10 Way to Reduce Your Costs 

Being an entrepreneur isn’t easy.  Its can cost a lot of money too.  It’s something that every business owner knows, but it seems to get lost in the shuffle of our day-to-day doing business.  I’m not going to give you a lot of rhetoric on the subject.  Instead I’m going to simply give you a list of 10 points on each that will jog your business memory.

Let’s start with 10savvy ways to reduce the cost of you doing business:

  1. Barter – Have you tried bartering goods or services with other businesses?  Instead of making a direct purchase, you can offer a service of value someone needs and trade it for something you need.
  2. Network – Could you trade leads or  mailing lists with another business similar to your?  This will cut down on your marketing/advertising costs. If you don’t have a leads list, try bartering your goods/services for their leads.
  3. Wholesale/Bulk Buying – You can save money buying your business supplies in bulk quantities.  Get a membership at a wholesale warehouse (such as Costco, Sam’s Club, etc.) or buy through a mail order wholesaler.  I buy most of my office supplies/paper through mail order vendors which saves me money, and also delivers them to my door.  No lugging from store to car to office, and saving money too!  What a deal
  4. Free Stuff – Try visiting the thousands of “freebie” sites on the Internet before buying business supplies.  You can find free software, graphics, legal forms, online business services, etc.
  5. Borrow/Rent – Have you purchased a piece of business equipment and only needed it for a short period of time?  You could have borrowed the equipment from someone else or rented it from a rental store.
  6. Online/Offline Auctions – You can find office furniture, equipment, and even cars and trucks at online and offline auctions.  Pay special attention to those held by law enforcement agencies or IRS that auctions off items seized from offenders.  I’m not saying all the time, but before you pay retail for some big ticket items try bidding on them.
  7. Plan Ahead – Make a list of supplies or equipment that you’ll need in the future.  Watch for stores that have big sales, and purchase your items when they go on sale before you need them.
  8. Used but Not Abused – If you equipment and supplies don’t need to be new, buy them used. Cars, desks, file cabinets, etc. can be found at yard and garage sales, used stores, on message boards, and free publications.  Some excellent items are sometimes offered when a business decides to relocate or is closing.
  9. Negotiate, negotiate, negotiate!  This has become a lost art.  You should always try to negotiate a lower price for any business equipment or supplies.  It doesn’t hurt to try. Pretend you’re talking to a used car salesman.
  10. Search – You can always be searching for new suppliers for your needs.  Look for suppliers with lower prices and better quality.  When you find one, try pointing the difference out to your current supplier.  You may get a better deal from him and not have to change.  Don’t be satisfied with just a few.  You never know when your favorite supplier may decide to go out of business.

Just remember! Every millionaire didn’t acquire their wealth through inheritance; some were shrewd business dealers.

Shawna Johnson is a Speaker Trainer and Author.  For nearly 10 years she has taught hundreds of coaches, consultants and entrepreneurs how to have a leveraged and lucrative business.  Visit her today at www.shawnajohnsonspeaks.com for free business resources or to schedule a free no obligation consultation.

 

 

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