Business expenses are the single largest cost for entrepreneurs. While most business owners start out by trying to find the best price for their supplies and inventory, they may run into trouble when they set out on their first advertising campaign. The costs associated with a marketing effort can add up quickly, including radio ads, flyers, content creation, and images. Instead of going for the first offer you see, take your time to compare prices before you commit to a marketing partner. Here are a few other ways to save on advertising expenses.
1. Don't be afraid to haggle on advertising.
Some entrepreneurs think that bargaining only belongs at flea markets and yard sales. However, learning how to negotiate on business expenses such as advertising can save you a lot of money in the long run. When you contact a radio or television network, ask about their standard advertising rates and then find out if they are willing to accept a lower price for off-hours such as overnight or in the early morning. Since these companies are in business to sell ads, they may be willing to cut you a price break simply to fill their least used ad time.
2. Make wise use of crowd sourcing.
Crowdsourcing is a relatively new approach to creating business content. Instead of hiring an expensive freelance writer to write blog posts or promotional articles, some business owners have saved a lot on their advertising costs by using crowd sourcing websites. On these websites, entrepreneurs can post an open job such as a set of articles they'd like written and then allow writers to bid on the job. Since the writers are competing against each other for the work, some of them are willing to accept lower pay than usual. However, before agreeing to hire a crowd sourced writer, it's wise to look at their work to make sure you'll get good quality work.
3. Hire cheap labor for promotional materials.
Rather than using professional models for your business flyers, talk to friends and family members to see if they're willing to license the use of their pictures for a one-time flat rate. This way, you can reuse the same photos over and over without having to purchase new rights or hire new talent.
Advertising is a crucial part of a successful small business. If you can find ways to save on your advertising expenses, you're one step closer to protecting your company's bottom line and freeing up funds to finance the growth of your business.