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

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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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photoshop alternative lifehack

    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.

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          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 August 25, 2021

          Why Personal Branding Is Important to Your Career

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          Why Personal Branding Is Important to Your Career

          As a recruiter, I have met and interviewed hundreds of candidates who have no idea who they are.

          Without a personal brand, candidates struggle to answer the question: “tell me about yourself—who are you?” They have no idea about who they are, what their strengths are, and how they can add value to the company. They present their CV’s believing that their CV is the key to their career success. In some ways, your CV still has its use. However, in today’s job market, you need more than a CV to stand out in a crowd.

          According to Celinne Da Costa:[1]

          “Personal brand is essentially your golden ticket to networking with the right people, getting hired for a dream job, or building an influential business.” She believes that “a strong personal brand allows you to stand out in an oversaturated marketplace by exposing desired audiences to your vision, skillset, and personality in a way that is strategically aligned with your career goals.”

          A personal brand opens up your world to so many more career opportunities that you would never have been exposed to with just your CV.

          What Is Your Personal Brand?

          “Personal branding is how you distinctively market your uniqueness.” —Bernard Kelvin Clive

          Today, the job market is very competitive and tough. Having a great CV will only let you go so far because everyone has a CV, but no one else has your distinct personal brand! It is your personal brand that differentiates you from everyone else and that is what people buy—you.

          Your personal brand is your mark on the world. It is how people you interact with and the world see you. It is your legacy—it is more important than a business brand because your personal brand lasts forever.

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          I have coached people who have very successful careers, and they come to me because they have suddenly found that they are not getting the opportunities or having the conversations that would them to their next role. They are having what I call a “career meltdown,” all because they have no personal brand.

          A personal brand helps you become conscious of your differences and your uniqueness. It allows you to position yourself in a way that makes you stand out from the pack, especially among other potential job applicants.

          Don’t get me wrong, having a great CV and a great LinkedIn profile is important. However, there are a few steps that you have to take to have a CV and LinkedIn profile that is aligned to who you are, the value you offer to the market, and the personal guarantee that you deliver results.

          Building your personal brand is about strategically, creatively, and professionally presenting what makes you, you. Knowing who you are and the value you bring to the table enables you to be more informed, agile, and adaptable to the changing dynamic world of work. This is how you can avoid having a series of career meltdowns.

          Your Personal Brand Is Essential for Your Career Success

          In her article, Why Personal Branding Is More Important Than Ever, Caroline Castrillon outlines key reasons why a personal brand is essential for career success.

          According to Castrillon,[2]

          “One reason is that it is more popular for recruiters to use social media during the interview process. According to a 2018 CareerBuilder survey, 70% of employers use social media to screen candidates during the hiring process, and 43% of employers use social media to check on current employees.”

          The first thing I do as a recruiter when I want to check out a candidate or coaching client is to look them up on LinkedIn or other social media platforms, such as Facebook, Instagram, and Twitter. Your digital footprint is the window that highlights to the world who you are. When you have no control over how you want to be seen, you are making a big mistake because you are leaving it up to someone else to make a judgment for you as to who you are.

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          As Jeff Bezos, the founder of Amazon, once said, “Your brand is what people say about you when you are not in the room.”

          In her book, Becoming, Michelle Obama writes about the importance of having a personal brand and her journey to defining her personal brand. She wrote that:

          “if you don’t get out there and define yourself, you’ll be quickly and inaccurately defined by others.”

          When you have a personal brand, you are in control. You know exactly what people will say about you when you leave the room.

          The magic of a personal brand is that gives you control over how you want to be seen in the world. Your confidence and self-belief enable you to leverage opportunities and make informed decisions about your career and your future. You no longer experience the frustrations of a career meltdown or being at a crossroads not knowing what to do next with your career or your life. With a personal brand, you have focus, clarity, and a strategy to move forward toward future success.

          Creating your personal brand does not happen overnight. It takes a lot of work and self-reflection. You will be expected to step outside of your comfort zone not once, but many times.

          The good news is that the more time you spend outside of your comfort zone, the more you will like being there. Being outside of your comfort zone is where you can test the viability of and fine-tune your personal brand.

          5 Key Steps to Creating Your Personal Brand

          These five steps will help you create a personal brand that will deliver you the results you desire with your career and in life.

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          1. Set Your Personal Goals

          What is it that you want to do in the next five years? What will your future self be doing in the next five to ten years? What is important to you? If you can answer these questions, then you are on the right path. If not, then you have to start thinking about them.

          2. Create Your Unique Value Proposition

          Create your unique value proposition by asking yourself these four questions:

          1. What are your personality features? What benefit do you offer people?
          2. Who are you and why do people enjoy working with you?
          3. What do you do and what do people want you to do for them? How do you solve their problems?
          4. What makes you different from others like you?

          The answers to these questions will give you the information you need to create your professional story, which is the key step to creating your personal brand.

          3. Write Your Professional Story

          Knowing who you are, what you want, and the unique value you offer is essential to you creating your professional story. People remember stories. Your personal story incorporates your value proposition and tells people who you are and what makes you unique. This is what people will remember about you.

          4. Determine Which Platforms Will Support Your Personal Brand

          Decide which social media accounts and online platforms will best represent your brand and allow you to share your voice. In a professional capacity, having a LinkedIn profile and a CV that reflects your brand is key to your positioning in relation to role opportunities. People will be connecting with you because they will like the story you are telling.

          5. Become Recognized for Sharing Your Knowledge and Expertise

          A great way for you to promote yourself is by sharing knowledge and helping others. This is where you prove you know your stuff and you gain exposure for doing so. You can do this through social media, writing, commenting, video, joining professional groups, networking, etc. Find your own style and uniqueness and use it to attract clients, the opportunities, or the jobs you desire.

          The importance of having a personal brand is not going to go away. In fact, it is the only way where you can stand out and be unique in a complex changing world of work. If you don’t have a personal brand, someone will do it for you. If you let this happen, you have no control and you may not like the story they create.

          Standing out from others takes time and investment. Most people cannot make the change by themselves, and this is where engaging a personal brand coach is a viable option to consider.

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          As a personal brand coach, working with my clients to create their personal brand is my passion. I love the fact that we can work together to create a personal story that defines exactly what people will say when you leave the room.

          Other People’s Stories

          Listening to other people’s stories is a great way to learn. In his article, 7 TED Talks About Personal Branding, Rafael Dos Santos presents the best Ted Talks where speakers share their stories about the “why,” “what,” and “how” of personal branding.((GuidedPR: 7 TED Talks About Personal Branding))

          Take some time out to listen to these speakers sharing their stories and thoughts about personal branding. You will definitely learn so much about how you can start your journey of defining yourself and taking control of your professional and personal life.

          Your personal brand, without a doubt, is your secret weapon to your career success. As Michelle Obama said,

          “your story is what you have, what you will always have. It is something to own.”

          So, go own your story. Go on the journey to create your personal brand that defines who you are, highlights your uniqueness, and the value you offer to the world.

          Featured photo credit: Austin Distel via unsplash.com

          Reference

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