post and you’re thinking ok, what else can I do?
1. Use Discount Codes For Workshops, Events and Conferences
2. While We’re On The Topic of Discounts, Don’t Be Afraid To Ask.
I recently did this for a certain project. Since I was making a significant investment, I thought it was appropriate to ask for a discount. Do this on a case-by-case basis. You don’t want to be the person who always asks for discounts from businesses. We all gotta eat and have bills to pay.
3. Take Advantage of Early Bird and BOGO Discounts
BOGO is one of my favourite acronyms – it stands for buy one and get one for free/50% off, etc. Often events, conferences, and workshops will offer these discounts. Save by bringing a fellow entrepreneur friend and learn/get inspired together.
4. Networking Events and Conferences (Quality vs Quantity)
It all adds up. In my first year of business, I went to SO MANY networking events, which isn’t necessarily a bad thing, however, I wasn’t being very strategic about it.
Networking events can be a matter of trial and error. Over time, I’ve learned to be more selective about which networking events to go to. I try to go to ones where I think my target client will be at, ones where I have the opportunity to be visible (i.e. being a vendor at an event or trade show) or ones where there’s a learning component/speaker panel involved.
5. Take Advantage of the Free Content That Is Available Online
I.e. blog posts, ebooks, white papers, podcast episodes, subscribing to certain email lists – the possibilities are endless.
6. Virtual Coffee Dates
Why not do a virtual coffee date over Zoom? Nobody seems to remember their username on Skype anyway. In addition to using Zoom for client calls I use Zoom to connect when a coffee date isn’t feasible (i.e. they live an hour or more away from where I am or it doesn’t work with our schedules) or when I have a day full of meetings/calls. Not only does this save you a significant amount of time, but it can also save you money because you’re drinking home-brewed coffee.
7. Keep Lunch/Dinner Dates to a Minimum
Don’t get me wrong, I love eating and not having to cook, but let’s be real for a second. It can get expensive if you have several lunch/dinner dates lined up. Yes, they can be marked as a business expense, but you still have to pay off the balance of your business credit card. If food must be part of the equation, try going for breakfast or happy hour instead.
8. Do a Monthly Review of Your Expenses
If you currently aren’t, please start to do so. It is such an eye-opener and game changer for your business. Are there certain services that you are not using? Think of it being the equivalent of that unused gym membership. Is there a more budget-friendly alternative solution to a certain subscription? I understand that not everything can be free and I am willing to pay for certain solutions if it will help with my business.
9. Sign Up For a Business Account With Certain Suppliers To Get Special Pricing
This account can be used to purchase equipment, hardware, software, and office supplies. Several months ago, I signed up for a free business account with Canada Computers. I have only purchased one item so far though.
If you are running an event, workshop or conference – perhaps you may want to look into other businesses sponsoring your event to reduce the costs. This can be done through a variety of ways such as providing swag or food/beverages for the event.
Make sure to set clear, specific guidelines that both of you agree upon. Don’t forget to thank them and tag them on social media either before/during or after the event.
11. Take Advantage of Black Friday and Boxing Day/week sales
I know it can be tempting to purchase things you want to treat yourself, but I think this is a great way to treat your business. You’ll be helping out another business AND you’ll be saving money.
12. Add Business Stuff To Your Birthday And/Or Wish List
I did this with the Christmas that just passed. I am now the proud owner of a mini light box. Expect to see it in future photos on my Instagram feed.
13. Opt for the Annual Pricing vs the Monthly Pricing
If you are not sure whether or not you are going to use the product or service for the long-term, it make sense to stick to monthly pricing. However, if you’ve been using it for quite some time, you may want to look into the annual pricing to save money.