Struggling with the cost of living? Check out these 5 tips for beauty businesses
By Guest Writer | 27 September 2023 | Expert Advice, Feature
Financial expert at Money.co.uk Business Insurance, Cam Jaques, provides advice on how beauty business owners impacted by the cost of living crisis can save money…
1. Be creative with marketing
You can advertise your business and spread awareness for next to nothing. Word of mouth is still a great way to market a product or service, and you can get yours out there by sending out flyers locally, offering discounts, or handing out rewards in return for reviews.
2. Collaborate with neighbouring businesses
See if you have any neighbouring businesses (as long as they aren’t your direct competitors) who you can split advertising costs with. For example, jointly promote your businesses on an advertising space, or swap your marketing mailing lists. You could even share distribution channels and suppliers with local businesses that sell complementary goods or services.
3. Become tax savvy
All business owners should consider any tax deductions they could be entitled to. Many already know that they can deduct a portion of their rent and utilities as a business expense, but some miss out on other tax-deductible expenses. Travel costs, clothing like uniforms and safety equipment, staffing costs and stock you buy to sell on can all be claimed as allowable expenses in the UK, so make the most of it!
4. Negotiate with suppliers
Many small business owners don’t haggle anywhere near enough. You will often be able to get a better deal from suppliers by negotiating. This can include bulk buying stock or paying in advance, but often you can persuade suppliers to bring their prices down by doing your research and getting quotes from their competition.
5. Outsource tasks
There will be plenty of important things you’ll need to keep in-house, but in today’s highly-digital world, there are many tasks that can be outsourced to outside help. Graphic design, digital marketing, payroll, bookkeeping and event planning can all be outsourced to agencies or freelancers. This often means you save money on this work, compared to hiring a full-time employee. This will also free up work capacity for current employees to focus on business growth and strategy.