We always seem to be bombarded with ways to save money, discounts and deals in our personal lives.
But if you work for yourself it may be harder to find money-saving ideas, especially if you are a solopreneur working alone and have no one sharing tips with you.
If you’re struggling to find ways to save money in your small business, then this post is for you.
I’ve put together my favourite 7 money-saving tips for frugal business owners, in a bid to help you save money and make more profit!
Some of them may help you save more money than others but the thing to remember is that every penny helps. And, in the long run, a little really does go a long way.
So here are my 7 money-saving tips for frugal business owners.
1. Use Free Software
But with so many software options out there how do you know which ones are not only free but offer decent functionality.
Firstly run through all the subscriptions you have and note down how much you are paying each month for them, how much you actually use them and what alternatives exist.
Even the basic Microsoft office package can set you back a few quid, so look for free alternatives such as google docs – which is very similar to Microsoft office but is totally free.
Then be ruthless. Even if an alternative exists. Be honest with yourself and decide whether you are really making use of your subscription.
I know I am guilty of subscribing to things, promising myself I will use it and then never quite getting around to getting to grips with it (Tailwind is definitely on that list!)
Cut them – if you can’t put the time into learning how they work you will never get the best out of them. So, cancel your subscription, at least until a time when you can invest the time you need.
2. DIY Expensive Business Tasks
Instead of outsourcing or engaging with expensive agencies, save money by DIY-ing it.
These builders have all the information you need to build your own online store or website with 100’s even 1000’s of themes for you to choose from to really personalise your website, whilst still walking you through the setup process.
They can save you a fortune in the long run, as hiring a web developer and someone to manage and host your website can add up to quite a cost.
Another cost that many business owners overlook is that of using accountants or bookkeepers, there are many online programmes now that if used correctly can organise your accounts for you and minimise what you pay in professional fees, like Quickbooks. Whilst there is a charge a small monthly fee, this fee is going to subsequently be less than using an accountant.
3. Use Freelancers
You can hire out all kinds of jobs to freelancers for a one-off fee. You can use them flexibly as and when you need them, saving you the costs of committing to fixed monthly costs.
Freelancers and remote workers will most likely already be paying for all the tools and subscriptions they need to complete your job, meaning you don’t have to take those costs on.
4. Use Social Media
Marketing is a big deal for many businesses, but for small business a lot of work can go into marketing, using a lot of money with very little return for quite a while due to the lack of exposure a new or small business has.
Social media isn’t just for fun. There are loads of businesses, large and small, using social media as a free form of marketing.
It will give you a chance to interact with your customers, promote your products or services and let you use your own personality to separate you from your competitors.
5. Shop Around at Renewal Time
When it comes to certain business expenses like insurance, shopping around when it comes to renewal time can save you some big money.
Shopping around can be done online in some cases, making it really easy for you to switch. But make sure you start looking around before your renewal date to give yourself time to get quotes and avoid being charged for any automatic renewals.
I always recommend getting at least 3 quotes when it comes to making price comparisons.
6. Choose used over new office equipment
Whether you rent an office or work from home, then you are going to need at least basic office equipment. Unsurprisingly even the basics aren’t cheap.
Use websites like eBay or Gumtree to source used office equipment. You can purchase these at a fraction of the cost of buying new, and they work just as well.
Whilst new equipment may be great to look at, your bank balance will certainly look worse than an office full of used equipment.
7. Avoid Travel
Travelling can be expensive in the UK with a train trip to Manchester costing less than a flight to Amsterdam!
It’s crazy but if avoiding travel to see your clients, where possible, is a top money-saving tip.
Conferencing systems like Zoom allow face-to-face meetings and often have basic packages that you can sign up for free of charge!
When you are self-employed you’ll no doubt always be on the hunt for ways to tighten the purse strings and save money.
Whilst some of my ideas may not save you thousands, they will save you money overall and that’s the ultimate goal.
So Try out my 7 Money-saving tips for frugal business owners and see for yourself just how simple saving money when you work for yourself can be.