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There are a lot of advantages to being a freelancer. One of them is that you can work from anywhere. No need for a brick-and-mortar location means saving money. It’s also pretty nice that WordPress is free to use. A savvy business owner can get started without spending a lot.
Even so, there are some significant costs involved. A quality web host isn’t cheap. And the WordPress ecosystem is known for its wealth of subscription models. You’ll also pay out the nose for internet service, hardware, and experts like accountants.
Your spending can add up quickly – more than you realize. And keeping track can be cumbersome. Subscriptions renew on different dates and vendors don’t always alert you. Prices go up – including those tempting promotional deals you signed up for. Before you know it, your bank account is running low.
Thankfully, there are plenty of opportunities to save money. A little research will help you identify unnecessary costs and ways to cut corners. The result is a boost to your bottom line with minimal sacrifice.
It’s easier than you think! Let’s look at ways to cut costs for your WordPress freelance business.
How Much Are You Spending?
The first step to cutting costs is to understand how much you spend. That will let you know where you stand and you can compare the totals after you’ve made some budget cuts.
It requires keeping track of what you spend. Accounting software or a spreadsheet will help you stay informed. Short of that, you can look through bank statements for the details.
Look for any purchases related to your business, such as:
- Web hosting fees;
- WordPress plugin and theme subscriptions;
- Software-as-a-service (SaaS) subscriptions;
- Professional services like accountants and lawyers;
- Marketing costs like advertising and email list services;
- Memberships in professional organizations or clubs (like The WP Minute);
Those are the basic costs coming out of your pocket. However, there may also be items that aren’t so obvious.
For example, consider payment gateway fees. Services like PayPal and Stripe collect a fee each time you receive a payment. The bigger the payment, the more they take out. The cost can be significant, so it’s something to be aware of as you consider spending.
Dig deep to learn how much money is leaving each month. You might be surprised at what you find.
Look for Corners to Cut and Places to Save
Once you have a list of items that cost you money, you might find a few that are no longer needed. That could be anything from an app you don’t use to an add-on to your hosting account.
For instance, themes and plugins often collect virtual dust. Pay particular attention to items you purchased during Black Friday or similar sales. If you don’t actively need them, they’re raiding your bank account. Cancel them before their next renewal.
You might also find products or services you can cut back on. Many subscriptions are tiered and offer more features for a higher fee. Do you need the level of service you’re paying for? If not, that’s a good place to save cash. Web hosting is a common area in which to overspend. If you don’t need the storage and bandwidth allotted to your account, it’s OK to downgrade.
Oh, and don’t forget about any domains you own. They’re easy to buy when an idea pops into your head. But what if you didn’t follow through with the project? Each renewal is just a yearly reminder of our procrastination. You might as well cancel or try to resell them.
It’s easy to collect items you don’t need. Maybe they once served a purpose. Or perhaps you were waiting for the right time to use them – and the time never came. The good news is that you can eliminate them just as easily.
Find Cheaper Ways to Get What You Need
There are also ways to save money on the things you need. Sometimes, it requires a little work or patience, but it is often well worth the effort.
Product bundles are a good example. Some WordPress plugin authors will give you a deal when licensing multiple items. It makes sense when you’re working within ecosystems like WooCommerce. Just be sure that you’ll use everything that’s included.
Timing also matters when it comes to making a purchase. As we mentioned, Black Friday deals can tempt us to buy things we don’t need. But it’s also the right time to grab a product that we have a use for. Some sellers even discount renewals or upgrades to existing customers. Keep an eye out for these opportunities.
You can also negotiate pricing with some companies. Internet and cell phone providers often renew contracts at higher rates. When it’s time, contact them and ask for a lower price. It’s not always convenient, but it works.
Cheap or free alternatives are also out there. It’s not always feasible to replace a key plugin on your website. However, apps like photo editors and word processors are easier to swap. You could save quite a bit using open-source tools or commercial products built by smaller companies.
Products that employ artificial intelligence (AI) also offer potential savings. Services like ChatGPT can perform menial tasks and automate them. They could eliminate the need for some more expensive apps.
You don’t have to settle for paying high prices for the tools and services you need. Being a smart shopper can pay off for your business.
Every Dollar Counts - Save Where You Can
Freelancing may not have the same costs as a traditional business. That doesn’t mean your expenses are insignificant, though. Out-of-control spending makes it harder to stay afloat. And prices keep going up.
So, take charge of your bottom line. Keep track of what you spend and look for areas to make cuts. Consider what you buy, when you do it, and how it impacts your business. You’re sure to find items that aren’t worth your money.
Meanwhile, look for creative ways to stretch your money. Find deals and take advantage of them when it makes sense. Get the best price for the things you need or find free alternatives. The WordPress ecosystem is large with multiple options for everything a freelancer needs.
A little effort will go a long way toward improving your finances. There’s no better time to start than right now.
