Whether you own self-storage units in the Melbourne area or a small chain of Mexican restaurants in Los Angeles, running a business is not cheap. Every dollar saved counts. However, those savings can’t come at the expense of quality.
One of the smartest ways to cut costs without sacrificing quality is by sharing resources with other businesses. Whether it’s office space, marketing, or shipping, collaborating can help businesses stretch their budgets further.
1. Sharing Equipment and Tools
Expensive equipment isn’t always used every day. So, instead of each business purchasing its own, companies can share or rent equipment from one another to lower their overall expenses.
This approach is especially useful in industries like construction, media production, and manufacturing. For example, a photographer and a graphic designer could split the cost of editing software instead of paying full price individually. By sharing equipment, businesses can access the tools they need without overspending.
2. Sharing Office Space
The cost of renting an office can quickly get out of hand, especially in high-demand locations. Instead of covering the full expense, however, small businesses can share workspaces, lowering costs for rent, utilities, and maintenance.
Coworking spaces provide desks, meeting rooms, and networking opportunities with other entrepreneurs. If a coworking space isn’t an option for you, note that businesses can also sublet part of their office or share a lease with a compatible company.
3. Buying in Bulk
Purchasing supplies in bulk typically results in lower prices—which is why Costco is so successful. However, many small businesses don’t need large quantities of goods on their own. That’s why partnering with others to negotiate better deals on office supplies, packaging materials, or software subscriptions can work so well.
Many industries also offer group purchasing programs, allowing small businesses to access wholesale pricing. The larger the order, the greater the savings.
4. Joint Marketing Efforts
Marketing is essential — as is learning marketing essentials — but it doesn’t have to drain the budget. Instead, small businesses can join together to split advertising costs, co-host events, or cross-promote each other’s products. For example, a coffee shop and a bookstore can collaborate to attract customers who enjoy reading with a drink in hand.
Additionally, businesses can exchange social media shoutouts or run joint giveaways to expand their reach at no extra cost. Even printing promotional materials together can lower costs while maximising visibility.
5. Sharing Employees
Hiring full-time employees can be a major financial burden, but sharing staff can reduce costs. Businesses requiring similar services—such as bookkeeping, IT support, or administrative tasks—can split the cost of an employee.
A part-time accountant, for instance, could work for multiple businesses, saving each one money. This strategy is particularly effective for seasonal businesses or those with fluctuating workloads.
6. Group Shipping and Storage
Shipping expenses can quickly eat into profits, but businesses can work together to cut those costs. By combining shipments, they can qualify for bulk shipping rates and lower delivery expenses.
Local businesses can also share delivery services, reducing fuel and vehicle costs. Additionally, businesses can split the cost of storage space, making it more affordable while keeping their inventory organised and accessible.
Sharing resources isn’t just about cutting costs—it’s about operating more efficiently. When businesses collaborate, they not only save money but also improve productivity and maintain high standards. Whether it’s office space, marketing, or shipping, pooling resources helps businesses grow while keeping expenses manageable. The more we small business owners support each other, the stronger we’ll become.
