Growing your business takes time and patience. Saving money while growing your business is essential to increase overall profits even as your business expands its operations and company size.
Here are five ways to save on growing your business. Put that saved money back into your startup to keep it thriving.
1. Break Into New Cities Without Getting a New Office
When you sign up for a virtual address, you get a physical street address. You can use that address to expand your business into a new city without needing a new office. This option gives you the benefits of having a new location without the associated cost of renting and maintaining a new space.
A virtual address works the same as a postal address, except all your mailed documents are digitally accessible on any of your smart devices. If you receive a little mail each month, you can pay the lower premium and pay a little higher if you receive more mail in a calendar month.
2. Eliminate the Highest Costing Expenses
Evaluate how much each expense for your business costs per month. Which expenses are the highest? Are there ways to cut down on cost for this expense or switch to a different company offering the same service at a lower premium?
As you expand into a new location, you will want to find the companies that give you the best rates on your utilities, including electric, water, and gas. Explore the best new location that reaches your target market and is also low on rent each month to lower overhead expenses further.
3. Get Crowdfunded
Crowdfunding involves donations from the general public that can help fund your business expansion. You can set up accounts on crowdfunding websites such as GoFundMe to publish your campaign about business expansion. Once the campaign is live, you can share the crowdfunding link on your social media page for your clients to donate as desired.
Be mindful that there is a percentage card charge per donation that helps the crowdfunding site to operate accordingly. During the campaign, you can update your social media every few days to remind people to donate if they would like. However, refrain from constantly posting about the crowdfunding campaign on your business’s social media because you do not want to sound spammy and needy.
4. Attend Free Networking Events
Go to business networking events related to your industry niche. Connect with other professionals in the industry to support one another.
Alternatively, you can attend networking events that include a variety of businesses in your local community to tell them about your new location. You never know who your next client will be when you represent your business via word of mouth and pass out your business cards. The more clients you draw to your business, the more you will have repeat sales.
5. Hire Responsibly
Hire only the staff needed to help you run your new business location. Allow for one Full-Time Manager and some Part-Time Customer Service Representatives. Hiring part-time allows you to save on not having to give out extra benefits such as dental or vision.
Evaluate all your expenses accordingly and see where you can cut them down. However, do not compromise on service quality from utilities or the satisfaction of your employees to save a dollar.