Most families get hit with cash flow issues at one time or another. That’s just life. And of course right now many people are very worried about how the economy is going. Is it time to limit your spending on your home business?
Maybe. But hopefully not.
When to Cut Back on Your Home Business
If the money you spend on your business is making it hard to feed and house your family, then yes, it’s time to cut back. But only if you really have your household spending under control first. I’d suggest cutting things such as cable television long before you cut out your home business. There are a ton of other ways you can save money around the house that may help you to keep your business going financially.
Sometimes the money you spend on your business is not immediately paying you back. A profitable home business is always worth it, but if the payback isn’t quick it can be hard to think that way. If you’re having trouble keeping up, that’s a legitimate issue you need to face. Can you work things so that whatever income you are getting from your home business is helping you where you need it most?
A business that isn’t turning a profit yet can be a trickier creature to handle. Giving up means that you are losing the potential for a new income stream. It’s not always the right long term decision.
Your attitude towards your business is a part of this decision. Is your feeling more “Gosh, I hope this works,” or is it “I’m going to make this work, whatever it takes!” Is your feeling realistic, or are you letting emotion get in the way?
If the short term is what you need to think about, try to figure out if you can cut your business expenses way, way back but still keep things going. It may not be easy or even possible in all circumstances, but I recommend trying. If the business model is overall sound, giving up can be a really poor choice.
Finding Frugal Alternatives for Your Home Business
When it comes to just keeping things going, you don’t necessarily want to just keep your business up and do nothing to market it. You have alternatives.
If you don’t have a website, for example, get one! There are both free and cheap ways to get your business online. Bringing your business online can be a great way to expand your reach without spending a lot.
If you’re already online but need a way to cut the costs, take a solid look at what you’re spending versus what is being brought in. A domain name and website hosting are cheap enough that unless you’re bringing in close to nothing, they’re probably paying for themselves. Considering that you can get decent hosting for under $10 a month, this is probably not a make or break expense… unless you have a ton of traffic.
If domain name and hosting are your only expenses, but you still aren’t earning anything, it is very much so time to consider why. Too little traffic? Now’s the time to focus on marketing. Too little income but plenty of traffic? How are you monetizing your site?
When it’s traffic you need you can be frugal by considering the free options, such as article marketing. Whether or not you enjoy writing articles, this can be a great way to bring in links and traffic to your site.
You should also consider posting quality, relevant comments on related blogs. Just saying “great post” isn’t going to get people to click on your link. Blatantly advertising your site is just going to annoy people. Having something interesting to say gives you the best chance of bringing interested people over to your own site.
Monetization can be a bit more challenging. If you’re an information based site, perhaps you need to find more products that will be interesting to your site visitors.
If you’re selling products, but not enough of them, how’s your sales copy? How long has it been since you tested something new? If the same old copy worked over and over again, we’d still be seeing ads from the ’50s or even earlier. And we’d like it too!
The key here is to just not give up. Your money troubles are probably temporary, and giving up is often a very poor choice. Instead, find ways to make it work. Push your limits and see where you can take your business.