How Do You Stretch Your Money?

14 years ago

Things are tough right now. Entrepreneurs, we want to hear the things you do to save money for your business. How do you make a dollar out of 15 cents?

Q: ENTREPRENEURS! HOW DO YOU STRETCH YOUR MONEY?

1. Re-invest in Advertising

A: Input a small amount, however you manage to set aside, to pump back into the business for advertising. Now whether that be signage on vehicles, pamphlets drops, radio advertising or SEO/Ad word campaigns, that you can monitor yourself every hour if needed, to every day – I find that something needs to be put back into the business, no matter how minute.

Thanks to Julie Sweet!

www.certificatesonline.com.au

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2. Re-use Supplies

A: With my embroidery supplies, I look at multiple uses (e.g. stabilizer) or purposes for the same material in order to save money. When I tear away the stabilizer, I use it for test embroidery designs, or re-use the stabilizer for products that require less stabilizer.

Thanks to Cathy Harkless!

www.yhtack.com

Hear this entrepreneur's story!

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3. Barter and Give-A-Way Products

A: We do all our own social media and look for blogs to promote our products. Offering the blogger free products in return for a review and then offering to give away products to their readers.

Thanks to Pamela Haven!

www.pambras.com

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4. Use Elance and Facebook

A: I get guys on Elance to build me a Facebook page and make my blog look nice so I can take advantage of the boost social media offers entrepreneurs these days… for relatively no cost.

Thanks to Daniel Massicotte

http://www.danielmassicotte.com/

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5. Be Flexible

A: Flexibility allows you to eliminate costs when your competitors cannot, change your business model when your competitors cannot, re-brand when your competitors cannot, and ultimately survive when your competitors cannot.

See also Focused Entrepreneurs

Thanks to Sylvester Mobley!

www.slifeonline.com

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6. Try GoToWebinar

A: I am using GoToWebinar to hold events instead of live events because they cost virtually nothing except the monthly subscription for GoToWebinar and some time. I now have an international reach instead of just a local reach which allow me to build my subscriber base, so I can sell my training to an international audience.

Thanks to Marlon Marescia!

www.talkingoffice365.com

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7. Rely on the Shoe String

A: Everything we do is on a shoe string. Our website was developed by Masters of IT students as a project; we offer work experience to students of various disciplines to do tasks for us, in return for knowledge, experience and a reference; we collaborate with other creative people trying to make it, on photoshoots, promotions, etc where everyone has a win, win; and we organize fashion week parades ourselves, to save on participation fees of official fashion parades.

Thanks to Katya Baxter!

www.minaandkatusha.com.au

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8. Persevere!

A: When you are going through tough times you need to stay true to yourself and do what you believe in. You will always get a lot of opinions from others, but what do you think? You got yourself to where you are and you can get yourself to wherever you want to go. Perseverance is the key. You will experience more tough times, more downs, more mistakes. But they make the good times mean something; they teach you the lessons to create success. Failure only exists if you stop. If you keep going it’s an adventure and you are yet to hit the height of your success.