One of advantages of conducting your own small business is you can significantly reduce your costs by controlling a few simple processes. Here are ten useful ways to reduce your business costs.
1. Network With Non Competing Businesses This can present a fantastic opportunity for many businesses. Try networking your business with other business owners. Of course, you would not approach someone with business that is in direct competition with yours! There may be several non-competing businesses that appeal to a similar market as your business. For example weight loss, lingerie and child care businesses all appeal to women and do not compete with one another. You may be able to trade leads and mailing lists.
Make a list of all possible business alliances in your area, work out a win-win arrangement where both businesses benefit, and systematically work through your list. This will cut down on your marketing and advertising costs.
2. Wholesale/Bulk You'll save money buying your business supplies in bulk quantities. You could get a membership at a wholesale warehouse or buy them through a mail order or internet wholesaler. Buy supplies you are always running out of.
3. Free Stuff You should try visiting thousands of freebie sites on internet before buying your business supplies. You can find free software, graphics, backgrounds, online business services and business cards to mention a few items. There are many online sites providing freebies, and to get you started visit www.freeonline.com.au and www.ifree.com.au
4. Borrow/Rent Have you ever purchased business equipment you only needed for a small period of time? You could have just borrowed equipment from someone else or rented equipment from a business equipment supplier. A quick search through Yellow Pages or on internet will give you a number of places that rent office equipment.
5. Online/Offline Auctions You can find lower prices on business supplies and equipment at online and offline auctions. I'm not saying all time, but before you go pay retail for these items try bidding on them first. If you are not able to visit a local auction, you may find online auctions such as www.ebay.com useful.