Over 30.7 million small businesses are operating in the US right now, but more than 95% of them will fail within the first five years.
Do you own a small business?
Would you like to avoid being part of that 95%?
Part of having a thriving business includes reducing your overhead. Many people focus solely on income, but expenses make a difference too. Read on to learn how you can lower your small business costs effectively.
1. Use Less Paper
This might seem like a tiny change to make, but the cost of paper and ink can add up quickly.
One wise business decision that you can make is going entirely paperless. If this is possible, the savings will add up quickly, and efficiency should increase since less time will be spent sifting through papers.
2. Encourage Remote Work
There are more remote workers now than ever before. Having employees work from home rather than in the office can dramatically reduce your overhead expenses.
You will save money in various areas, but if this change makes it possible to use smaller office space, this could have a huge impact overall.
Not only will it undoubtedly save you money, but it will also provide your employees with a healthier work-life balance and save them commuting costs as well.
3. Expand Your Knowledge
One of the best ways to save money is by having a lean startup methodology and learning how to lower operational costs while still providing the same products or services.
The Green Belt course can help you learn how to improve processes and optimize the daily operations of every department in your business.
Having this knowledge will allow you to make smarter decisions when it comes to your small business.
4. Practice Smart Marketing
One of the highest costs that you will see as a small business owner is marketing expenses.
Marketing is vital to getting any business off the ground, to begin with, and helps any business to grow over time. Instead of hiring a marketing agency, consider having a marketing person or team on staff instead.
In addition to this, rather than spending thousands of dollars on marketing campaigns and advertisements, work on boosting your social media presence and crafting an effective website instead.
Making these changes can save you a lot of money over time.
Simplify Small Business Costs
It’s vital to lower your small business costs as much as you can to remain in business.
This article highlighted four simple but effective changes that you can make to accomplish this goal. First, work on eliminating paper usage to save money. Also, consider allowing remote work to save on office costs, expand your knowledge by taking a course, and lower marketing costs while remaining practical.
Making these adjustments is sure to help you become one of the 5% of businesses that make it past the five-year mark!
If you enjoyed this article, please check out the rest of our site to find more tips that will help you run a successful business.
Please share The Brief Guide That Makes Cutting Down on Small Business Costs Simple
Gumroad’s CEO on the company’s first 10 years, competitors like Patreon and Substack, the rise of the creator economy, and how app store “taxes” stifle growth (Gumroad Ceo Patreon Substackkonstantinovic)
Gumroad Ceo Patreon Substackkonstantinovic: Gumroad is celebrating its first decade in business with a major announcement: the company has raised $35 million in Series B funding, led by Foundry Group.
This is an exciting time for Gumroad—in the last few years we’ve been able to improve our features and become a source of serious reliable income for creators of all types. But it means that, like most other companies, we need more capital to grow quickly enough to stay current. We’re not a charity—we have to make money, pay taxes, and build profitable features for our customers.
This is the most important time in Gumroad’s 10-year history. It will be a top priority to make sure that we continue investing in our customers, while making sure they can also invest back into their businesses by buying our products (or others’) with a 15% affiliate commission.
We’ll also be working hard to take Gumroad from simple to the most advanced tool for creators and publishers on the platform, so that we can continue to provide a hassle-free, dependable platform for our customers.
The customer comes first at Gumroad:
As a creator, you’re probably more interested in the upgrade path than your early access discount. It’s true: you cannot compare Gumroad’s customer support and reliability with other online businesses–whether that means prompt responses to questions or paying bills on time.
We continue to invest in upgrading the platform, and improving the reliability of our payment system. Most recently we launched a new Digital Asset Tool that helps creators track and manage the money they make through Gumroad. And there are many more exciting enhancements in store for our customers.
Gumroad is already established as a serious competitor in the marketplace:
The numbers are clear: Gumroad’s sales outpace those of competitors like Patreon, which is one of our best metrics indicating that we’re doing something right.
We can’t continue to coast on the reputation we’ve built over the last 10 years. We need to work hard to keep up with service-focused competitors like Patreon and Subbable, as well as newer, disruptive platforms such as Launchrock.
Gumroad is changing the direct sales nature of creative industries:
Many of our customers are new—and some are builders. We’ve seen a big shift in our product since the last time we raised money. With this round, we’re getting our hands back into the big pool of customers who can’t rely on property owners to sell their work.
We’ll be working hard to provide creators with a path to generating revenue from Gumroad in unique ways, especially for those creators that are trying to make money on Gumroad without promoting their own products.
Find a winning product in Dropshipping – Best tools
Are you thinking of selling online but don’t know what product to sell? Or are you struggling to find the right product for your niche? This article is for YOU.
