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The WP Minute brings you news about WordPress in under 5 minutes -- every week! Follow The WP Minute for the WordPress headlines before you get lost in the headlines. Hosted by Matt Medeiros, host of The Matt Report podcast.
Hi everyone.
Today's topic is easy ways to cut costs
for your WordPress freelance business.
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 really add up
quickly, more than you realize.
And keeping track can be cumbersome.
Subscriptions renew at 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 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 your spending.
Dig deep and 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 purchase during
Black Friday or similar sales.
If you don't actively need them,
they're raiding your bank account.
Cancel them before your 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
services 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 okay 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 an ecosystem 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 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
your 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 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
and has 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.