A few weeks ago I asked my email subscribers which was most important to them, saving money or saving time. I told them I’d post the results in a future blog post. The results were interesting and not at all what I expected.
Half of those who responded said saving money was most important to them. The other half said saving time was most important to them. I didn’t know which topic would be most popular but I didn’t expect the topics to be equal in importance to my subscribers.
So, since I promised to post the results on my blog, here’s what I’m going to do. I’ll make blog posts about both topics. Here’s the first of the two posts.
12 Ways You Can Save Money
1. Use Free and Open-Source Software
One of the best ways to reduce your expenses is to use free and open-source software. Instead of spending tons of commercial software, you can use free alternatives like LibreOffice, GIMP, and Audacity for your word processing, image editing, and audio editing requirements.
These free tools are often as good as the paid ones and they can save you hundreds or even thousands of dollars a year. Furthermore, a lot of open-source applications have communities of developers and users who can assist you if you get stuck.
2. Leverage Cloud Computing
By using cloud storage solutions like Google Drive, Dropbox, Amazon S3, or iCloud, you can securely store and access your files from anywhere, eliminating the need for physical storage devices and reducing the risk of data loss.
Additionally, cloud-based productivity suites such as Google Workspace or Microsoft 365 provide a wide range of tools, including email, document editing, spreadsheets, and video conferencing, all accessible through your web browser.
Using cloud computing can save you a bundle on IT expenses. Plus you can say goodbye to managing pricey servers and software licenses
With cloud computing, you pay only for what you actually use. Plus, you can easily adjust your resources to match your business requirements. And don’t worry—cloud services come with strong security features to keep your data safe. Click here to learn more about cloud computing.
3. Outsource the Tasks You Don’t Like to Do
Your time is super valuable. Instead of juggling everything yourself, consider outsourcing the tasks you don’t like to do or don’t want to do to freelancers or virtual assistants.
These can be tasks like bookkeeping, customer service, and social media management. By outsourcing these tasks, you’ll free up time to focus on your core business activities—like product development and marketing. Plus, talented freelancers can handle the work at a fraction of the cost of hiring a full-time employee.
Here are a few websites that can assist you with that; Fiverr, Upwork, and Freelancer. I’ve personally outsourced website work and ebook cover design to people on Fiverr. I’ve been using the services of one gentleman on Fiverr for several years.
4. Use Free Marketing Channels
Marketing is like seasoning for your online business—it adds flavor without breaking the bank. Check out these wallet-friendly strategies:
a. Social media: Spice up your brand by connecting with your audience on platforms like Instagram, X, and LinkedIn. Share valuable content, engage with followers, and watch your brand loyalty simmer.
b. Email magic: Whip up email campaigns to nurture leads and keep existing customers coming back for seconds. How do you create awesome email campaigns? You use an awesome tool like Aweber.
5. Negotiate with Vendors
When it comes to dealing with vendors or suppliers for your online business, don’t be shy—negotiate! Many vendors are open to giving loyal customers discounts or better terms, especially if you’re placing hefty orders.
And you can trim your orders or explore alternative suppliers who offer lower prices without compromising quality.
When it comes to negotiating with suppliers, there are several strategies you can use to get the best deal. Here’s a great article that will give you some proven tips.
6. Use Coupons and Promo Codes
You can reduce the cost of buying stuff for your business by using coupons and promo codes whenever possible. Many software companies, website hosts, and other vendors offer discounts to new customers or during special promotions.
You can find promo codes and coupons on websites like RetailMeNot, Honey, PromoCodes, and Rakuten.
7. Minimize Your Office Space
Forget the massive office lease—think home office or co-working space. Here’s why:
a. Home Sweet Office: Set up shop at home. No need for fancy digs—just grab your laptop and conquer the digital world from your cozy corner.
b. Co-Working Coolness: Co-working spaces are like coffee shops on steroids. Shared work spaces with other hustlers—plus, you’ll save on rent and utilities.
c. Cost-Cutting Magic: Smaller office = smaller bills. Say goodbye to hefty rent and utility costs.
d. Location Freedom: Work from anywhere! Beach, mountain, or your favorite coffee joint. Online entrepreneurs can work from anywhere they want.
