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9 Lean Budget Tips: Run A Business For Less Than You Spend On Coffee

9 Lean Budget Tips: Run A Business For Less Than You Spend On Coffee

Running an online business can be extremely rewarding—and massively expensive. But just because your friends and colleagues are using fancy tools and programs and have big budgets, doesn’t mean you have to, too. Some will even say you need the latest and greatest “Must Have” tools to be successful. I’d like to prove them wrong. Here’s how to run your business on a lean budget:

1. Day-to-day tools

Use tools you already have on your computer: whether pre-installed or purchased, just dust them off again. Most of us have purchased programs in the past (like Microsoft Office, QuickBooks, Quicken, and Photoshop) but don’t use them on a regular basis. Do a quick search of the programs already on your hard-drive (or on the computer you’ve got in storage) and then do an equally important YouTube search for training videos on that software. Put those tools to work in your business.

Also look for tools like Skype, Google Voice, Gmail, and FaxZero (for those occasional outgoing faxes) for daily communication. And also check out Box.com or Copy.com for large, free, online storage accounts. Some of the most reliable bridge lines are also free, such as Speek.com and FreeConferenceCallHD.com. Use them for consulting calls, tele-seminars or anything that would benefit from a “bridge line”.

2.  Industry-specific tools

Do a Google search for “[name of expensive program] alternative”. Or, jump into a co-op where people are purchasing a bulk license of your industry-specific software. If you’re not a graphic designer, but need a program like Photoshop, search for Gimp.org or Paint.NET with .psd.

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    If you create beautiful products that sell on Etsy, you’ll need stellar images of your products. Borrow a camera from a friend or rent one from a website like Loanables.com or SnapGoods.com. Similarly, if you need a studio to take product shots, consider asking around at local shops to borrow their light box for the afternoon.

    3. Streamline

    Go through your PayPal and credit card statements for the past 90–180 days and look for recurring expenses. Cut out anything that isn’t essential. Maybe even cut out what you think is essential and find another free alternative.

    Oftentimes, we pay $9.99 per month or $30 per month for memberships that we only use a few times per year. Ask yourself if it’s creating a return on investment for your business. Is that $9.99 each month really contributing $120 per year back into your business, preferably more? It should be.

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    If you are using your subscriptions, check to see if you can pay an annual fee and save money throughout the year. Or, buy it outright. Often companies will charge $30 per month but sell an annual subscription for less than $200 (saving $160 over the year).

    If you can purchase outright, even better. Upgrade every two to three years and save even more. Look at PayPal six-month payment terms if you need to spread out payments of the bigger purchases.

    4. Roll up your sleeves

    Most tasks that need to be done in your business can be done quickly if you have systems in place: it’s the procrastination and thinking about it that takes time. Create a clear action plan and set aside time every day to get closer to your big dream goal and closer to the income goals you set.

    5. Leverage PR opportunities

    Whenever possible, snap up opportunities to contribute to a news article, blog post, or book. Offer to write articles for local newspapers or magazines, and utilize resources like HARO and SourceBottle where journalists are regularly looking for content.

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    sourcebottle haro

      Set up a page on your website called “Media” (or similar), and include your bio and high-quality images, so you can point press to it easily when the opportunity arises. If you make it easy for yourself and budget in 45 minutes a week for this kind of activity, your business will thank you for it later.

      6. Training

      Every day an entrepreneur is building a new program or course. They often need beta testers to run through their program at a reduced rate, or for free. Make yourself available to them, help them make their program better and get the training your need to improve your business skills. Also, check out websites like Udemy or CreativeLive for upcoming classes that are offered completely free. Sometimes you must attend live to access the free version, but there are perks, like mingling with other attendees and making new business connections.

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      creative live

        7. Product development

        Think it’s tricky to figure out what your potential clients will spend money on? Try this on for size! Create a one-question survey at SurveyMonkey or Google Forms and ask people to answer the question. You’ll be surprised at the answers you receive, and how easy it will be to create your next product or program. Instead of waiting months to start generating revenue, consider launching and building the course or program as you go through each week.

        survey one question

          8. Online presence

          It used to cost a fortune and take months to create a website. It doesn’t anymore. A clean WordPress website with a sales funnel automated with autoresponders (like MailChimp or AWeber) and shopping cart plugins (like WooCommerce or easydigitaldownloads.com), and semi-automated social media (through HootSuite or SocialOomph) can cost less than $10 per month.  YouTube, Facebook Pages, Twitter and Pinterest can all aid in bumping up your online presence and creating a cohesive brand.

          9. Stay lean

          Just because you’re making more money now, doesn’t mean you need to go back to your old ways. The next time you need to scale up, or make a pivot change in your business you’ll be grateful for your low overhead expenses.

          What other methods do you use to keep costs low in your business?  Share in the comments below.

