Retail is a tough industry, every shop owner knows that. So when it comes to saving money within your business, the little changes really can create big savings. If you’re struggling to be in the black, we’ve compiled a handy little list of tips to help you save money in your retail store.
Cut down on processing fees
If your business doesn’t yet warrant a full merchant credit card machine with payment gateway then opt for something that will help instead of hinder you. Credit card processing fees really can be a killer for small businesses so you may want to opt for the type of machine that doesn’t have monthly fees. There’s plenty out there including, iZettle, PayPal and Square. Even if your business has taken out a merchant cash advance facility, you can still switch credit card processors. It’s just about finding the right solution to suit your business needs.
Re-evaluate your bills
It can be so easy to stick with one supplier and automatically roll over to your next yearly contract with them but you need to start shopping around for a better deal. Look at your energy supplier, could you be getting a better deal elsewhere? There are many online business energy comparison websites that could help you switch and save. Then look at your phone bill/contract. Do you necessarily need to pay for all the bells and whistles that it comes with? It may seem like a laborious task, but once you save money on one bill, you’ll be tempted to try and save on all. So what was once a bit of a pain in the neck, soon becomes an exercise in saving as much money as you can, and who doesn’t like saving money?
Make use of used equipment
You can’t get everything second hand when you want your retail space to look good and coincide with your brand but what about behind the scenes? Used office equipment is where you can save a lot of money. Take a look at local buy and sell sites online to pick up a few bargains or find a local charity that sells used furniture for a fraction of the price.
Cut down on banking fees
Is your interest-free rate coming to an end? Is your bank charging high banking fees? Yes, it’s sometimes a boring task, but getting to grips with what your bank is offering and charging you really can highlight where you can start to save some money. Find out if you can get it cheaper somewhere else, there’s real money to be saved here.
Rent out your space
Do you have way more retail space than you need? Are you using rooms to fill with items you’ve been storing for years? A really easy way to make money on your space is to rent it out. Lounge areas with lots of tables and chairs could be rented out for events or meetings. If your business is only open at certain hours in the day, why not make some money out of business hours? Or for smaller spaces, why not rent out to freelance workers or the self-employed as office space? You might also want to start sponsoring events with retailers in your space. It means you meet other people in your industry, make vital contacts and boost foot traffic to your store. It’s a win-win. Start to make use of the space you have and see its potential for helping you pocket a few extra pounds.
So, begin to problem solve the areas that are haemorrhaging the most money and start to see those pennies pile up. A few small changes can really make the difference when it comes to saving some serious cash in your retail store.