Black Friday and Cyber Monday are two of the biggest spending days of the year, and retailers are gearing up their deals to meet demand.
While many Black Friday discounts tend to be on tech and home entertainment purchases, there’s no shortage of additional deals available across a wide spectrum of products. As such, if you’re looking to cut back on your small business or entrepreneurial overhead, the coming holiday weekend may be a prime time for you to save.
The Stats on Black Friday Shopping
Though more and more people are opting for the comfort, warmth, and ease of online shopping, about 165 million shoppers are still expected to show up in person when the doors open on Black Friday this year. Between in-store and online purchases, American consumers are expected to spend over $990 billion. throughout November and December.
Despite the millions of dollars in “savings” Americans are expected to reap between Thanksgiving and Cyber Monday, the best way to truly save money is to not spend it in the first place. With all the excitement surrounding these spending holidays, many consumers are quick to make purchases just for the sake of perceived savings.
Can you really afford to buy that $599 TV just because you’re saving $100? Do you really need it, or is it just an impulse purchase?
On the other hand, if you are going gift shopping for friends and family, it makes sense that you’d want to save as much as possible — provided you don’t overspend in the rush of getting a good deal.
“Assess your resources first — write down who you want to buy gifts for on Black Friday,” recommends certified financial planner Tania Brown. “Review your spending plan to see how much you can spend without going into debt or compromising your other financial goals.”
“Once you have this number, write it down in large print, circled, and highlighted,” continues Brown. This can help ground you during your Black Friday and Cyber Monday shopping, allowing you to take advantage of savings, without going overboard.
Likewise, it’s more than okay to take advantage of this week’s savings to cut down on business expenses, or to net yourself some necessary tools for your business, so long as your spending doesn’t put your account in the red.
Black Friday Deals for Entrepreneurs
We found some of the best Black Friday deals out there that can help you save on your enterprise’s bottom line.
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5 Tips to Rock Your Black Friday Shopping
While there are many deals out there this Black Friday and Cyber Monday, be aware that impulse buying is something that can set you back financially any day of the year.
If you plan to splurge this year, set aside a maximum amount of money you'll allow yourself to spend and make sure the purchase is actually worth it.
Don’t put a dent in your finances for the sake of a fancy new flat-screen TV that you saved $30 on. Do some research, make a plan, and ensure what you buy is within your budget. Here’s how:
1. Do Your Research
With more and more stores offering special deals over the holiday season, do your research in advance to make sure you get the best deal possible.
If you have a certain product in mind, compare prices on different sites.
If there’s a product that’s slightly similar, but available for a lower price, read reviews to help you make an informed decision and maybe save even more money.
“Always compare prices when shopping online,” says ecommerce expert Karl Quist, president of the cost-comparing website PriceBlink. “Amazon usually has good prices, but many people mistakenly think they have the best price.”
“Check out third-party sellers on Amazon as well — sometimes they’ll offer the product for a price lower than what is shown on the main product page,” Quist adds.
2. Monitor Social Media
Some stores hold back on releasing details of their offers until the last minute. If you want to be the first to grab the goods at the best price, sign up for their mailing lists now.
Similarly, monitor your favorite retailers' Twitter, Facebook, and Instagram pages. There’s a good chance they’ll release the details on social media — you can set up push notifications on your smartphone to be the first to know when they post new deals.
3. Prioritize and Plan
Have your eye on one particular item? Don’t just blindly refresh that website at midnight or run from store to store trying to grab everything on your list. Prioritize what you want to buy first and plan your shopping route, whether it’s through the mall or through the internet.
4. Know Your Budget
Just because something is on sale doesn’t necessarily mean you can afford it. Your bank account doesn’t know it’s a holiday, so before you put a massive dent in your savings, make sure you can afford to splurge. Make a strict budget and stick to it, no matter how tempting that flat screen is.
5. Get Tech Savvy
If the price is already reduced on the site, that doesn’t necessarily mean other coupons or promo codes won’t work. Don’t assume you already have the best price already. And always shop with a browser extension like Honey or Rakuten turned on. You might save only a couple of dollars extra, but every little bit helps.
With careful planning ahead, budgetary consideration, and a keen eye for deals, you can make the best of this Black Friday's small business deals — without making a mess of your money.