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10
Money-Saving Tips for Home Businesses |
by:
Lesley
Spencer |
by Lesley
Spencer, MSc; Founder & President HBWM.com
Inc.
One of the most common obstacles many home-based
working moms face is trying to start or
run a new business on a limited budget.
The first few years
of a business are usually the hardest financially.
Some moms leave full-time
careers and substantial salaries to start
a new business. Others start a
home business as stay-at-home moms wanting
additional income to support
their family as well as a professional outlet
to balance their diaper-changing days.
In either case, starting and running a home-based
business takes money. How much money, will
depend partly on you and the type of business
you choose to run.
Below are our top 10 tips to save you and
your home business money:
1. Do your own market research by talking
to potential clients or
customers. Many new home business owners
skip this step only to come
back to it later (or wish they had). Those
who start businesses without doing
any type of research risk the possibility
that their target market doesn't need or
want their particular product or service.
The competition may be too fierce. There
may not be enough potential customers to
support the
business. Or the product isn't priced correctly.
It is just as important not to price your
product too low as it is not to price it
too high. Talk to others
in similar businesses as yours to see how
much they charge and what they offer for
that price.
2. Team up with other non-competitive businesses
that target the
same market to do some co-marketing. For
example, desktop publishers and
print shops can do a direct mail campaign
together advertising both of their services
or buy an ad in a local publication and
split the costs. Neither is in competition
with the other. They also can hand out business
cards or flyers for one another as well
as give word-of-mouth referrals. It's a
great way to double one's marketing efforts
while splitting any advertising
costs.
3. When you have a satisfied customer, don't
be afraid to ask for referrals. People like
to help others especially new businesses
trying to succeed. Show pride in your work
and people are sure to notice. And when
they do, ask if they know any others you
can send a brochure or sample to. Another
great way to encourage referrals is to offer
a discount or special offer for any customers
who are referred to you.
4. Barter or trade your services for other
products or services
you need. Associations and organizations
are not only great places to network; they
are also great for finding businesses that
offer services and products you need. Look
for businesses you could help with your
product or service and offer to barter or
trade for theirs. (Be sure to check with
your tax professional for tax issues involving
bartering and trading.). Diana Ennen of
Virtual Word Publishing(http://www.virtualwordpublishing.com)
has found bartering her virtual assisting
coaching has allowed her to get web design
work done, PR work out, proofing of assignments
and much more. It's a win/win for all.
5. Find another home-based working mom to
swap babysitting with. All home-based working
moms need some dedicated time to work on
their business tasks. By swapping with another
mom, both can work on their businesses without
adding to their childcare costs.
6. When buying new office equipment, go
to a place that offers a low-price guarantee.
You can save time and money by shopping
at places that will refund any difference
in price if you find the product cheaper
elsewhere.
7. If you are looking for computer equipment,
consider buying used
equipment. Look in the classifieds and talk
to others that may know someone looking
to upgrade. Ask for warranty information
and make sure the machine is in good working
condition. Also take a look at the computer
companies offering refurbished machines.
Some are priced accordingly and usually
come with some type of warranty.
8. Send postcards for direct mail solicitation.
They are cheaper to print and less expensive
to mail. Another advantage is that they
are more likely to be read since they take
no effort to open.
9. If you hire sales help, pay by commission
only so you only spend money if you make
money. A salesperson can increase your sales
without adding any up-front fees or salaries.
10. Use pre-printed design papers for letterhead,
brochures and business
cards if you only need a small amount. The
papers can be found at most large office
supply stores, and they are great for new
businesses trying to get started on a small
budget.
These money-saving ideas should help with
your budget but new business
owners also need plenty of drive and determination
to succeed. It takes
time to develop and grow a business so be
patient and give it all you've got!
About the Author
Lesley Spencer is founder and president
of the HBWM.com Network
which includes: HBMW, http://www.WorkAtHomeKit.com,
http://www.edirectoryofhomebasedcareers.com,
http://www.momsworkathomesite.com, http://www.HBWMconferences.com,
http://www.HBWMcanada.com and http://www.HireMyMom.com
(coming soon!).
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