How to Run a Frugal Business
When you’re running your own small businesses, finding a
steady flow of clients is essential. However,
just as essential is learning how to run a frugal business so you’re spending
less of your hard-earned money. If you’re
a frugal business owner, you’ll be able to build a financial cushion for times
when work ebbs, as it inevitably does, or when a client doesn’t pay promptly,
as clients inevitably do.
Running a frugal business isn’t as difficult as it
sounds. Consider these strategies:
Barter
Do you need some work done on your website? Rather than pay for it, see if the person you
would like to hire would consider bartering with you. In return for website work, maybe you could
write a certain number of articles for the person. Then you can both get what you need without
spending a penny.
Not everyone will agree to barter, but when they do, this is
a nice way to save money.
Maintain Your Home Office as Long as Possible
As long as possible, try to maintain a home office rather
than moving your office outside the home. A home office is free, and if you have a designated room for it, it can
be a tax write off.
If you’ve reached a point where you really need to move your
office outside the home, consider first sharing a space with others in your situation. Then, you will be sharing the cost of the
office space rather than paying it all yourself. Some shared office spaces even have a secretary
that all members of the office share and pay for.
Learn for Free
While there are many books and courses available to learn
more as a business owner and grow your business, make sure you use free
resources first. You can find free books
through Kindle or free how-to posts for many of the things you need to
learn. YouTube is also invaluable. Scour the Internet first before you pay for
any course or book.
Outsource
If you’re business continues to grow month after month and
you need help, don’t automatically rush to hire a staffer for your
business. Instead, first consider hiring freelancers such as virtual assistants and writers, etc. You won’t be responsible for paying their
insurance and other benefits. If work
ebbs, you can reduce their hours.
Use Free Websites and Apps
Likewise, try to utilize free websites and apps. Paypal is a free way to send your money to
freelancers and others you work with, and you can receive money on Paypal for a
nominal fee. Asana is a great free tool
for managing your projects and the work you have your freelancers doing.
Paying for websites and apps you utilize is fine, but make
sure to first search for free options.
While many business owners focusing on growing their
business and earning more money, make sure you also look at the other side and
consider ways to save money. This is
equally as important as earning money but tends to get less attention.
What is your favorite strategy to run a frugal business?
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