Money (That’s What I Want) – Not What I Want to Spend

Filed Under: All Posts, Guest Bloggers on January 20, 2010

All of this talk about New Year’s Resolutions – some have already compromised or given up, others are still trucking on slow and steady. The resolutions that were once kind of fun to tackle now are painful to keep. But what if the resolution you made is crucial to the success of your business or, even more serious, crucial to feeding your family.

Was your resolution to make more money from your business this year? Everyone who owns a business is obviously looking for ways to make more money and lower overhead and other costs, but how do you lower costs when energy bills are on the rise, you have employees to pay and advertising rates are outrageous?

One answer: online marketing. Are you tapping into a free expanded market by placing your company and products on various social networking sites? Maybe Facebook isn’t the right platform for your business, but it only takes a couple of minutes to search (yes, via Google) for a discussion group that would have interest in your products. You become a part of this group; a group scattered across the world that has a similar interest. Then, because you have similar interests it is easy to talk to them about THEM and you and eventually your product. Since you already have a RELATIONSHIP with them (even if you’ve never met in “real” life), they will be more apt to buy your product and become repeat customers.

For instance, Danielle Tegtman is part of an Equine Yahoo discussion group. Members of this group have become some of her best customers – BUYING CANDLES! These are horse-loving people…not necessarily candle loving people, but since her candles are western-themed and she has created a relationship with these people, they have been money-paying customers (therefore increasing her triple bottom line).

Although social networking sites and other groups are one way to reduce marketing costs and increase $$$ in your wallet, Entrepreneur Connect has offered 50 more ways to save money in your business.

How are you increasing money and decreasing costs? Share your tips of the trade here!