As women entrepreneurs, it can be difficult to make a profit when starting out. And when you’re not making any money, it can be twice as hard. However, you may be able to still save your business by taking a long hard look at it and cutting the unnecessary activities. ..
If you’re not generating revenue from your business activities, you’re likely spending money on activities that will only lead to losses. This blog post is designed to help you identify which activities are loss-based and cut them out of your business. ..
Choose Digital Marketing Strategies
Outbound marketing is typically more expensive than inbound marketing, but it can generate a higher return on investment. Inbound marketing, on the other hand, is often free to use and can generate a greater return on investment. ..
Content marketing is a way to generate leads and sales by creating powerful, viral content that will drive floods of traffic to your online store or website. The downside is it takes a lot of time, so you’ll have to be patient.
The upside is that once traffic starts, it can’t be stopped. So, you can technically do the work now, and over time, never have to lift a finger or pay a dime to promote your products or services. ..
Go Paperless
Small businesses across the country are spending a significant amount of money on office supplies and printing-related activities. On average, small businesses spend between $922 and $1106 on office supplies and printing-related activities every month. This means that small businesses have a lot of money to spend on other important business expenses, like marketing and employee salaries. ..
If you have about 15 employees, that’s easily over $13,000 a year on papers that’ll be mostly wasted. You can expect companies to see that papers are a huge source of cost inefficiencies, but they don’t. Thankfully, there are a ton of paperless options that cost a tiny fraction of this.
Cloud-based paperless technology makes it easier for you to keep track of your paper-based activities, such as receipts, contracts, and even your notes and ideas. This makes it easier for you to manage your finances and stay organized.
Get Rid of the Physical Office
The least expensive office space per employee is around $350 per month. So, if you have 5-10 employees, that’s at least $1750-$3,500 per month. This means that if you and the employee(s) decide to work from home, instead of leased office space, you can save a lot of money.
You can now work from home, and use a virtual office address for correspondence if need be. Put the garage, basement, or any extra space left to good use. This is great if you’re stocking inventory.
If you’re working online, you can always find a small workspace at home or use coworking spaces. If you can’t afford that right now, there are always local Starbucks stores. Most of them are willing to allow you to sit there and work if you buy some coffee.
- Use a budget to manage your money One of the most important things you can do to save money is to use a budget to manage your money. This means setting aside specific funds each month that you will use for expenses, such as groceries, rent, and car payments. By doing this, you will be able to save money on your overall expenses and have more left over for other purposes in your business.
- Use online tools to help with marketing Another great way to save money is by using online tools to help with marketing. This means using social media platforms such as Facebook and Twitter to post updates about your business, offer discounts or deals, and connect with potential customers in a more personal way. By doing this, you will be able to build relationships with potential customers that can lead to increased sales later on.