Product research is a tedious and time-consuming step in setting up an online business.
You can’t start sales campaigns or optimize your store if you don’t have a product to find. Your product will determine which steps you take.
There are many tools available to help you successfully complete the product search without much difficulty. They are all different in price, functionality, and ease of use.
We have carefully selected the most effective product research tools on the market. This article will help you choose the right tool for you and will show you how to identify the winning products to sell.
Here are some free tools you can use to find winner product
E-merchants were able to start making sales online by using free winning product search tools. These tools were available prior to the introduction of paid product search software, which we will discuss in the next chapters.
Although finding the right product can take some time with a free tool, it is important to remember that they work and you can still use them to find great products.
Dropshipping products are most popular on Facebook. You can still find the winning products with good research, but it will take some time.
Scrolling through Facebook’s news feed to look for ads is the first way to find great products. You can set up certain criteria to make Facebook believe you are in another city.
Facebook’s algorithms will only show ads that are specific to this city. It is best to place a US city. This technique has a few drawbacks. You don’t see many ads and it takes a lot of time. Facebook’s algorithm shows each user ads based upon their interests.
The second method involves searching for keywords that are commonly used in dropshipping, such as: Buy Now, Get Now, Free Shipping, Free Delivery, Buy Now…
You can search the Facebook search bar to find these keywords and filter them according to your requirements.
AliExpress dropshipping center
AliExpress’ dropshipping center is an effective product finder and has been one of the most popular tools in ecommerce for years.
This tool allows you to see which products are the most popular on AliExpress within a certain time frame. This tool also allows you to see information about the top selling countries for these products. This will allow you to identify the countries that are already saturated with the product, so you don’t waste time selling the same product there.
You can sort products using the filters in the tool. They allow you to sort them according to delivery times, prices, types, delivery offer (free delivery or paid delivery), and many other criteria.
It is a great free tool to research products even if you don’t have the time.
Google’s tool allows you to track the trends in a particular niche over time.
You can search a niche using Google trends to create a curve that tracks the search history for the keyword in Google search engine over time.
A growing curve is a sign that you are researching the niche and can begin selling products in this area.
Pay research tools can help you find a winner product
The best product search tools, as described in the previous chapter, are tedious and time-consuming. All e-merchants and dropshippers now use Adspy Tools to do product research.
Adspy tools allow you to spy on social media networks and gather all ads. Simply connect to the Adspy tool you prefer, and then choose a product that matches your criteria to select a winner.
No more scrolling through endless social media news feeds. There are many product search tools. They all share the same operating principle but differ in their functionality and pricing.
These are the top product research tools.
Dropispy ranks at the top of our list for the best product research tools. Dropispy makes it easy to find a dropshipping product that is a winner.
Its cost is affordable for all budgets. The app costs less than $30 per monthly, compared to the average $100 for Adspy. This app is ideal for beginners.
Dropispy has a huge library of high-potential products. To find the right product, you can use the filters.
Dropispy’s “Shop spy” function allows you to analyze your competitors’ shops. To gain useful information about the Marketing Strategies of big brands, you can analyse their stores.
Our number two product research tool is Minea. Minea is an excellent tool that will help you find the right products quickly that you can dropship using dropshipping.
The ability to search by country makes it easy to find trending products in one region and then sell them in another.
Minea is easy to use and costs less than $50 a month. The tool’s functionality makes it very affordable.
Bigspy is a product research tool that we can’t include without Bigspy. This tool, which is just as comprehensive as Dropispy or Minea, gives you access to a database that contains thousands of ads from various platforms.
These include Facebook, Twitter and Instagram as well as Admob Yahoo! and Pinterest.
You can filter results according to type, store, and keywords, just like the product search tools.
You will be able to access all features of the platform with a $99 monthly subscription. A 24/7 customer service is also available to you.
Adspy is undoubtedly one of the most effective product research tools. It works in the same way as other product search tools. Adspy gathers ads on Facebook and Instagram.
Adspy doesn’t collect any one type of ad. The app’s algorithms track every sponsored post on Instagram and Facebook.
Logging into the app will allow you to use filters to show only the advertising categories that meet your marketing strategy requirements. You can use the Gender filter to only see ads that are specific to women’s products if you own a store. This will save you time during your research.
Adspy costs $149 a month.
Winner Pulse, a 100% French tool that simplifies product research, is just a few years old. Winner Pulse gives you a global view of each product for every ad. You can see the product’s trend on Amazon, AliExpress, and other online shopping platforms.
This will allow you to easily identify high-potential items that are already in sale.
You can access the entire tool library for €24.99 with the basic version. To find the right product, all you have to do to filter is to apply filters.
