5: 3 Cost-Saving Ideas for Entrepreneurs

Are you an entrepreneur? If so, you're probably always looking for ways to save money.

And in this episode I'm going to give you 3 cost-saving ideas for entrepreneurs and small business owners.

And if you just focus on these three ideas, it will have a tremendous effect on your business.

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Episode Transcript

Speaker 1 (00:00):
Welcome to the Frugal Entrepreneurs podcast. I'm your host Miles
and today I'm going to tell you about my favorite
cost saving ideas for entrepreneurs and small businesses. These ideas
apply to every entrepreneur, including local businesses, online businesses, and creators.
Now let's dive into how you can save some money.
So we'll start by talking about your website. Your website
is incredibly important. It's your home base. It's how people

(00:22):
get to know you. There are a lot of ways
to build or acquire a website, but it doesn't have
to be expensive. If you simply need a landing page
or brow sure website, do yourself by using a website
builder like card, crrd, dot Co. It's an affordable website
builder and you can get started for free. There are
other free website builders, but I will always recommend Card.

(00:45):
Now let's talk about online stores. If you're selling products,
you may not even need a custom website. You could
sell your products through platforms such as gum Road, pay
Hip or super Peer. However, if you do need a
custom website for selling products, you can use the sure
card plug in for WordPress. It's free and I've never
found an easier solution for setting up my own store. Now,

(01:06):
if you're selling services that require particular website functions, your
best bet may be going for a niche specific management system.
For example, if you run a property maintenance company, you
may just need a rental management system. These systems usually
include a website builder, as well as every other tool
you need for managing your business. And now let's talk

(01:30):
about my second tip for saving money in business, and
that's doing free marketing, because guess what, you don't have
to pay crazy amounts of money for marketing. Set all
of the passive free marketing channels that you can. This
includes social media platforms, especially Facebook, Instagram, LinkedIn, Pinterest, and
x which is formally Twitter. You'll want to find the

(01:52):
social platforms that align with your business and go all
in on those. Free website with card email capture such
as beehive or mailer lite, a Google business profile, NAP
citations for local business such as YELP. NAP stands for name,
address and phone number. YouTube, a podcast using spreaker or

(02:15):
Anchor which is now known as Spotify for podcasters, and
writing platforms such as medium, Substack, and news break are
also free and the best free marketing strategies are referrals,
content creation, partnerships, networking and SEO. And lastly, if you've
been in business for a while, always remember this it's

(02:38):
ten times less expensive to keep an existing customer than
it is to acquire a new customer. And the third
cost saving tip I have for you is accounting. Accounting
a business means keeping your money organized. That way, you
can track revenue, profits and expenses, save money on taxes,
and make sure you're getting paid by customers. And if

(02:58):
you have ample and up business, you may be able
to account for every expense with a simple Google sheet.
But if you want a free accounting solution, you can
use wave apps. And lastly, a good accountant will save
your business money and of course they'll also help to
ensure that your business won't go into financial trouble as
it relates to taxes. An accountant can also help you

(03:20):
set up your financial foundation such as your legal entity,
business bank accounts, and EI. In so to summarize and
recap my three simple cost saving ideas for entrepreneurs are one,
find a cost effective website solution, Two take advantage of
free marketing strategies, and three have a simple efficient accounting system.

(03:46):
In place. Thank you so much for listening to the
Frugal Entrepreneurs podcast. Tell a friend about the show, subscribe
to the show, and leave a review. Once again, thanks
for listening. You're awesome. I hope these tips will help
you out in your busines, business, and in your life.
And you have a great day.