In today's article, I want to share with you ten effective ways to reduce your business costs in order to make more profits. Remember, these tips will work for both online and offline businesses.
1. Barter: If you have a business you should be bartering goods and services with other businesses. You should try to trade for something before you buy it. Barter deals usually require little or no money.
2. Network: Try networking your business with other businesses. You could trade leads or mailing lists. This will cut down on your marketing and advertising costs. You may also try bartering goods and services with them.
3. Wholesale/Bulk: You'll save money buying your business supplies in bulk quantities. You could get a membership at a wholesale warehouse or buy them through a mail order wholesaler. Buy the supplies you are always running out of.
4. Free Stuff: You should try visiting the thousands of freebie sites on the internet before buying your business supplies. You can find free software, graphics, backgrounds, online business services etc.
5. Borrow/Rent: Have you ever purchased business equipment you only needed for a small period of time? You could have just borrowed the equipment from someone else or rented the equipment from a "rent-all" store.
6. Online/Offline Auctions: You can find lower prices on business supplies and equipment at online and offline auctions. I'm not saying all the time, but before you go pay retail for these items try bidding on them first.
7. Plan Ahead: Remember that failing to plan is planning to fail. Make a list of business supplies or equipment you'll need in the future. Keep an eye out for stores that have big sales. Purchase the supplies when they go on sale before you need them.
8. Used Stuff: If your business equipment and supplies don't need to be new, buy them used. You can find used items at yard and garage sales, used stores, used stuff for sale message boards and newsgroups etc. I know that in most advanced countries, it's a shame to use used items but remember that you're looking for an asset not a luxury. I've seen many people drive the so-called fairly-used cars as taxis and save money to buy new cars.
9. Negotiate: You should always try to negotiate a lower price for any business equipment or supplies. It doesn't hurt to try but it hurts if you didn't try at all. Pretend you are talking to a salesman at a car lot.
10. Search: You can always be searching for new suppliers for your business supplies and equipment. Look for suppliers with lower prices and better quality. Don't just be satisfied with a few.