8. Automate Repetitive Tasks
You probably have many tasks that repeat and thus take away your time and energy. Through the automation of these tasks, you can cut down on the time and the cost while on the other hand you can also decrease the probability of the mistakes.
There are lots of aids that can be used to automate tasks such as social media posting, email marketing, and customer service. Through the spending of these tools, you can make your operations easy, and thus, you can use your free time to grow your business.
Here are two tools you can use to automate your systems.
a. Zapier.
b. IFTTT
9. Use Free or Low-Cost Training Resources
Learning and staying up-to-date as an entrepreneur doesn’t have to break the bank. Check out these free or low-cost training resources.
a. From entrepreneur.com.
b. Udemy.com.
c. Coursera.org.
10. Track Your Expenses
Keeping a close eye on your expenses is crucial for any online entrepreneur. Let’s dive into some expense-tracking tools that can help you stay on top of your spending.
a. Check out this blog post from startupsavant.com.
b. QuickBooks.
c. FreshBooks.
d. Odoo.
e. Xero.
11. Use Cloud-Based Services
Cloud-based services can be a cost-effective alternative to traditional software and hardware solutions. Instead of hefty upfront investments, consider these benefits:
a. Pay-as-you-go: Cloud services allow you to subscribe and pay only for what you use. No need to buy expensive licenses or equipment upfront.
b. Scalability: Easily adjust resources based on your needs. Whether it’s hosting, storage, or computing power, the cloud grows with you.
c. Location independence: Access your resources from anywhere with an internet connection.
d. Examples: Consider cloud hosting services like Amazon Web Services or Google Cloud Platform for your website.
12. Take Advantage of Free Trials and Discounts
Taking advantage of free trials and discounts is a smart move for entrepreneurs. Let’s explore how you can benefit from these opportunities:
1. Free Trials for Software and Services:
◦ Many software and service providers offer free trials. These trials allow you to test their products or services before committing to a subscription. Whether it’s project management tools, customer service platforms, or marketing software, free trials let you explore features and functionality.
◦ For example, consider trying out:
▪ Zendesk Support Suite: An AI-powered service solution that’s easy to set up and scale. It’s great for customer support.
▪ Zoho Desk: Manage customer communication across various channels like phone, email, live chat, and social media.
▪ Salesforce Service Cloud: The world’s #1 AI platform for service, helping companies step into the AI era with confidence.
▪ Freshdesk: Modern and intuitive software for customer support1.
▪ Intercom: A complete AI-first customer service platform.
2. Holiday Sales and Industry Events:
◦ Keep an eye out for special offers during holiday seasons or industry-specific events. Many providers offer discounts or bundle deals during these times.
◦ For instance, Black Friday, Cyber Monday, and other major holidays often come with attractive promotions. Take advantage of these opportunities to save on essential tools.
3. Maximize Your Trial Period:
◦ When you sign up for a free trial, make the most of it. Dive deep into the features, explore different use cases, and evaluate how well the tool aligns with your business needs.
◦ Remember to cancel before the trial period ends if you decide not to continue. Set reminders to avoid unexpected charges.
4. Customize Your Experience:
◦ Some providers allow you to customize your trial experience. Tailor it to your specific requirements. For example, focus on the features that matter most to your business.
◦ Look for trials that align with your actual usage patterns. This ensures a realistic evaluation.
5. Combine Free Trials with Discounts:
◦ If you’re eligible for multiple free trials (e.g., through different platforms), take advantage of them. Combine trials with discounts to get a comprehensive view of the tool’s capabilities.
Want to learn to start taking massive action on finding your purpose? My mentor, Connie Ragen Green has a free challenge she calls the Action Habits Challenge. And did I mention it’s FREE???
I’m online entrepreneur Richard Rawlings (Rick) Smith. Who else wants to join me in creating an online business that allows them to enjoy the lifestyle they want and deserve?