Did you know that 30 percent of startups will fail within two years of opening their doors? Fifty percent will fail within their first five years of business, and 66 percent will fail within their first ten years.
Do you want to keep your business from falling into one of these groups? Do you want to be part of the elite few that survive for ten years and beyond?
It’s not easy to build a successful business, but it’s definitely not impossible. This is especially true if you’re frugal and take steps to save money wherever possible.
Listed below are six great business tips that will help you save money while getting your startup off the ground.
1. Understand Hidden Costs
Most entrepreneurs are not so naive as to assume that running a business is an affordable process. However, many entrepreneurs don’t realize just how much money is required to start a business and keep it going.
There are a lot of hidden costs associated with starting and running a business. You need to be prepared to pay these costs if you want to keep your business afloat.
Some hidden costs you need to plan for include:
- Employee benefits
- Administrative costs
- Legal fees
- Other professional fees (bookkeeping, accounting, etc.)
If you make sure you have enough money set aside in your budget for these expenses, you’ll be much better off than lots of other entrepreneurs in your industry.
2. Learn SEO on Your Own
A good SEO (search engine optimization strategy) is essential for businesses that want to be easily found in 2019.
With the right SEO strategy, you can boost your business’s search engine rankings. This, in turn, will help to significantly increase the likelihood that people will be able to find your business online.
Many business owners spend a small fortune on SEO. You don’t need to do this to have a successful strategy, though.
You can do a lot on your own to help your business show up in search engine listings and get in front of the right customers. Of course, the trade off is that you’ll have to spend time researching the best SEO practices.
By doing this, though, you’ll have the knowledge you need to grow your business and you won’t have to rely on someone else to keep your company relevant online.
3. Build Your Own Website
It’s not necessary to spend thousands of dollars on a professional web developer, either.
Would a professionally designed website be nice? Certainly.
Do you need it to start growing your business, though? Definitely not.
There are lots of low-cost tools available online that will help you design a functional, aesthetically pleasing website in no time at all.
Make use of one of these programs as you get your business up and running. Many of them also give you access to SEO tools that will help you further grow your business.
Later on, when your revenue is higher, you can always invest in a website redesign. For now, though, a DIY approach will work just fine.
4. Use Free Tools from Google
You can save a lot of money as you’re getting your business off the ground by making use of the free tools Google has made available to anyone who has a website — including you!
All you need is a Google account to make use of these resources.
Two tools that every business owner ought to use are Google Analytics and Google Webmaster Tools.
Google Analytics does a great job of providing you with essential data on your business. It tells you who’s visiting your site, how they found it, how long they’re staying there, and more.
For first-time users, Google Analytics can be a bit intimidating. There are tons of online tutorials (also free) that help to simplify the process and provide you with guidance, though.
Google Webmaster Tools tells you more about how healthy your website is. It also makes it easy for you to create pages for Google to index. This, in turn, boosts your SEO and helps other people find your business online.
5. Build Your Social Media Presence
If you’re considering spending thousands of dollars to promote your social media pages or hire someone to boost them for you, back away slowly and reconsider your approach.
You can build a strong, engaged social media following without spending a ton of money on ads or other strategies.
Don’t waste your money trying to build a social media following. Instead, try these techniques to draw people to your pages who are truly interested in what your business has to offer:
- Make sure your posts are consistent across different platforms (this is essential for branding)
- Post consistently
- Engage with people who comment on your posts
- Like and comment on other people’s posts
- Provide your audience with valuable content to establish your business as an authority within the field
When you follow these tips, you’ll not increase the number of people following you, but you’ll ensure that those people are actually interested in what you have to offer.
6. Save Money on Signage
Finally, don’t waste a ton of money on signage for your business.
There are lots of online programs that will help you design high-quality, eye-catching signage at a fraction of what a designer would charge you.
You might want to find out more about DIY digital signage, too. With the right tools, you can create great digital signs that will attract even more people to your store.
Get More Startup Business Tips
As you can see, there are a lot of different approaches you can take to save money and make sure your startup continues to grow and thrive.
Put these business tips into practice and you’ll have a much easier time keeping your business afloat.
Do you want to learn more about building and running a business? If so, we’ve got tons of resources available to you.
Check out the Management section of our site today for helpful articles that will teach you everything you need to know about dealing with employees, budgeting, customer service, and more.