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3 Effective Ways to Save Money as a New Business

4 minute read

 

Just started a new business? Owning a startup can be extremely demanding and challenging. As the global pandemic persists, the economy is hitting a new low, leaving startups with little financial assistance to suffer the blow. Are there any ways to cut down expenses and save money for your business?

To help you out, Freehunter has compiled 3 easy methods to help you save money. No matter whether you are just starting out as a business owner, or your business is up and running, Freehunter will help you through these hard times!

Overview:

Method 1: Hold fewer meetings

Meetings are a great way to put across your thoughts and develop future plans for the company. However, meetings can also take a toll on productivity if not used wisely. By holding fewer meetings and conducting meetings in smaller groups, work can be done more efficiently.

As meetings tend to become dominated by only a few individuals, the majority of team members are unable to make any contributions. By cutting down on meeting sizes and frequencies, the team can spend more time working on their own plans, eventually generating more revenue for the company and saving necessary costs on meetings.

Method 2: Adopt new marketing strategies

Traditional marketing strategies require a huge amount of investment. For instance, filming commercials and airing them on television will cost you hundreds and thousands of dollars. Not to mention, advertising on print is extremely costly and environmentally unfriendly. By stepping away from traditional marketing strategies and using new platforms like social media, you can save a lot of money for more effective marketing.

Social media marketing is one of the most low-cost but effective ways to reach your potential customers. It only takes up a short amount of time but can achieve huge pay-offs, since the majority of netizens use social media. You can reach millions of people by launching ads or simply opening Instagram pages to advertise your business for free.

Method 3: Hire freelancers

Money spent on hiring full-time staffs can amount to a huge fraction of your capital. Especially for new businesses owners like you, hiring full-time employees means having less money to develop your business model. If you find yourself constantly handling trivial but crucial tasks and lacking time to focus on business development, this is your cue to hire freelancers for help.

As contracts are not required when hiring freelancers, there is great flexibility. If you are a PR agency or a media company, you will only need to hire freelancers whenever there are big events coming up, or when you are conducting special promotion events. Hence, hiring freelancers is extremely convenient and saves lots of money for internal development.

Where can you hire freelancers?

Freehunter is one of the biggest freelance platforms in Hong Kong. We are dedicated to providing job and collaboration opportunities for freelancers from all kinds of industries.

On Freehunter, you will be able to get in touch with over 40,000 freelancers, who are ready to take on job offers and help you out!

What jobs can you outsource to freelancers?

1. Product Design/ Poster Design

Need to launch a new product or design a logo for your company? If you require professional designers to help with product design, you can hire designer freelancers on Freehunter.

From packaging design to poster and leaflet designs, there are over 4000 designers on our platform. By creating attractive designs, you will be able to attract more customers on social media.

2. Customer Service

If you are running an online shop or retail business, it is important to have a customer service system in order to retain customers. Whenever a potential customer makes enquiries about products or makes complaints, a swift response is vital to resolve their problems as soon as possible.

However, it is taxing to reply to tonnes and tonnes of customer enquiries. Freelancers who specialize in customer services and digital marketing can lend you a helping hand by handling these matters. Good customer service will generate more revenue and encourage customers to revisit your business. Hence, hiring a freelancer to assist you with customer enquiries can contribute to a better brand recognition and better reputation.

3. PR & Advertising

Got campaigns that need advertising or products that need promoting? By hiring PR and advertising freelancers, you can save the cost of building your own PR team. On Freehunter, you can get in touch with experts in PR and Advertising, conducting marketing campaigns that can increase brand exposure.

Final Thoughts

Being a business owner can be extremely challenging, especially when you are starting out and lack the resources to manage your business. In order for your business to flourish, you will have to make wise decisions, as the key to success lies in the most meticulous of details.

Other than saving money and using the resources you have wisely, hiring freelancers can lift the weight off your shoulders. Freehunter can help by bridging the gap between you and freelance experts from over 40 industries. Contact freelancers to foster growth for your business!

This guest post is brought to you by our friends at Freehunter, an online platform where freelancers discover job opportunities, meet collaborators and more.

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