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          Last Updated on March 29, 2021

          5 Types of Horrible Bosses and How to Beat Them All

          5 Types of Horrible Bosses and How to Beat Them All

          When I left university I took a job immediately, I had been lucky as I had spent a year earning almost nothing as an intern so I was offered a role. On my first day I found that I had not been allocated a desk, there was no one to greet me so I was left for some hours ignored. I happened to snipe about this to another employee at the coffee machine two things happened. The first was that the person I had complained to was my new manager’s wife, and the second was, in his own words, ‘that he would come down on me like a ton of bricks if I crossed him…’

          What a great start to a job! I had moved to a new city, and had been at work for less than a morning when I had my first run in with the first style of bad manager. I didn’t stay long enough to find out what Mr Agressive would do next. Bad managers are a major issue. Research from Approved Index shows that more than four in ten employees (42%) state that they have previously quit a job because of a bad manager.

          The Dream Type Of Manager

          My best manager was a total opposite. A man who had been the head of the UK tax system and was working his retirement running a company I was a very junior and green employee for. I made a stupid mistake, one which cost a lot of time and money and I felt I was going to be sacked without doubt.

          I was nervous, beating myself up about what I had done, what would happen. At the end of the day I was called to his office, he had made me wait and I had spent that day talking to other employees, trying to understand where I had gone wrong. It had been a simple mistyped line of code which sent a massive print job out totally wrong. I learn how I should have done it and I fretted.

          My boss asked me to step into his office, he asked me to sit down. “Do you know what you did?” I babbled, yes, I had been stupid, I had not double-checked or asked for advice when I was doing something I had not really understood. It was totally my fault. He paused. “Will you do that again?” Of course I told him I would not, I would always double check, ask for help and not try to be so clever when I was not!

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          “Okay…”

          That was it. I paused and asked, should I clear my desk. He smiled. “You have learnt a valuable lesson, I can be sure that you will never make a mistake like that again. Why would I want to get rid of an employee who knows that?”

          I stayed with that company for many years, the way I was treated was a real object lesson in good management. Sadly, far too many poor managers exist out there.

          The Complete Catalogue of Bad Managers

          The Bully

          My first boss fitted into the classic bully class. This is so often the ‘old school’ management by power style. I encountered this style again in the retail sector where one manager felt the only way to get the best from staff was to bawl and yell.

          However, like so many bullies you will often find that this can be someone who either knows no better or is under stress and they are themselves running scared of the situation they have found themselves in.

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          The Invisible Boss

          This can either present itself as management from afar (usually the golf course or ‘important meetings) or just a boss who is too busy being important to deal with their staff.

          It can feel refreshing as you will often have almost total freedom with your manager taking little or no interest in your activities, however you will soon find that you also lack the support that a good manager will provide. Without direction you may feel you are doing well just to find that you are not delivering against expectations you were not told about and suddenly it is all your fault.

          The Micro Manager

          The frustration of having a manager who feels the need to be involved in everything you do. The polar opposite to the Invisible Boss you will feel that there is no trust in your work as they will want to meddle in everything you do.

          Dealing with the micro-manager can be difficult. Often their management style comes from their own insecurity. You can try confronting them, tell them that you can do your job however in many cases this will not succeed and can in fact make things worse.

          The Over Promoted Boss

          The Over promoted boss categorises someone who has no idea. They have found themselves in a management position through service, family or some corporate mystery. They are people who are not only highly unqualified to be managers they will generally be unable to do even your job.

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          You can find yourself persistently frustrated by the situation you are in, however it can seem impossible to get out without handing over your resignation.

          The Credit Stealer

          The credit stealer is the boss who will never publically acknowledge the work you do. You will put in the extra hours working on a project and you know that, in the ‘big meeting’ it will be your credit stealing boss who will take all of the credit!

          Again it is demoralising, you see all of the credit for your labour being stolen and this can often lead to good employees looking for new careers.

          3 Essential Ways to Work (Cope) with Bad Managers

          Whatever type of bad boss you have there are certain things that you can do to ensure that you get the recognition and protection you require to not only remain sane but to also build your career.

          1. Keep evidence

          Whether it is incidents with the bully or examples of projects you have completed with the credit stealer you will always be well served to keep notes and supporting evidence for projects you are working on.

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          Buy your own notebook and ensure that you are always making notes, it becomes a habit and a very useful one as you have a constant reminder as well as somewhere to explore ideas.

          Importantly, if you do have to go to HR or stand-up for yourself you will have clear records! Also, don’t always trust that corporate servers or emails will always be available or not tampered with. Keep your own content.

          2. Hold regular meetings

          Ensure that you make time for regular meetings with your boss. This is especially useful for the over-promoted or the invisible boss to allow you to ‘manage upwards’. Take charge where you can to set your objectives and use these meetings to set clear objectives and document the status of your work.

          3. Stand your ground, but be ready to jump…

          Remember that you don’t have to put up with poor management. If you have issues you should face them with your boss, maybe they do not know that they are coming across in a bad way.

          However, be ready to recognise if the situation is not going to change. If that is the case, keep your head down and get working on polishing your CV! If it isn’t working, there will be something better out there for you!

          Good luck!

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