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25 Ways to Save Money in Your Home-Based Business

The idea is to surround yourself with talented people who share your vision, because the alignment of several smart and creative minds is exponentially more powerful than just one. Plus, we become like the people we associate with, which is why the rich tend to associate with others who are rich. The reality is, millionaires think differently from the middle class about money, and there's much to be gained by being in their presence.

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There is no shortage of money on this planet, only a shortage of people thinking big enough. Search icon A magnifying glass. It indicates, "Click to perform a search".

Close icon Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification. Kathleen Elkins and Libertina Brandt. Focus on earning. Develop multiple streams of income. Save to invest, don't save to save.

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Be disciplined and decisive. Don't show off — show up. Change your mindset about money. Invest in yourself. Ditch the steady paycheck. Set goals and visualize achieving them.

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Start hanging out with people you admire. Replace outdated appliances with their greener counterparts. Look for the yellow tags when you buy your next appliance, and splurge up front for the long term economic and environmental savings. Get an energy audit and make simple changes around your office and house. Many states will perform free energy audits, and will pay for some or all of the repairs! Google free energy audit and the name of your state for leads.

Power your office with alternative energy. Green power is generated from renewable energy sources, such as wind and solar power, geothermal, hydropower and plant matter.

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  • To see if this is possible in your state visit Is my business in the Green Power Network? Energy audit image from solar. Use public transportation , drive an alternative fuel or hybrid vehicles, or bike. All will save you money over time. Recycle outside the box. Consider purchasing used or vintage office furniture instead of brand new pieces.

    You can find great deals on barely used office furniture on eBay and Craigslist. Utilize green web hosting. He lost money on the promotion itself and there was no way to recoup that lost.

    The Top 10 Tactics for Marketing Your Company on a Budget

    Dholakia suggests that instead of promoting a particular service such as a massage or a facial, the owner should have promoted a particular dollar amount. This increases the chance that the consumer will come in and buy more than just one item. Now a newbie might come in to get a massage but then decide to get a facial as well. You have to prepare your staff to engage customers.

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    You have to be careful how you structure the promotion," says Dholakia. Groupon has its pros and cons, so, you need to decide if this is something worth your business getting into. Here are five reasons in favor of and five reasons against group buying promotions. It attracts a lot of consumers. You can reach new customers by appealing to those who are looking for inexpensive deals and a chance to save money. You get to charge lower prices to new customers who aren't willing to pay more.

    Existing customers are willing to pay full price for products or services. Dholakia says that Groupon promotions offer the most benefit for businesses in which the promotion does not cannibalize sales to existing customers. It advertises your business.

    1. Develop a written financial plan.

    A Groupon promotion can be a way to announce the existence of your business to consumers who are unfamiliar with your products or services. You get to entice potential customers to try your goods. The idea is that they are going to like it so much that they will come back and buy from you again.

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    You must make your promotion grab consumers but at the same time increase your potential conversion rate for repeat customers, says Dholakia. It helps move inventory. Use Groupon deals to sell slow moving items in your inventory or unutilized services. Discounts seem to be most compelling for merchants with low cost of goods sold. Use price deals to promote a product that is not that expensive. A Groupon type promotion should be something that you do once in a while for a specific, narrow, limited reason, adds Dholakia.

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    It builds relationships. Use price promotion deals for building customer relationships rather than just creating one-time buys, recommends Dholakia. Don't offer discounts on a total bill, rather offer a specialized discount for various products or services. It generates incremental revenue. If you have a low-cost or fixed-cost structure, you can make money on promotions.

    Take an owner of a rock-climbing business that has existing equipment and a storefront. The operating costs don't change based on the number of people who show up. A coupon deal can actually generate some extra cash by getting more bodies into the facility. Dholakia says each merchant must know their costs, factor in a price that draws customers, project the number of costumers that will buy the coupon, and estimate incremental revenues.

    Cons 1. Deals attract low-end bargain seekers.