You tend to have many thoughts when beginning your screen printing business as a side hustle. As a business owner, there are different ways in which you can opt for business cost-cutting. It comes as a major benefit to the screen printing business.
It helps increase the profits that will help you optimize your business growth. But, it is important to do cost-cutting in the right way. The wrong way of cost-cutting can jeopardize business functions and present drawbacks. It can also upset the business operations and targets for the ongoing time.
You need to examine your budget and look for ways that can help you increase business profits. It’s not only about saving money or cutting expenses. Sometimes, cost-cutting relates to being a smart shopper than being a cutting line.
So, when starting such a business, you should opt for some money-saving tips. Here are some suggestions for you.
1. Reduction In The Supply Consumption
Quality maintenance is possible with a reduction in supply consumption. Let’s take an example to understand this. If you are using 110-count mesh for printing, it will lead to the consumption of more ink than expected. Similarly, if you are relying on the use of aerosol spray adhesive, it will lead to wastage every time you are printing. Also, it would help if you were careful about using the diluted chemicals, as you need to dilute them before the final step of printing. You can cater to the manufacturer’s recommendation for the same. It will have an impact on consumption and costs.
2. Reusing All The Possibilities
Screen printing supplies are available in bulk, but it does not mean you should go over the top to buy and use the products to meet customer requirements.
Have you ever thought about how much ink you dispose of daily?
You will be amazed at the amount of waste you do, knowingly or unknowingly. There are ways in which you can reuse wasted ink. You should be consistent with this effort, and you should try and claim it whenever it is possible for you. You can only invest in other things that are needed for routine purposes. For example, you need not invest in rags. You can use old clothes in the form of cleaning rags. Also, you can use boxes and bags to pack the orders you have received for the supplies.
3. Bulk Buying
If you want serious money saving, you should begin buying in bulk. If you have started your business with a small shop that does not require you to keep bulk items ready, you can think of buying the basic substrates. You can buy the inks similarly, and hence, you should make use of the same, accordingly.
If you are considering buying similar items, you can consolidate the purchases and choose to buy them based on the requirement. However, bulk buying should still be a consideration. Also, it will be beneficial if you find a regular supplier that can help you save money when opting for larger purchases.
4. Functional Restrictions
It is good to accommodate the requests of customers and business partners, but there has to be a restriction on the same. When you are not setting the restriction, you can hurt the business’s bottom line.
What does this mean?
It means that it should have a reasonable limitation when you have the order to fulfill. Apart from that, you can think of restricting the customer-supplied artwork. It will be helpful in two ways. You will not exaggerate yourself, nor will you take jobs with lesser profit margins. When you set such restrictions, you can save time, and you need not give up on your printing standards.
5. Have A Look At The Financing Options
When you are hustling for your screen printing side business, you will know that the biggest expenditure for the business is establishing a piece of new equipment. It would be best if you wasted your time and energy worrying about the entire cost that is ready and waiting to be addressed. Instead, you can look at the financing options and use them to preserve the cash flow of your business. It will help you save money and cater to your time requirements.
6. Consider Changing Your Marketing Plan
Marketing is a challenging or less expensive field. Instead, it is one field with the maximum cash outflows. But, you should only blindly follow the marketing plan for your business if you keep a check on the amount that is being used for the same. Print ads are costly, but people need help to promise their effectiveness. You can opt for alternative options like social media, one of the main ways customers are made. Also, you can think of using referrals that can help in generating big business for the screen printers.
Also, you can opt for surveys that can help the business reach out to new customers. You can divert the funds to these places, offering relatively better results.
7. Quality > Anything Else
It is always a temptation to sacrifice the quality or use products with cheap quality. It can save you money for the time being. But, if you think of the long-term goals and the business’s reputation amongst the target audience, it won’t offer a convincing picture.
If you begin dealing with degraded quality, it will cost you more money; hence, your business operations will be at stake.
Also, it would help if you did not forget your human resource amid all these things. If you begin doing layoffs, random salary cuts, or deductions, it can result in valuable employees leaving your company. Hence, you should try and avoid these things. Valuable employees are an asset to the company and should be treated similarly.
Money saving is a smart decision and needs good planning and supervision for execution. However, there is no hard and fast rule that you need to do it by compromising on major things in your business. Also, it is important to strike the right balance between decisions, as they can become drawbacks if not planned and implemented correctly.