8 More Ways To Keep Expenses Down During Business Trips

8 Ways To Keep Traveling Expenses Down During Business Trips

Traveling for business can be fun, but it can also be expensive. Between hotels, transportation, food and incidentals, it can really add up fast. It’s important to be careful with a company’s money and not spend it unnecessarily. We asked members of the Young Entrepreneur Council (YEC) for ideas on the best ways to save money during a business trip.

“Going out of town to secure new partnerships or take meetings can be key to growing your business.
What’s the best way to keep expenses down when you’re traveling? “

How to Keep Traveling Expenses Down

Here’s what YEC community members had to say:

1. Find Cheaper Hotel Stays

“Accommodations is a great place to start. For longer stays, I always check out Airbnb as a cheaper alternative to hotels. Usually, you can find a great deal. For shorter trips, I’ll browse Hotel Tonight the day before to find last minute hotel deals.” ~ Ben Lang, IT Kit

2. Don’t Overspend on Food

“When you eat out of town, unless you’re wining and dining clients, go easy on the grub. Pack a handful of healthy, high protein snacks that will keep you energized and feeling full so you resist the urge for overpriced burgers. And, take advantage of hotels that have free meals included. This way, you’ll save money and stay focused on landing the deal.” ~ Sam DavidsonBatch

3. Experiment More With Virtual Meetings

“Sometimes, traveling is necessary, and sometimes, it’s really not. If you are meeting a potential new investor or thinking of partnering in a new industry, then a face-to-face meeting probably is unavoidable. However, many other types of meetings don’t require a plane and a hotel room. Virtual meetings and video calls can be just as effective, just be sure you prepare. It can take some skill to pull off a good virtual meeting. In the end, you will find that it’s a much more cost-effective way to get the job done.” ~ Blair ThomaseMerchantBroker

4. Use Rewards Cards

“Start making the most of any business rewards cards and accumulate points that can fund these trips, rather than costing you money. Many airlines, hotels, and car rentals are part of these programs.” ~ Angela RuthCalendar

5. Pretend It’s Your Money 

“Treat your business account as your own savings. It’s easy for people to say ‘I’ll just charge it to the company’ as if it has endless cash. But before you, do ask yourself if you’d be opting for this expense if it were your own money. If you have to think twice about it, perhaps you can skip or modify it for now. If you play it right, perhaps someday that business will have seemingly endless cash.” ~ Nicolas GremionFree-eBooks.net

6. Schedule Multiple Meetings Per Trip

“If you know you’re going to be in a particular city for a meeting, make the most of it. Are there any industry events happening at the same time? Other prospects you can meet with? Old colleagues you can take out for coffee? Use the opportunity for networking or connecting with people you haven’t seen for a while. You’re spending the money to be there, so take advantage of the opportunity.” ~ Vik PatelFuture Hosting

7. Stay with Friends

“I’ll often stay with a friend (if I have a friend close enough to where I’m going). This allows me to cultivate a deeper relationship with my friend while knocking out key local meetings. Oftentimes I’ll even combine a group dinner or other networking event. Combining ‘personal’ and ‘professional’ helps me reduce my accommodations expenses and enjoy a more meaningful trip.” ~ Robby Scott Berthume, Bull & Beard

8. Stay Within Walking Distance

“I try to save money on business trips by not renting a car when I don’t have to. One tip is to book a hotel or Airbnb that’s walking distance to your meeting. This will save you money by not having to rent a car or take an expensive Uber drive.” ~ Syed BalkhiWPBeginner

Photo via Shutterstock

The Young Entrepreneur Council The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world's most promising young entrepreneurs. In partnership with Citi, YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.