Moneysaving Tips for Businesses | Cleveland Bradley County Teachers Federal Credit Union

Owning a business comes with a lot of responsibilities. Owning a business that is your second job can make keeping things running feel like walking on a tightrope with a briefcase full of rocks in your hands.

That might sound a little dramatic, but the truth is we could all use a little help from time to time. Money-saving tips are a regularly trending item these days, but they don’t often apply to saving money for your business. They are out there, though, and we have compiled some here for you.

So, put down the rock-filled suitcase and find some ways you can increase your savings to make the tightrope feel just a little bit wider!

Save From the Start

The first year of starting a business can come with a lot of costs. Whether you are investing in a franchise, opening a storefront or just working out of your home, building a brand is expensive.

For someone starting a side business, the startup costs can feel like a huge roadblock. It doesn’t have to be what holds you back from launching your second career—there are ways you can incorporate savings right from the start.

Build and stick to a financial plan—ideally before you ever open your doors. This is a great chance to dream a little, as long you are keeping your dreams realistic.

Take a look at your current finances and think about where you hope to be in six months and again in a year. Consider the income from your current job here, too, and how it may change over the year as you start your side business. When you lay out a plan, you can keep your expenses in check in order to stay on track toward your financial goals.

Another great way to save is networking. In order to reach your financial goals and build your business, you need to, well, build your business.

There are plenty of affordable ways to market who you are, and while you should certainly include a budget to invest in marketing, networking is a great way to grow both your customer base and your professional community. Get involved in small business community groups, stay active on your social media pages and be personable to everyone you meet. You never know when you are going to offer a friendly greeting to your next investor.

Don’t ignore your current professional network, either. Seeking advice from the educators or other pros you already trust is a great way to help your new side hustle grow.

Think Outside the Box

Finding ways to save from the moment you start your business can help you build long-term practices that keep costs low, but there are also ways you can think outside the box to find extra dollars in your budget.

Take a look at where you can cut back. This might seem like an obvious money-saving move, but look beyond the obvious and consider waste you may not have realized was happening. Can you switch to a different software program that will meet your needs and cost less? There may even be free options available for handling data, especially if you don’t have a need for large amounts of storage.

Make energy-efficient choices for your office—whether it is at home or another location—as another way to save money. This can be as simple as turning off the lights when a room isn’t in use or switching to LED lightbulbs. If your office has plenty of windows, utilize natural lighting as frequently as possible. Install a programmable thermostat to maintain regular temperatures, too. These can all make long-term differences on your electric bills and help prevent breakdowns that could lead to costly repairs.

Finding as many ways as possible to save money is crucial for every business, and starting a side job shouldn’t put a huge dent in your current financial status. Start from the beginning to build good financial habits, and think outside the box. Every dollar saved will feel like one less rock in your suitcase.

Want more money-saving ideas? Contact us and we will help you achieve financial success.