Managing your funds is extremely important for any business owner, no matter the size or age of your company. This is especially true for startups, with a lack or misuse of business capital being one of the main reasons for new brand failure. With that being said, saving money should always be one of your biggest priorities. Whilst you may think that you’re doing everything that you can to keep costs low, there could be some areas that you may not have considered. We’ve put together a list of some easy ways to keep your online business expenditure even lower.

Online Business Expenditure

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#1. Use Lighter Shipping Materials:

Using the lightest possible shipping materials available can help any business save on shipping costs. Whether you’re sending out products in bags and boxes to your customers who have bought online at your e-commerce store or suppling long-term clients with bulk product deliveries on shipping pallets, getting smart with the packaging that you use can help you slash the cost of keeping your customers happy. But, be careful – lighter packaging isn’t always cheaper, so it’s important to shop around first to make sure that you’re actually saving when your shipping costs come in cheaper.

#2. DIY Website Building:

It goes without saying that today, a website is an absolute essential for any business that wishes to succeed. Online-only businesses are quickly growing in popularity and even those companies which are mainly based offline can benefit massively from an online presence to increase brand popularity and attract more custom. The fact of the matter is that today’s customers tend to put more trust in brands that are easily found online, mainly due to the convenience of finding information or purchasing products. But, setting up your own business website doesn’t have to take a huge chunk out of your budget. A cheaper alternative to hiring a web developer would be to use a DIY platform, such as WordPress or SquareSpace, to create your own site with a professional finish.

#3. Hire Freelancers Over Full-Time Employees:

As a business owner, you’ll understand the importance of delegating the right tasks to the right people. At times, hiring an employee can actually save you money in the long run, particularly if you hire the right person for the job. However, it may not always be necessary to hire an employee full-time, especially when you take all the on-boarding costs into consideration. Certain jobs can be done just as well by freelancers; self-employed individuals who you contract to get the work done. Most freelancers work on a pay-per-job basis and many are based at home, leaving you with no need to supply them with office space or equipment. As a result, you’ll pay much less for the work that you require.

Running an online business can be one of the best ways to make a living today, but things can quickly turn sour if you don’t spend your funds as wisely as possible. Did you benefit from these cost-cutting ideas for your online brand? We’d love to hear from you.