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Money Saving Tips for Small Business Owners

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As a small business owner myself, I understand and know the struggles small businesses have when ti comes to saving money. Without the big budgets that the larger corporations have at their disposal, it can make it a lot harder to compete in the marketplace and not work 80 hours per week. Having the resources to make your money work as hard as possible for you is important. By sharing some of the money saving tips for small business owners that I have used in the past successfully will perhaps help you free up some resources.

Here are 5 great tips that you can try in your small business:

1) Work the Referrals – Often forgotten in the hunt for sales are those that have already purchased your products and love them. Incentify them to share your business using email, coupons and other methods. Don’t forget family and friends.

2) Use Radio to Reach a Larger Audience – Most business owners think they cannot afford to use radio for short ads but checking the rates will show that your reach per dollar will be affordable and effective to get the word out. Local cable is also an option.

3) Hire Work Study Students through local High Schools or Colleges – Save money on your payroll, or get help if you cannot afford employees by utilizing the training you can offer a student. Work experience is important for them and you can get essential help to free you for other money making activities for your training time.

4) Team Up With Other Local Businesses for Goods – Try bartering for services with other local businesses to save money and effort. For example, if you need flyers, offer a print shop your expertise in exchange for the printing. Look to local the Chamber of Commerce, BNI groups or similar organizations for other business owners that would love to work with you.

5)Team Up With Neighboring Businesses for Promotions – If you are in an area like a downtown association or a strip mall, team up with neighboring businesses to hold sales and special events. Split the advertising costs among all of those participating for a bigger bang for your buck.

Start with these 5 options to start help you save some money on your local activities and advertising methods. What methods have you used successfully?

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