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4 Unique Ways To Save Money While Growing Your Business From Scratch

4 Unique Ways To Save Money While Growing Your Business From Scratch

According to the Small Business Administration (SBA), there are 30.2 million small businesses in the U.S. That’s 99.9% of all businesses. 

But starting a business isn’t exactly easy and if you’re not careful, it can get expensive quick. Most micro businesses cost around $3,000 to start. 

Home-based businesses cost between $2,000 and $5,000 to start. 

No matter what type of business you’re starting, we want to help you succeed and save your money. Keep reading to learn four unique ways to save money when starting a new business. 

1. One of the Unique Ways to Save Money is to Do Your Own Marketing

There are tons of ways to market your own business. And many of them are either free or low cost. 

Here are a few ideas that only cost time:

  • Write a blog
  • Social media marketing
  • Create a newsletter
  • Write a hand-written thank you note

Take the time to learn how to do each of these properly so you get a high ROI (return on investment). 

Low-Cost Marketing Ideas

  • Join a networking group
  • Get business cards 
  • Attend free expos

You can also get involved in your community and volunteer. As people get to know, like, and trust you, they’re more likely to use and refer your services. 

2. Look for Free Mentoring Services

If you already know someone who owns a business, ask them if they’d be willing to mentor you for free or a low cost. Maybe you could even barter services. 

If you know a group of business owners, you could ask them if they’d be willing to form a mentoring group where everyone shares ideas. 

There are also free mentoring services available through SCORE and your local Small Business Development Center (SBDC). SCORE also offers training and mentoring via phone or Skype.

3. Invest in Cyber Security

While you may think you’re immune to cyber attacks, the truth is that 43% of all cyber breaches were against small businesses. And often a business has no idea they’ve been a victim until it’s too late.

They either end up going out of business or spending thousands of dollars to fix the problem. Another problem is that many small businesses don’t remember to back up their information.

Protect Yourself and Your Business

If there’s a problem, they lose all their information and have to start over from scratch, costing them more time and money than they can afford. 

If you invest in one thing, it should be to protect yourself and your business by investing in cybersecurity. This service can help. 

4. Use Free Software

There’s free software available online in the open-source community. It’s similar to commercial software but has been recreated by volunteers for free or at a low cost to you. 

There are also free trial periods available for most business software. This enables you to have 30 days to use the product and decide if you really need it for your business. 

Types of Software Available at a Lower or Free Cost

You can find everything for free or low cost to help you with the following:

  • Track expenses
  • Track customers
  • Plan projects
  • Manage finances

While there’s no official support for these low cost/free software, you can usually find support in community forums. 

Keep Learning

A business owner must keep learning new things in order to keep up and excel in business. Especially if they’re looking for unique ways to save money. There’s a lot of free information available online, including on my site.

And if you find you need additional support, investing in a career coach can help you see what’s getting in the way of your success. Visit my site to download my 21-day guide to a rich life of impact.