Saving Money Strategies
Three Tips For Entrepreneurs and Small Business Owners to Save
Simple strategies to save your small business money.
Being an entrepreneur and running a small business can be a lot like having a leaky faucet - the small drips are irritating, but don't really get annoying until you look at the big picture. Financial losses take the same road in most entrepreneurial ventures - a small leak can sprout up anywhere and those are the most insiduous. Most small businesses look at the BIG picture - what they can cut now to achieve great gains. This article will discuss the smaller aspects to help you save, big time. So read on for some easy ways to save some cash while running your small business:
Saving for Small Business: Merchant Accounts
If all of your sales are based online, you probably don't need a merchant account. There are exceptions to every rule mind you, but there are other options now that are cheaper, faster and easier to manage, such as PayPal, eGold or Clickbank. With these types of payment systems, clients can use their credit cards, and once the transaction is complete, the money is instantly deposited in your online account. You can decide when you want to transfer it to your bank account. The only caveat here is that you'll need to do some comparison shopping based on your monthly sales. Each company listed above has different features, transaction fees and programs to enable your small business to accept credit cards (and even debit in some cases). However, each plan is very different; one may garner more savings than another.
Saving for Small Business: Long Distance
Depending on which company you decide on, it’s possible that you could save hundreds of dollars per year if you switched to a different long distance carrier. Because of stiff competition in the long distance market, you should be able to go online and find the perfect rate for your small business' needs. Also, if you hold a lot of business meetings on the phone, don’t forget to check into teleconferencing or web conferencing as a less expensive solution.
Another option may be to look into online phone companies such as Skype. My own research determined that for only $40/year, I can use Skype and call any number in the US and Canada, anytime. Just this switch alone has saved my business thousands of dollars.
Saving for Small Business: Internet Service Providers (ISPs)
The days are gone when you have to pay a fortune for an ISP server. In addition to the big carriers, there are a great many smaller ISPs that will just as good of a job. The key is negotiation and research. Start with the search engines and type in “affordable ISP” and “cheap Internet". Once you’ve found a few, compare rates and services. If you already pay twice as much with one of the larger companies, call them up! Let them know what the other offers are out there, and let them know you plan on going elsewhere. Many times, ISPs will compensate you in the form of free months, or may even lower your monthly fees. If of the off chance they won’t budge, then you’ve already researched your other options. Go with the cheaper, better service as soon as you are able.
Take some time and look how you can feasibly save more money with your small business. Get creative.
It's fantastic when you are able to some large expenses to save your small business some money. However, that is not always possible. Don’t forget the small stuff, and your entrepreneurial venture will prosper in this economy sooner, rather than later.
