4 Money Saving Hacks for Entrepreneurs
As an entrepreneur, you need to make crucial, if risky, investments to build your business. From finding credible suppliers and fulfillment partners to hiring quality virtual staff, every choice you make influences the progress of your company.
With such huge stakes, you definitely want to go with the best option out there. However, well-loved premium tools and the best firms and consultants to help you with your business needs often come with exorbitant rates. If you’re not careful, your expenses can rack up and you won’t be able to fulfill your inventory or other daily business essentials.
It’s time you take a closer look at your expenses and brush up on your financial skills. What better way to do that than by learning these 4 money saving hacks for entrepreneurs?
Take advantage of free tools.
A great perk of starting an online business today is the wide array of free marketing and business tools available. Why pay recurring monthly fees when you can get the job done without spending a cent?
Here are just a few business tools that you can use for free:
- MailChimp – get your own company email and grow your email list to up to 2,000 subscribers to get the free service.
- Nelio AB Testing – for AB Testing experiments creation, management, and monitoring.
- HubSpot CRM – all-in-one platform where you can manage and track your sales and marketing processes.
Streamline your inventory.
Amazon Marketplace and other sales channels make it tempting to sell different products at once. With such a diverse selection of categories and a wide audience exposure to offer, it’s easy to go overboard and sell different products at once.
This approach can actually harm your business. From a business and marketing standpoint, it’s more practical to find a specific niche and start from there. Once you gain traction selling from a specific category, you can gradually branch out by offering complementing items.
Find alternative storage partners.
If you’re a Fulfillment by Amazon partner, you know how that monthly charges can easily eat up your funds – even if you’re offering the best-selling products on Amazon. With Amazon’s storage fee hike, it’s probably time for you to look into alternative storage partners.
Here are some fulfillment and storage companies you can partner with:
- ShipBob – can be used with Amazon, Shopify, Bigcommerce, eBay, and Magento. Offers warehousing, customized packaging, and international shipping. ShipBob doesn’t require a minimum amount or contract to use their service.
- Fulfillment Companies – offers free fulfillment service guide. Has more than 12 years of research experience connecting vendors with the best fulfillment firms for their specific products and business requirements.
- Red Stag – offers a risk-free trial process for 30 days. Red Stag’s services include order pick-up, packaging, shipment, and storage. The company is also known for adeptly handling oversized, fragile, and heavy products.
Don’t hesitate to get help.
As a business owner, it’s natural to want to shoulder most responsibilities in your company. However, failure to outsource specialized tasks will often result in substandard work that you either have to redo or revamp, thereby costing you more time and money.
From doing your taxes to designing your website, outsourcing high-impact and specialized tasks to experts will save you a ton of money in the long run.
Managing a business is one of the most fulfilling endeavors you can experience, but it comes with a literal price. Luckily, you can keep it to a bare minimum now that you’ve learned these 4 money saving hacks for entrepreneurs.