Running a business is definitely not cheap. There are a lot of costs that you don’t even realize you’ll end up having to pay until you encounter certain issues (Lack of space, wanting to hire employees etc) There are ways to be mindful and save money on these expenses if you’re intentional and aware of where your money is going and if you make sure your purchases are going to be a good financial investment.
Bulk order
When running our reselling business, we would often purchase our shipping supplies in bulk. This saved us a HUGE amount of money on packaging as we would get through many rolls of bubble wrap, jiffy bags and rolls of paper each week. Bulk orders can work great for ingredients and supplies you may need to create your products so shop around suppliers to find the best deal!
Regularly perform equipment checks
For many businesses, you’ll need to purchase equipment to be able to provide your service or create and ship your products. These pieces of equipment can be a cost a very hefty fee depending on what industry you’re in so make sure you have regular equipment checks that everything is performing correctly. If you can fix minor issues before they can grow into massive issues, you will save a fortune on potential repair and replacement costs.
Plan your purchases
Before making any large investments, make sure you take the time to do your research. Ask yourself if this purchase is necessary or going to make you a lot more money than what you’re currently using? If you decide you definitely need this purchase, do further research into finding the best and most cost-effective option for you. Also, mention your plans to your friends and family, you never know who they might know who can help you out. Having a good relationship with your supplier can be worth its weight in gold.
Fix or replace what isn’t working
When you start your business, you’re going to make a few mistakes along the way. But don’t worry this is 100% normal and it happens to every business owner! Make sure you have regular checks and audits on all your expenses and if something isn’t working, don’t be afraid to get rid of it or upgrade it. You shouldn’t be afraid to invest to improve something or to say no to something that has become a liability rather than an asset.
