Operating a small business can be costly when you factor in the costs of renting office space, payroll, and expenses. 

The costs that don’t get discussed as often, but that small business owners still know quite well, are small business insurance, licensing, permits, and all of the licenses that small business owners need to keep their business thriving. So, what costs can be economized without harming your small business? 

Negotiate Recurring Costs 

Many cable, internet, and insurance companies will be open to negotiating on price as long as you inform them of a lower price you found elsewhere. A rival business that’s getting a better deal could be all the inducement a cable-internet company needs to provide you with a lower rate. 

Many insurance companies also have a policy of providing the lowest rate. Simply show the small business insurance company the lower rate that your competitor is getting and you might experience a significant reduction in premium payments. 

Enlist Freelance Help 

Freelancers are a cost-efficient way to get small, one-off projects done without straining your staff too much. A freelancer can come in and provide short-term or niche help without the need to hire a full-time staffer. 

Small businesses should definitely consider hiring a freelancer for graphic design work or creating a new website. The investment will likely pay for itself within a year or two in the form of better Google rankings and increased visibility online. The result is more sales. 

Maximize Tax Deductions 

Now is the time to see what kinds of deductions, business write-offs, and tax refunds you might be eligible for as a small business. To ensure you determine all of the deductions you’re eligible for, hire an expert to come in and help. You may be eligible for deductions on utilities, repairs, travel, insurance, and more. 

Consider Renting Equipment 

Small businesses will often opt for a leasing agreement with printer companies in order to save in the short term and still receive a warranty and parts coverage. The best part about renting is that small businesses can often upgrade to the latest model at an affordable rate.

Invest in Social Media 

The idea of making an investment when you’re trying to reduce expenses this summer can seem counter-intuitive. The truth is that social media engagement is potentially free, and social media marketing is a very low-cost way to expand your reach with customers.