9 Ways to Save While Building Your Business

It’s extremely difficult for small businesses to survive the long haul. Business owners need to find that magical place between providing customers with what they need in a simple and knowledgeable way while still making smart money decisions. Not living up to this last point is a reason many businesses fail.

What’s the solution? Start by finding ways to save money. Many small business owners reject certain money-saving opportunities because they think they don’t make enough of a difference. But, any money you save is a mark in the plus column—and it all adds up.

Here are nine resourceful ways to start saving money:

1. Partnership advertising. Marketing is an expensive necessity. How will you get the word out without spending a lot of money? A new small business may not have the contacts (mailing list, social following, built-in customer base) to see an immediate return. Collaborate with another business to extend your reach. Find a company that you have something in common with—either through close proximity or complimentary products or services—and pitch the idea of advertising together. You can share the cost and perhaps each other’s contact lists as well essentially doubling your customer base with one campaign.




2. Use website templates. Instead of spending thousands for a custom website, use a website builder. Platforms like Wix, Squarespace or Shopify are easy to use, have all the bells and whistles a new business needs and can help you create something beautiful and functional without a lot of technical experience.




3. Sign up to speak at industry conferences. Conferences and events are always looking for speakers. Pick a few and reach out with your pitch. Your industry expertise or experience as a small business entrepreneur can help others while providing you with free brand and business exposure.




4. Find alternative office space. For non-retail businesses, the evolution of technology probably allows you to do a lot of your work remotely. If you have the space to work from home, save on rent while getting a tax write-off, too!




5. Buy gently used office equipment. Monitors, furniture, printers—all this and more can be purchased in the secondary market. Just because it’s used doesn’t mean it has to look bad, and it doesn’t have to be forever, either. When your bank account is a little fatter, start upgrading.




6. Consider outsourcing. Onboarding, training and benefits for full-time employees really adds up. Using freelancers and independent contractors who are already experts means you’ll only get charged for the work they do—no need to pay for downtime. Once your business becomes steadier, start building a permanent staff.




7. In-kind exchanges. Approach businesses that provide the products or services you need and see if they will trade those for your services or products. It’s the oldest form of business and it still stands up to the world of today. It won’t always work but, when it does, it’s a significant savings.




8. Leverage the power of social media. Ads, reviews and testimonials are all necessary for the growth of your business. Social media spreads the word to a more targeted audience at a much lower price than traditional advertising. If you’re not in the know on social media, hire someone who is or get trained yourself. It’s definitely worth the savings.




9. Use open source software. Instead of purchasing software licenses (potentially costing thousands of dollars), research open source versions that may work for your business. You may not get every bell or whistle, but many businesses only need the basics to start. Database management, word processing, accounting and design software options can be found across the web. Using this type of program is not only cheaper, it also gives you an opportunity to decide what you like (and need) to better evaluate your future purchases.
    

Mountain America Credit Union provides a full slate of business services to its members including credit card and payroll processing, remote deposit and online electronic transactions. Our Business Services department has professionals available to consult with on business growth and efficiencies as well as online banking solutions. We have branch locations in Utah, Idaho, Nevada, Arizona and New Mexico as well as a network of community branches across the country.

See what we can do for your business! Give us a call or stop by.