How to Run Your Online Business on a Lean Budget
Running an online business can be massively expensive – fancy tools, programs, and big budgets are common features among your friends and colleagues. However, just because people claim that the latest and greatest “must-have” tools are necessary for success doesn’t mean they are right. This article will demonstrate how to run your business on a lean budget while still achieving success.

1. Day-to-Day Tools

One way to save money is to use the tools you already have on your computer. Most of us have purchased programs in the past, such as Microsoft Office, QuickBooks, Quicken, and Photoshop, but don’t use them regularly. Search your hard-drive for these programs or check the computer you have in storage. Additionally, find training videos on YouTube to teach you how to use these programs effectively.

Other daily communication tools include Skype, Google Voice, Gmail, FaxZero, Box.com, or Copy.com for free online storage accounts, and reliable bridge lines like Speek.com and FreeConferenceCallHD.com. These tools are ideal for consulting calls, tele-seminars, or anything that would benefit from a “bridge line.”

2. Industry-Specific Tools

Research alternatives to expensive programs related to your industry. For instance, if you need a program like Photoshop, look for alternatives such as Gimp.org or Paint.NET with .psd. Suppose you create beautiful products that sell on Etsy, consider borrowing a camera from a friend or renting one from Loanables.com or SnapGoods.com. Local shops may even offer their light box for the afternoon if you need a studio to take product shots.

3. Streamline

Go through your PayPal and credit card statements for the past 90-180 days and look for recurring expenses. Eliminate anything unnecessary, including memberships you only use a few times a year. Determine whether a monthly payment plan is more cost-effective or if purchasing outright offers more savings. Companies often charge $30 per month but sell an annual subscription for less than $200 (a potential $160 saved over the year).

4. Roll up Your Sleeves

Start working on your tasks daily. If you have systems in place, most tasks can be done quickly. Create an action plan and set aside time to work toward your big dream goal and income goals.

5. Leverage PR Opportunities

Look for opportunities to contribute to news articles, blog posts, or books when possible. Offer to write articles for local newspapers, use HARO, and SourceBottle’s resources where journalists need content. Design a “Media” page on your website, including your bio and high-quality images, to reference it quickly when necessary. Budget 45 minutes a week for this, and your business will benefit.

6. Training

Entrepreneurs develop new programs or courses every day and may need beta testers to run through their program at a reduced rate or for free. Offer to assist, help them improve their program, and get training to improve your business skills. Websites like Udemy or CreativeLive offer completely free classes. Sometimes, you must attend live to access the free version but benefit from mingling with other attendees and creating new business connections.

7. Product Development

Use websites such as SurveyMonkey or Google Forms to create a one-question survey and ask potential customers what they spend money on. Use their answers to create your next product or program, and start generating revenue early.

8. Online Presence

Creating a website used to require manpower and high overhead costs. However, a clean WordPress website with automated sales funnel autoresponders (e.g., MailChimp or AWeber), shopping cart plugins (e.g., WooCommerce or easydigitaldownloads.com), and semi-automated social media (through HootSuite or SocialOomph) costs less than $10 per month. Platforms such as YouTube, Facebook Pages, Twitter, and Pinterest enhance your online presence and support a cohesive brand.

9. Stay Lean

Just because your business now yields more money doesn’t necessitate reverting to old inefficient ways. Keeping low overhead expenses enables you to pivot change when needed and scale up accordingly when business is booming.

Conclusion

Starting and running a successful online business on a lean budget is possible. Utilize these strategies to keep your overhead expenses low, keep your focus on your goals, and watch your business grow. What other methods do you use to keep costs low in your business? Share in the comments section below.