This article will discuss the two main ways to research a dropshipping winner: the paid product research tool and the free product research tool.
Because of their advantages over free tools, we recommend using paid tools to conduct product research.
You can access advertising libraries for a few euros that will help find your winning product quickly.
Dropispy is a great product search tool for dropshipping.
How Much Does Home Insurance Cost on A Million Dollar Home?
Luxury homes require insurance plans that can pay for any damage in the future without burning a hole in your pocket. An expensive home can wipe off a considerable part of your life savings. Additionally, you certainly don’t want the risk of keeping your home uninsured. One small crisis and you might lose another huge part of your savings just to fix the issue.
But is insuring a million-dollar home expensive? How much will it cost? If these are some questions running through your mind, this guide is for you. Today, we will answer the question, “how much is homeowners insurance on a million dollar home?”.
After you’ve learned the answer to the question, “how much is homeowners insurance on a million dollar home?”, feel free to click the following link to team up with the best home insurance brokerage in Canada.
There is no set premium rate for a million-dollar house. There are a lot of factors that come into play, deciding how much of a risk your property might bring to the insurer and how grave the damages can be. It will also depend on the insurance company. After all, there is no industry-specific rate.
On average, your premium rates can vary anywhere between $0.05 to $0.21 per $100 of insured value. For example, if your insured property is valued at $1 million, your premium will range between $500 to $2100.
Now you know the answer to the question, “how much is home insurance on a million dollar home in Canada?”.
It’s not the price of your property alone that decides your final insurance premium. Here are a few other factors that come into play when your insurers evaluate your property:
To understand the risk your insurer is undertaking by choosing to insure your house, they will take all the factors that could potentially damage your property under loss assessment. The locality of your property tells a lot about the problems it might face. For example, if your house is located by the beach, it will be more affected by storms and tsunamis.
Similarly, if your house is located in a flood or earthquake-prone area, the risk of insuring your house increases which further adds to the premium.
Natural factors aren’t the only parameters of your property’s location. If the crime rates in your area are abnormally high, your property is at a greater risk of vandalism, theft, etc. In that case, your premiums will be slightly higher.
Your home insurance policy does not just cover the building alone. Depending on the policy you choose, it can also protect the contents of your house, especially if you have any expensive or antique pieces and delicate architectural add-ons like a glasshouse, swimming pool, spa area, etc.
The more complicated and delicate your home’s construction, the higher your premiums will be. Similarly, if you are trying to insure your house as well as everything inside, you are naturally increasing the risk on your insurer, making them charge a higher premium.
If you are not purchasing a freshly built home, the year of construction will also play a huge role in determining your final premium rate. If a house was built a decade ago, it would definitely be weaker or a little damaged compared to a new million-dollar home.
So when your insurer is undertaking a property like this, they also take responsibility for any damage due to years of use or neglect. That’s why older homes attract costlier premiums compared to new constructions.
Premiums are all about compensating your insurer for the risk they are taking. So if you can manage to reduce that risk a little by adding safety features to your home, you will definitely get a bargain.
For example, if you have an impeccable security system installed, it reduces the risk of theft or vandalism. If you have a proper fire alarm and extinguishing system, your home is less likely to burn down. And if it’s built with quality, damage-resistant materials, your property is less likely to retain severe damages from natural calamity.
Thus, anything that adds an extra layer of protection to your property qualifies you for a discount on your premium.
While discussing average premiums for your home, you should know what exactly you are paying for. So here is a list of things that can be covered under your home insurance policy
In case a natural disaster, vandalism, or any other factor as agreed upon by both parties damages the structural integrity of your home, your home insurance policy will pay for fixing all the damages. Most insurance policies assign approximately 10% of the coverage for structural damage.
In case a robbery, natural calamity, or any other factor damages your personal belongings, it will be covered under your home insurance. This can include jewelry, expensive clothing, furniture, art, etc. Some plans also offer off-premise coverage, meaning your personal belongings will be protected even when not inside your property.
Liability protection kicks in if you, your family member, or even your pet causes any property damage or bodily injury to another person. Liability protection usually covers remuneration to the victim as well as legal fees in case the matter goes up to court.
In case the damages in your house render it inhabitable for a while, additional living expenses will cover your cost of living away from your home. This includes hotel bills, meals, travel, and other costs.
Every property is built differently, so there is no way to determine how much your insurer will charge you. But a rough estimation and a list of factors that influence the price will certainly help you negotiate a better deal.
Building an expensive, million-dollar home is a lifelong dream for most of us. So when you fulfill that dream, ensure you protect it with a comprehensive insurance policy designed to accommodate your unique needs.
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