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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 July 2, 2020

          13 Common Life Problems And How To Fix Them

          13 Common Life Problems And How To Fix Them

          In life, we encounter problems as we breathe. But it doesn’t get to us until we feel a major impact, and that’s when it becomes a source of concern, hurt, or sorrow.

          Life problems, depending on their magnitude, can be clogs in the wheel of progress, and we may not be able to attain our full potential if we don’t learn to place our problems in the proper perspectives as suggested in Robert Schuller’s Tough Times Never Last.

          In this article, I have identified some common areas where you will most likely face problems as you make progress towards reaching your full life potential. I have also suggested practical approaches in handling, managing, and solving such problems.

          1. Financial Crisis

          We live in an uncertain world and a financial crisis may come at different stages of life. While you should always anticipate and prepare for a financial crisis, it may still catch you off guard or the magnitude may be far more than any preparation you have made over the years.

          It could be that you lost your job or a major investment, got slammed with a lawsuit that threatens your savings, or have your livelihood be affected by a major disaster. So what do you do when you are in a financial mess?

          Solution

          To overcome a financial crisis, you will have to come to terms with the crisis. Acknowledge and accept the situation and begin recovery by setting your financial priorities right.

          The next thing to do is to identify the cause of the crisis. If it’s due to a job loss, then your effort should be directed at getting a new job. If it is having multiple debts, look for ways to consolidate your debt so that your monthly debt repayment can be consolidated into one instead of being burdened with multiple payments.

          You can also sell some of your assets to raise money to save the situation, or look for a better job if you are earning less at your current job. Don’t hesitate to ask for help from family and friends if you need to.

          2. Health Crisis

          Another major problem that might come up in your life is a health crisis. This is not far-fetched because our body systems work round-the-clock, even when we are sleeping. As a result of this, and if you don’t maintain routine health habits, health deterioration might begin to set in. Things might even get serious if you don’t attend to it early.

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          Solution

          When you are facing a major health crisis, the first thing to do is to consider lifestyle changes. This includes cutting down on junks, eating healthy diets, exercising, breathing fresh air, taking some sun, etc.

          Apart from the lifestyle changes, you have to seek quality medical help and make sure you get different opinions about the state of your health so you can get the best affordable care.

          3. Relationship, Marriage, and Family

          There may not be anything as sweet as love and family life, but it can also be the source of pain for some. Human imperfections in a relationship can cause a major crisis in life. This has been a stumbling block to many on their path to fulfillment.

          Solution

          The best thing to do is to prevent relationship problems from happening, but if they do happen, you need to face reality and begin to take steps towards addressing them. Do your best to keep the lines of communication open as this can help in strengthening your struggling relationship. Talk about the challenges with your partner and look for common grounds.

          You can also arrange to see a counselor together or read books that address the specific challenges you are facing. The worst thing you can do is to end a relationship and that’s only when you have exhausted all other options.

          4. Workplace

          The workplace is supposed to be a place where we dutifully render the services for which we’ve been hired.

          However, it is not impossible to face animosity at work—dealing with toxic people who would rather not see any good in what you do. It might be caused by differences in background, attitudes, and unhealthy competition that can result in personal conflicts. This can create undue stress and reduce productivity.

          Solution

          Be as professional as possible when dealing with toxic people. Be kind and show understanding, and try to avoid personal confrontation.

          You can even try to reach out to the persons and invite them over for a coffee and get to understand their worldview. This can help you to connect with them at their level so that you can avoid unnecessary stress for yourself.

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          5. Career Pressure

          In your quest to become more successful, you will likely encounter work-related pressure. Such can come when trying to stabilize your career or climb the career ladder. It can also come as a result of overworking and having no life. Career pressure is one of the most common life problems.

          Sometimes, it may be that the promotion you are working hard to get is not coming or positions you are qualified for are being offered to others. The pressure can get more intense when you find that most of your colleagues are moving ahead of you.

          Solution

          Check to find if you have personal or attitudinal problems. Some attitudinal problems can put you at a disadvantaged end. It may be poor communication, poor personal grooming, or poor relationship and networking skills. If it is any of these problems, then work on improving yourself in those areas.

          You can also observe your colleagues who are succeeding and take note of what they are doing differently.

