Back in May, Amazon raised their Prime costs to $119/year or $12.99/month. If you’re like most small businesses, or most people for that matter, you pay for an Amazon Prime account. Whether you pay annually or monthly makes a difference. If you pay monthly, you’re spending $36.88 more than if you pay annually.
But is $36.88 really something to care about? Yes!
As more and more companies move to the subscription model, you’re likely looking at multiple costs like this. And the savings you could be missing out on across all of those providers will add up, especially over the lifetime of your business.
1. Magazine Subscriptions
Do you subscribe to magazines like a doctor’s office or interior design firm? Check out a discount magazine site and pay a lot less than you would through the magazine publisher. If you already have a subscription, you could cancel and use a discount site or call the publisher around renewal time and ask for a lower renewal rate. Is there a trade publication you regularly read? See if you can download the digital version for free using your library card number.
2. Software Subscriptions
Do you use a CRM? Pay for Gmail through G Suite for business? And do you have less employees now then you did when you signed up? If so, make sure you’re not paying for more licenses than you’re using.
Quick Tip: Here are instructions on deleting a user from G Suite. Just remember to transfer all of their data before deleting! Those instructions are in there as well.
3. Website Hosting
If you’re a small business, there’s a good chance you have a website. With that, comes domain registration fees, hosting fees, and much more. You likely received a discounted rate when you signed up with each of your providers and have been paying more ever since. Maybe it’s time to see if you’re getting the best deal for what you need.
Quick Tip: Lowest cost isn’t always best. Compare providers and plans to find the sweet spot of what will work for you at a price that is right.
4. Business Membership Fees
You’re part of a club. It feels good to belong. But is it paying off? Many professional networks have annual fees associated with membership. Evaluate your ROI for each of these. Have you earned business related to these networks? If not, it may be time to leave the club.
5. Linkedin Premium
With prices ranging from $29.99 to $79.99/month, the cost of Linkedin Premium will add up. While it may not feel like a club, it’s got perks and an entrance fee just the same. So before you keep paying the bill, make sure you’re getting value above what it costs.
So how do you start?
Review your transactions for the year to see what subscriptions fees you’ve paid. Remember to look at those paid annually and monthly, and look into whether you can save any money there by switching frequency. If you use QuickBooks, pull an “Expenses by Vendor Summary” report to see who you’ve paid and how much.
What subscriptions have you been able to save money on? Share any resources that were helpful as well.