It’s simple to lose sight of how much money you spend each month when you subscribe to several services. This is particularly true if you are a digital entrepreneur.
According to a survey, the rising cost of these services may increasingly be perceived as a stealthy drain on your business cash.
Some of the essential monthly subscription services for small business owners are:
- Boomerang
- FreshBooks
- Quickbooks
- Docusign
- Mailstrom
- Buffer
The monthly subscription fee ranges between $5 and $50. Although this amount may seem small, if you calculate it annually, you’ll see that the total figure is quite prominent and can be used for various purposes.
For instance, you can use that money to consolidate debt, expand the business, hire new employees, etc.
Why do you pay more for monthly subscriptions?
Many business owners register for free trial subscriptions but fail to cancel them once the trial time has passed. Even if you aren’t constantly aware of the cost, several memberships might seriously hurt your finances.
Entrepreneurs have acknowledged on numerous occasions how simple it is for them to overlook monthly recurring subscription fees. They were unaware they were still making payments for services with fixed monthly subscriptions that they no longer use.
The simplest method to avoid such expensive expenses is to refrain from subscribing to subscription services you don’t require. Check out these free services you can use if you need some inspiration to find the drive to stop using these expensive services.
Free Conference Call
You should bookmark Free ConferenceCall.com if you routinely host phone conferences. The appropriate phone solution for scattered work teams and when you have clients and customers outside your corporate headquarters is this free VoIP-based service, which enables users to set up and participate in teleconferences for up to 1,000 callers.
After creating an account, you can schedule conference calls and give attendees an access code and conference dial-in number. Participants dial in at the appointed conference call time and are connected during the meeting. Thanks to the service, you get access to the recordings of these calls for up to six months.
Several paid services are comparable to FreeConferenceCall, but this one delivers a tonne of value for a company owner on a tight budget.
MailChimp
Free service allows you to accomplish this, and email marketing is an excellent way to stay in touch with your customers! With the help of the customer relationship management software MailChimp, you can send up to 12,000 emails to 2,000 subscribers each month without paying a cent.
You can create your custom-designed emails using MailChimp’s email designer or choose from several pre-designed themes. Additionally, the tool is linked with Facebook and WordPress, allowing you to embed sign-up forms and gather subscribers on your existing CRM systems.
It costs nothing to sign up, and you can start sending emails immediately. You can also acquire some helpful add-ons like autoresponders, email client testing, and distribution by time zone for $10 each month.
How to Identify and Terminate Unused Subscriptions
On an individual or monthly basis, subscription service prices could appear inconsequential. However, if you subscribe to several services, such costs can pile up quickly for a year and significantly reduce your budget. Therefore, it’s crucial to assess the services you’re paying for to ensure that you’re getting value for your money.
To accomplish this, check your credit card and bank account statements for recurring expenses. You can use the following tips for finding your subscription service charges:
To determine how much you spend on these services, list the services you are paying for and their actual costs.
Don’t forget about services, which charge an annual cost rather than a monthly one.
Analyze your accounts to uncover recurring subscription charges using a mobile app like TrackMySubs.
Going through this method will assist you in locating subscription services that you may have forgotten about or aren’t utilizing frequently enough to make worthwhile. To comprehend what you’re spending and where you might cut back, sometimes you need to see things clearly in black and white.
Look at the subscriptions that provide comparable services for the ones you use more frequently to see if you can reduce your usage to only your favorite and cancel the others. Remember that you may constantly reapply for service if you truly miss it or are struggling to let go.
Suppose you don’t want to give up any of your services. For instance, you can search for promotional offers using the service’s name plus the terms “coupon” or “promo code.” Negotiating with your service providers might also help you get a better bargain. Inform them you are dissatisfied with their service and are considering switching to a competitor.
In addition, ask your service providers if they provide discounts for an upfront payment of a service rather than monthly payments. In the long term, making a small effort to acquire better prices on your value services can pay dividends.
Author Bio: Lyle Solomon has extensive legal experience, in-depth knowledge, and experience in consumer finance and writing. He has been a member of the California State Bar since 2003. He graduated from the University of the Pacific’s McGeorge School of Law in Sacramento, California, in 1998 and currently works for the Oak View Law Group in California as a principal attorney.