When to Spend & When to Save in Business

There’s a fine line when it comes to that age old saying, you’ve got to spend money to make money, because when you’re starting your business from the ground up, you don’t often start off with a whole lot of money to spend!

We all know that running a business isn’t cheap, but there are plenty of ways that you can cut back on your spending to save some much-needed cash!

Especially in the early stages of business!

And of course, there are some costs that are simply unavoidable, like keeping your licensing up to date and obvious production costs, but there are also plenty of ways that you can get savvy with your spending….

I’ve been running a business for years now, and from my own experiences and that of my friends and family around me, one of the best places to save is often marketing related.

The opportunities that social media has presented to small business owners are endless & if you’re not taking advantage of this then this is your sign to start!

Here are my top 3 tips to start saving in business:   

1. Utilising User Generated Content for your Lifestyle Photography

Professional photos are great, they look incredible & can elevate your business’ branding consistency… but they can also be a little pricey!

If you’re just starting out and looking for ways to save, there are plenty of cheaper alternatives like incorporating user generated content into your marketing strategy.

If you’re a products-based business, encouraging your customers to share their own pictures of your product is a great way to get gorgeous pics of your brand from the people who love it the most! 

If you’re new to the game, you could try sending out a little note with each order that offers customers a little discount with their next purchase if they tag you in their pictures of your product!

Not only is this a great way to save some cash, it’s going to build strong customer relationships with those that love your brand!

2. Monthly Audits of Your Subscriptions!

I don’t know about you, but I am definitely guilty of signing up for services and then completely forgetting to use them!

Set yourself a little reminder each month to go through all of your current subscriptions and opt out of the ones that no longer serve you.

It’s crazy how much money we are spending without even realising! If you’re looking to save, it’s often the little things that will make the world of difference.

Whilst you’re there, you can also do a little audit of your own email databases, if you’re paying for an email service that’s priced per contact, there’s no point in paying for your emails to be sent to addresses that don’t even open your content, or pesky spam accounts!

You’ll also get a much clearer picture of who your audience really is, who’s invested in the products and services you’re offering, and how can you adjust your marketing to better target them?!  

3. Minimise Paid Advertising 

Whilst paid advertising is great, it’s definitely not necessary, especially if you’re trying to cut costs.

There are plenty of other ways to get your brand out there, sometimes you just need to get creative!

Some low-cost solutions include working with some local micro-influencers or collaborating with other brands that compliment your business.

The opportunities are endless thanks to social media!

The most important thing to know is when to spend & when to save!

This is something that our Ready, Set Hustle Course can help you with!

This course is your one stop shop for learning everything there is to know about starting your own business; it’s a course filled with all of my tips, tricks, knowledge & expertise from starting my own business and helping many others do the same!

There are ten easy to follow modules with downloadable templates and advice from special guests to help you map out your new business and have all the basics covered so you’re ready to jump in and start your side hustle confidently!