Congratulations! You’ve launched your very own business. You’re on your way to financial success and bettering your customers’ lives through the products you offer.
Because starting a business can be extremely expensive, many owners don’t properly build foundations that allow them to make the kind of profits they’re looking for. In fact, a few wrong decisions could lead to a financial crisis that may be hard to reverse. To help you properly build your money cache, we have compiled a list of important decisions you can make that will guide you to significant savings and help you give value to your customers.
Make Technology Your Ally
The world is becoming more digital, which means you should carefully examine what types of technology to implement in your business to save time and money.
1. Use Cloud Services – Don’t waste money on expensive software you may not need. Using cloud services from established companies means less storage space for forms, easier access to all your documents and high security for confidential documents. Google Drive, for example, has much of the same functionality as pricey office software for just a fraction of the cost.
2. Go Mobile – More and more companies are offering services through phone apps, providing you the convenience of business management from virtually anywhere. Now you can even bank on the go with mobile services such as Chime, which also offers automatic savings accounts to help you save more money!
3. Focus on Social Media – Social platforms not only enhance B2C relationships but also improve word-of-mouth marketing. It’s generally free to post on social sites, but if you want to ramp up its effectiveness, advertising tends to be relatively inexpensive with great brand awareness opportunities. Social media makes it easy to tailor your approach to different audiences, some of which are increasingly difficult to reach otherwise along with networking.
4. Create Your Own Website – Not having a website for your business can dramatically reduce its chances of success, as customers are increasingly going online to find new products. Thankfully, there are many cost-efficient options for buying your own domain and creating a website yourself, without having to hire a web designer.
5. Take Advantage of AI – Artificial intelligence technologies have become wildly accessible to the public. Systems like ChatGPT allow you to create an account and use the tool free of charge. Of course, there’s a paid version as well, but the free version is something anyone can use to ask questions, gain insights, spruce up content, and even automate tasks.
Choose a Location that’s Right for You
The location of a business can affect many aspects of how you operate day-to-day. While picking the right spot may seem obvious, it’s not as easy as you’d think. A lot goes into your choice of location – choose the wrong one and you could lose hundreds (if not thousands) of dollars that you can spend elsewhere. Here are a few things to think about when finding your spot:
1. Target Audience – Determine who your target audience is by age group and trends. Research the demographic for your business and what they value in that age group. It’s important to better understand your customer base first and their buying habits. That will help you determine key important factors for your customers to understand where they are located.
1. Size and location – Once you pinpoint your demographic, ask yourself where are they shopping the most? A building in a downtown location generally costs more than a comparable building in a suburb. And of course, the bigger the space, the more expensive it will be, so find a balance between a space that is not too large for its purpose but also has a little room for you to grow.
2. Research utilities – Some counties and cities will have higher utility rates than others, and utility bills can add up! Research ways to cut back on utilities, such as buying smart thermostats to control electricity used for AC. You could also look for a building that invites natural light, further cutting down on your electric bill.
3. Pay attention to travel – The farther you are from your customers or vendors, the more you pay for travel. To reduce travel expenses, buy a space closer to vendors, hire an employee specifically for travel, or partner with companies that will barter with you on certain necessities.
Market Yourself Through Print & Design
Business printing and marketing are essential for companies of all sizes. No matter if you’re just starting out or already have an established small business, you’ll need to invest in print materials with cohesive designs that mirror your brand’s style.
Where can I get cheap marketing materials for my small business?
At GotPrint, we offer affordable, high-quality print and design services to help you grow your business without breaking the bank! Some of our great values include:
1. Business Cards – Every business, big or small, needs business cards. If you’re just starting with your first set, you don’t need to take a big leap. 100 custom business cards start at just under $10*! This small investment will allow you to pitch your services to everyone you meet. If you’re wondering how you could design quality business cards yourself, we have plenty of helpful free templates you can easily modify and make your own. Cheap business cards are easy to come by, but cheap AND quality? Now that’s something worth ordering.
2. Custom Signs – Visibility is key for your small business. Whether you’re announcing a grand opening, new merchandise, or a special event, creating business signs on products like affordable custom banners and custom yard signs can help you draw in passersby and increase sales. If you need signs fast, banners are still considered inexpensive and the go-to when you need business signs for cheap.
3. Mailing Services – We have a wide range of cost-effective design, print, and mailing services so you can reach thousands of qualified customers at once. One of those services happens to be Every Door Direct® postcard mailers. On our website, you can easily order custom postcards with budget-friendly Every Door Direct Mail® service in just a few clicks.
Learn more about our EDDM® and direct marketing packages or call us at 1-877-922-7374 (option 3) to get started.
*prices are subject to change at any time without notice.
Hire Employees Carefully
Workers will be your biggest expense in both time and resources. It’s crucial to only hire as many employees as you need and try to keep high-performing employees on your team for the long term. Again, this a large portion of your budget, so:
1. Outsource – Sending work to other companies means you won’t spend time hiring, spend money on benefits, or worry about any employee problems that may arise.
2. Ask family and friends for help – Ask trusted friends and family members to help with important aspects of your business, such as bookkeeping and accounting. You personally should take on as much as you can handle, but don’t overwhelm yourself.
3. Find the right people – Most companies look for employees who have a lot of experience and knowledge in their industry. Hiring this way is wonderful if you have the budget for it; a person with experience will require a much higher salary than someone without. A solution would be to hire recent college graduates. Though they may not have the experience, they have open minds and are eager to learn on the job.
Take Advantage of Tax Credits
The government incentivizes business ownership through tax credits. A tax credit is the amount of money that can be offset against a tax liability. The government wants you to own a business and therefore will offer qualified business owners a reduced amount of taxes come tax season. Some credits include:
1. Travel – you may receive credit for business traveling expenses you incurred throughout the year (wear and tear on your car, gas, and even lodging)
2. Equipment – depending on your business, the government may count materials you need to operate the business, such as computers or even your car
3. Energy efficiency – the government loves businesses that increase their energy efficiency. The more you convert to energy-efficient technology, the more you might get back on your return
Those are just some examples of tax credits – be sure to check with an accountant on which tax credits apply to your business. It’s important to file your taxes accurately every year and keep track of all your necessary expenses to maximize your return.
What sort of marketing prints do I need for my business?
While your entire arsenal will depend on the type of business in question, there’s a lineup of products that every business could use, even when sticking to a tight budget. Cheap doesn’t mean bad quality anymore – check out this detailed list of all the Cheap Business Print Products You’ll Need When Marketing on a Budget (with Prices!)