Thursday, April 24, 2008

Frugal Friday: Tips for When You Own Your Own Business



As we've learned through first-hand experience as small business owners, using frugality is a great way to grow a business. Here are a few tips we've learned through the years.

  • Quickbooks is the best way to go for accounting software. They offer a free version that was just updated to allow an unlimited number of clients. The free version has almost all the same benefits as their cheapest "Pro" package that costs $99.95. Eric couldn't imagine using anything else for the business.
  • Investigate marketing/networking opportunities. When we started out, we did mailers and other advertising with very few results. Since then, Eric has joined a networking group (the BNI) for roughly the same amount as we would have spent in other advertising for the year. It has been a huge boost to our business. Also, just getting out there and meeting people, and never being afraid of a little shameless self-promotion, really works!
  • Don't hesitate to start a business that you really feel you are being led toward just because you may not have a big financial cushion. If we had waited for this we would have missed out on many opportunities that have since come our way. When you start a business with no cushion, you have no option but TO succeed.
  • Always have faith. God has shown his providence many, many times as we have grown the business. He is so good!
  • If you are hoping for a break on supplies, storage space, marketing tools, etc, don't be afraid to ask. The answer to every unasked question is NO! Building relationships with vendors has been a huge help in our business.

I'm sure we'll come up with more frugal tips we have applied in growing our small business, so I'll probably post on this subject again.

To read more frugal tips, visit Crystal's blog at Biblical Womanhood.

2 comments:

The Happy Housewife 8:50 AM  

Great tips, I am going to forward them to my friends who just started their own business!

Laura 7:16 PM  

We've been praying and brainstorming about a couple of business ideas...and it really IS hard to just have faith and let God lead you...especially when thinking about the financial investment. Thanks for the tips and reminders that God is faithful.

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