10 Effective Ways To Reduce Your Business Costs

With a recession on, all business owners — especially startups, need to think of ways to tighten the belt a bit.

I threw together some suggestions that might help:

1. Barter - If you have a business you should be bartering goods and services with other businesses. You should try to trade for something before you buy it. Barter deals usually require little or no money.
2. Network - Try networking your business with other businesses. You could trade leads or mailing lists, or even create a joint venture that would be lucrative for both of you. This will cut down on your marketing and advertising costs.
3. Wholesale/Bulk. You’ll save money buying your business supplies in bulk quantities. You could get a membership at a wholesale warehouse or buy them through a mail order wholesaler. Buy the supplies you are always running out of. (For me, it’s ink for my printer and paper.)
4. Free Stuff - You should try visiting the thousands of freebie sites on the internet before buying your business supplies. You can find free software, graphics, backgrounds, online business services etc.
5.  Borrow/Rent - Have you ever purchased business equipment you only needed for a small period of time? You could have just borrowed the equipment from someone else or rented the equipment from a “rent-all” store.
6.  Online/Offline Auctions - You can find lower prices on business supplies and equipment at online and offline auctions. I’m not saying all the time, but before you go pay retail for these items try bidding on them first.
7.  Plan Ahead - Make a list of business supplies or equipment you’ll need in the future. Keep an eye out for stores that have big sales. Purchase the supplies when they go on sale before you need them.
8.  Used Stuff - If  your business equipment and supplies don’t need to be new, buy them used. You can find used items at yard and garage sales, used stores, used stuff for sale message boards and newsgroups etc.
9. Negotiate - You should always try negotiate a lower price for any business equipment or supplies. It doesn’t hurt to try. Pretend you are talking to a salesman at a car lot.
10.  Search - You can always be searching for new suppliers for your business supplies and equipment. Look for suppliers with lower prices and better quality. Don’t just be satisfied with a few.