Business success secrets has been all about giving you the skills, tools and information you need to create a business that makes a profit. Today’s topic is designed to get you thinking about ways you can take control of your business spending.

Secret #5 How to keep your business costs down

Every business has some expenses associated with running it. The trick is to know where and what to spend your money on. Here are some useful questions to ask when deciding whether or not to invest in something:

  • Do I need this right now or can it wait?
  • Is there a free version or trial period available so I can test it out first?
  • How will this help me grow my business?
  • Is there another way I can get the same or similar results for less?
  • Do I have to pay in full or can I make monthly payments?
  • For what purpose am I looking at buying this product or service?
  • Where will I store it when I have it? (If buying a physical product)
  • Do I need to own it or could I lease or rent it?

When minimising your business costs, you also need to take your buying customer into account. What are their buying habits? Do they need to feel or see the actual product? Will you meet your customers in person? Do you need to? Could you do business online, over the phone, or offer a mobile service where you come to them?

Every business needs a phone, a computer with internet access, and a website. The industry you are in will also determine if there are any licenses and/or insurance that needs to be purchased. The state government in your country usually has information about this on their website. Costs will also vary considerably depending on your business model.

I recommend that you start small and grow your business Don’t overcommit yourself in the beginning. Look into every available option and ask the questions listed earlier. Here are some tips I’ve found helpful in keeping my business costs down.

Tips to keep business costs down

  1. Use an open source platform for your website such as Joomla or WordPress. That way you maintain control over your website and avoid the hassle and cost often associated with website developers.
  2. Use PayPal as your shopping cart if possible until you’ve established people want what you’re selling. It’s free to join, it’s safe and secure, has minimal fees (which you don’t pay until you make a sale), is widely recognised, requires no expensive equipment to set up, and is used by over 230 million people on eBay. Use this information to help you choose the right merchant account later on.
  3. Outsource some jobs to a virtual assistant. They can perform a range of tasks including admin and customer service. Hire them per project or for a couple of hours per week. Elance and oDesk (rebranded as Upwork) are two good options.

Leonie Hope

Leonie Hope is known as the Purpose, Passion and Profit Specialist, and founder of Inspired Life Paths. She’s also a speaker, author, and qualified NLP Coach. Leonie’s passionate about empowering entrepreneurs and business owners to create a profitable, unique and authentic business that stands out from the crowd and makes a difference. She achieves this by interpreting the information found in your fingers and fingerprints.

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