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Running a small business often requires managing a tight budget. This means you need to find creative ways to save money and sometimes earn a bit extra. The list below features several tips and tricks from members of the online small business community for supporting your company’s bottom line.
Use These Top Pricing Strategies for Entrepreneurs
How you price your products and services can dramatically impact how much money you make and how many sales you’re able to close. Price your offerings too low, and you won’t turn a profit. But price them too high, and your customers may turn away. Follow the strategies in this Small Biz Viewpoints post by Harry and Sally Vaishnav to find a pricing method that works for your business.
Consider These Low Cost Franchises You Can Start from Home
Franchising offers many benefits for business owners, including brand recognition and access to proven systems. But access to these benefits sometimes comes with costly fees and startup expenses. Luckily, there are also low-cost options that you can start at home. Chonce Maddox shares several options in this post on the Work at Home Woman blog.
Learn How to Run a Franchise Successfully
Once you choose the franchise system that best aligns with your needs and budget, you also need to run it successfully. The exact processes you use will depend heavily on your specific franchise, industry, and location. But the tips in this Mind My Business post by Chris Jackson can apply to many franchisees.
Maximize Business Savings Using Hybrid Work
A hybrid work model isn’t just a way to entice top talent and reward workers. This model can also bring cost savings for businesses. In this Aha!NOW post, Russell Emmental discusses how to maximize savings using this model.
Boost Affiliate Revenue Using AI
AI is already impacting many industries and business functions. If your business utilizes affiliate marketing as a revenue stream, there are several areas where AI may help. Read this Lion Blogger post by Sergey Solonenko for tips.
Learn All About Shopify’s Pricing and Fees
Shopify is an incredibly popular platform for ecommerce sellers. But it does come with expenses. If you’re going to utilize Shopify or any other business tool, it’s important to first understand the full pricing model so you can work it into your budget. Adeshokan Shamsudeen of Cybernaira offers a guide in this post.
Review These Financial Statements Monthly
In order to spend money wisely in your business, you need to know what your current finances look like. There are several types of financial statements businesses may keep. In this BusinessLoad post, Bikash Khanal goes over which ones you should review on a monthly basis.
Capitalize on Hard Times for Your Business
Difficult economic times are inevitable, and they can dramatically impact businesses. But there are ways to make the most of these lean years. Marty Zwilling of Startup Professionals Musings details several tips here.
Unleash the Power of High Ticket Sales
New sales are always good news for businesses. But high ticket sales can make an even bigger impact on your bottom line. So this is where many entrepreneurs and sales professionals should focus their efforts. Theo Poulentzas elaborates in this post. And BizSugar members shared their own commentary here.
Use AI and Machine Learning to Improve Your Invoicing Processes
Invoicing is an essential function for many businesses. But the process is often complicated or tricky. Luckily, AI and machine learning are also improving these functions for many businesses. Learn more in this InvoiceBerry post by Roman Shvydun.
If you’d like to suggest your favorite small business content to be considered for an upcoming community roundup, please send your news tips to: sbtips@gmail.com.
Image: Envato Elements
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