          6. Unfair Treatment

          We are in a world where some people often think they have some privileges over others and may want to exercise this thinking and treat others unfairly. If you find yourself in an environment where you are being oppressed or treated badly because of your race, gender, or current status, this can make you feel really bad and can also affect your psyche and productivity.

          Solution

          There is the temptation to decry your treatment, defend yourself, and demand a change immediately, but you should really wait for the right opportunity to do that.

          When the time is right, reach out directly to the person or authority involved, and make it private. Meanwhile, you should be factual about the instances of your unfair treatments. Don’t just say it that you are being treated badly; give several undeniable instances.

          Once you’ve made your grievances known politely, keep being you. If things don’t change, you can cocoon yourself in that environment. If you have an option to leave, you can do so as well.

          7. Emptiness and Boredom

          When you are in a rut, everything becomes normal, dull, unproductive, and yet difficult to change. This can lead to feelings of emptiness and boredom. This may not seem like a serious life problem, but it can have a great impact on your life.

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          Solution

          To overcome boredom and emptiness, break out of your routines, and deliberately create a new experience for yourself. If you can’t leave your job to find a new one, start doing other things that reflect your true passion. Sometimes, the things that give us the needed drive in life are not our day jobs.

          8. Confusion

          Confusion is described as a change in mental status in which a person is not able to think with their usual level of clarity.[1]. It is inherent in forgetfulness and lack of concentration.

          It can be caused by different things including medical and environmental factors. It can also be due to the experience of a loss, a heartbreak, or abuse.

          Solution

          Don’t allow the situation to deteriorate into something more serious. Try to snap out of whatever experiences you have had that is causing confusion. Seek medical help if necessary or talk to a psychologist.

          9. Friendship Problems

          We need friends in our lives to rob minds and hang out together and even help us when we run into trouble. But many people have found themselves in serious trouble as a result of the company of friends they keep. They’ve experienced jealousy, backstabbing, and betrayal of trust. Some friends have even used the information freely provided in times of friendship to betray trust.

          Solution

          Don’t open up on everything to friends. Keep some information only to yourself. If you notice that a friend is working against you, confront them with the truth. Limit your interaction with them or get rid of such toxic friends completely.

          10. Haunting Past

          We all have pasts, and we might have done some crazy stuff in the past before we begin to live a more civilized and decent life. But sometimes, the past comes back haunting. It’s even worse when life problems of the past haunt you back and become problems of the present.

          It may be that what you have done is now striking your conscience, keeping you awake at night. Or someone who knows about it is trying to use it against you, and it is standing in the way of your progress.

          Solution

          Be true to yourself and forgive yourself. If it is an issue with another person, you can reach out to the person to settle with them. If it is a secret that is now being leaked out, own up to it, take responsibility, and move on.

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          11. Safety and Security

          You may find yourself in an environment where there have been unexplained murder, gun violence, police brutality, insurgencies, and other life-threatening situations. This can make you feel like you might be the next victim. What should you do in this situation?

          Solution

          Ensure that you watch where you go and keep your home secure. You can also get involved in a neighborhood community watch to collectively find solutions to the threat. If the situation persists, you can move to a more secure location.

          12. Failure

          Failure can bring disappointment and can also slow the pace of progress. But failure is also part of life, and we have to learn to deal with it. But what do you do when an experience of failure weighs you down?

          Solution

          You can read a book or biography to get inspired by other people’s success stories.

          13. Grief

          No one loves to grief but we can’t totally shield ourselves from it. The loss of a loved one is painful and, if not properly handled, can lead to an emotional breakdown.

          Solution

          Take your time to express emotions. You can also pen an emotional tribute to the individual. Writing can help us bring out the feelings that cannot be expressed otherwise, and it helps us breathe a sigh of relief.

          You can also cope with your grief by helping them to realize some of their unfulfilled dreams or do something in their honor. Lastly, while you think about your loss, you will still have to move on, accepting the fact that life is transient.

          The Bottom Line

          Problems are what make life worth living. They help us adapt to become tougher as we adapt to different situations. Always remember that whatever problem you are facing has a solution or, at least, a manageable approach.

          Therefore, never allow your challenges to stop you from fulfilling your true potentials in life.

          More Tips to Help You Get Unstuck

          Featured photo credit: Danka & Peter via unsplash.com

          Reference

          [1] Medicinet: Confusion: Symptoms & Signs

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