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5 Ways to Decrease Expenses as an Online Entrepreneur

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Growing a business is hard work. You’re doing everything you can to increase revenue by attracting more clients, closing deals and scaling your impact. But it’s equally important to look at where you can decrease expenses so that you can continue to reinvest in your growing empire. 

5 Ways to Decrease Expenses 

There are many options when it comes to decreasing expenses, but the following 5 ways apply both to your business and lifestyle. The sacrifices you make now to decrease spending will pay off later as the business grows

  1. Put off Big Purchases and Upgrades 

Eliminating large investments seems obvious, but sometimes you really have to sit back and evaluate: Is this a want or a need? You may be looking at trading in your current car for the newest model, but could you put that off for a year or two?  

Think about other investments you are considering, such as a wardrobe update, renovating the kitchen, or purchasing a new TV. You can likely live without these purchases for another year or two. Use that money instead to fund business growth, in terms of new hires, training or marketing.

2. Re-evaluate Your Software Investments 

Research the differences between the free version of the software and the current level you are paying a subscription for. You might be surprised at just how much you can get from the free CRM or email marketing software. 

If you do still need to pay for features that are crucial to your business, consider renegotiating your contract with the software vendor. If you’ve been a customer for a few years, see if they can lower fees or provide additional features for the same cost. The worst thing that happens is they say no, so what do you have to lose?

3. Limit Your Yearly Training Budget

Web Conferences and webinars can be exciting and educational events to attend. With all your colleagues posting about each session on social media, it’s easy to feel like you are missing out. But it’s key to limit expenditures on these costly conferences. Pick two or three events to attend per year, and be sure that there is an ROI. 

Look back on the conferences you attended last year and determine if you gained valuable leads or training. If not, skip that conference this year. Only invest in events and tickets that are going to return more money than you are spending. You can also look for training and networking opportunities that are offered free of charge by the community resources such as CFDC and Digital Main Street

4. Investigate R&D Tax Credits 

If you run a tech-heavy business, searching for applicable tax credits can save you a ton of money. The government will subsidize initiatives that advance research and development in particular industries.  

The Government of Canada details the tax credits available to you on their website. Alternatively, you can hire specialists that will find and write applications and tax credit documentation for you. The investment in writers saves you time and the payoff is often great at the end of the year. 

5. Cut Down on Your Real Estate Expenses 

You’ve figured out how to run your business online and making use of software to house your organization. Now it’s time to start looking at the benefits of applying this approach to decrease expenses in your personal life. You could move to a more affordable location, with support in place for your business.  

Consider Making Hastings County Home to Decrease Expenses 

Above and beyond the value you’ll get from much less expensive housing, Hastings County provides a welcoming community for business owners. The people that live in the region are friendly and will go out of their way to help you succeed.  

Hastings County even has a dedicated Small Business Coordinator, Mark Hanley, available to you for free. You can contact Mark (hanleym@hastingscounty.com) at any time and ask questions about how to transition your business to a new home base in Hastings County. You can also schedule a free coaching session, where he can connect you with the people and resources you need to accelerate integration with the business community. 

To get all the financial comparisons between Hastings County and the big city, download the e-book: 4 Reasons Entrepreneurs Leave the City for Better Work-Life Balance. You’ll see just how much you can decrease expenses when it comes to real estate, child care and housing. 

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