30 Tips for small business owners to make and save money that you can apply today
Gone are the days when money is a taboo subject.
Let’s face facts; most Small Business people find that it’s harder to make money than they originally thought. So, instead of just focusing on making your business work, you can spend some energy on saving money or earning a little extra. Trusted money professionals are a great help, but nothing can replace common sense, learnt money wisdom and good experience.
With this in mind, I asked my social media connections what they do to make ends meet. I asked for ideas about saving money and making some extra here and there to help when business income is, well, a little lumpy. With the permission of the people who contributed to the discussion, I am sharing their tips (and mine).
15 Ways to make some extra money:
- Rent out that extra office you don’t use either permanently or as a hot-desk.
- While you’re about it rent out anything you can; the shed, some room in the yard (to park a caravan), your driveway (if you live close to the city), your fence (for signs and banners), even your trailer. And at home, rent out the extra room.
- While you’re at work, rent out your car to wannabe Uber drivers or become an Uber driver yourself.
- Sell advertising space on your car (particularly good if you do a lot of driving around).
- Grow veggies and have an honesty ‘pay what it’s worth’ stand out the front of your home or in the office.
- Babysit kids, pets, plants.
- Do online surveys or market research.
- Tutor kids with their school work or adults with their studies.
- Sell everything (stuff) on eBay, Gumtree other buy, swap, sell sites; you’re preventing things going into landfill and earning at the same time.
- Have a clothing sale, you can actually make money from selling your clothes.
- Use your creativity to make things that people want to buy; old furniture made into ‘distressed’ pieces, greetings cards, hammocks, cushions or pen holders.
- Offer your skills on Upwork, Fiverr and Airtasker. Something you do easily can be hard for someone else and they’ll pay.
- Participate in paid focus groups.
- Offer advertising on your website where appropriate.
- And my personal favourite. Become an affiliate of anything you love doing or using yourself. My take on this is that you should always declare the affiliate relationship and you should only promote whatever you think is great.
15 Ways to save money:
- Paint or draw a little sign for just above your desk, and write a little credit card sized note for your wallet that both say, “About to spend? Stop. Breathe. Reconsider.”
- Consolidate credit card debt into one loan and cut up the old cards.
- Roll your credit card debt into a 0% credit card. Then pay off as much capital as you can each month during this interest free period.
- See if there is a local ‘talent’ exchange in your neighbourhood or on social media; one of the non-currency exchange/barter systems.
- Buy your clothes from op shops, clothing sales and online.
- Shop at night and get reduced bread, meat, perishables.
- Review all your subscriptions. I often ask my coaching clients about this and they notice that they are paying for services they no longer use.
- Review all your insurances. You’ll save by swapping to cheaper or more suitable plans. Most companies do not reward for loyalty as we might think. You can use an insurance comparison tool or service.
- Use discounts wherever possible; those new funky lunch clubs, online deals or discounted movie tickets. Just choose not to pay full price.
- Get used to asking, “Is that the best price you can offer?” There’s nothing wrong with asking.
- Make gifts instead of buying them. Especially for clients; it’s the personal touch that counts.
- Most expensive is not always the best quality; check with websites like Choice to see what they recommend.
- Share the cost of business subscriptions with other businesses; where more than one user is allowed on a subscription, share the cost.
- Share equipment. Printers, whiteboards, stationery cupboards, anything else you need for your business. Join a neighbourhood sharing site (in your business or home neighbourhood) and borrow whatever you need occasionally and lend whatever you own to those who need it.
- Draw up a budget. They do magical things for your money.
Do some or all of these, and focus on those that create wins for you, those around you and the world.
Of course, having enough money is influenced by your money mindset and by your expectations about what money can and should buy. But while we’re thinking that through, we can help ourselves along with some savings and some trickle earnings.
I’d love to hear your tips.