These days, starting a side hustle is one of the most popular ways to improve your financial situation and get more money for the things you love and the necessities in your life. It’s also a sign of an entrepreneurial spirit and garners a lot of respect from business people around the world. After all, you’re taking your future into your own hands instead of just relying on an employer to give you a set wage.
However, starting a side hustle takes a lot of courage. One of the biggest hurdles is simply money. As the old saying goes, “it takes money to make money” and not all of us have extra income laying around to do something like that. Fortunately, there are lots of ways to reduce the operating costs of your side hustle while keeping it as productive as possible. Here are a few ideas for you to try out.
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Shipping is a massive expense; here’s how to lower it
One of the most expensive things you’ll pay for with your side hustle is shipping. This is especially true if you’re shipping things internationally. If you’ve got large shipments, then we suggest that you learn more about truck loads. This is a great way to see if there are cheaper options to ship a large number of items to a business or a customer that has ordered many things.
You can also cut down on shipping by getting different quotes from shipping companies. Don’t just stick with the same service–actively look for ways to save money by examining different shipping companies to see if they’re willing to strike a deal with you for lower shipping costs.
Be more cautious when hiring services to help you
To help your side hustle flourish, there’s a good chance that you’ll be speaking to freelancers and remote workers across the world to help you get stuff done. Whether it’s design-related work, content writing or even managing your website, you’ll be working with a plethora of different people to grow your business.
In order to cut these costs, you’ll need to be cautious about who you work with. Make sure you focus on nurturing good working relationships with these people because you’ll be relying on them again and again in the future. A good working relationship is good for both you and the freelancer. For them, it means regular work from a trusted client. For you, it means a trustworthy person that can help you get things done.
Don’t pay for industry-standard tools that you don’t need
Many new business owners feel like they need to use industry-standard tools in order to compete with larger companies. The reality is that they don’t; they just need to focus on producing quality products or offering a great service.
Industry-standard tools are expensive and aren’t necessary for a small business. For example, instead of paying for Office 365 for productivity software like Word, you could just use a free alternative like Google’s G Suite or LibreOffice.
Disclaimer: This is a contributed post but I agree with it wholeheartedly.