Top 10 Ways to Save Money Home-Based Business
From Marsha, I started my business as a home-based business because I loved the comfort and flexibility. Launching your new company from your home is a great low capital option that continues to save money as your business grows. To increase your profits, without increasing your sales, cut your expenses and save money with these cost-conscious tips to use in your home office.
Remember a dollar saved in your business is a dollar in profit increase!
- Used Office Furniture – I outfitted my entire office with gently used furniture for less than the cost of one brand new desk. There are so many businesses moving and expanding that there are bargains galore. Read your local newspaper classifieds, craigslist, Facebook Marketplace and visit used furniture dealers. Another great option is to a nearby school or college and inquire about surplus office furniture availability.
- Use Discount Codes – I am sure you use promo codes to save on your personal online purchases. Use those discount codes for all your business buying also. All of the top office supply websites have weekly coupon code deals such as Quill and Staples. Exclusive discount code for Legalzoom – BEST4B – save 10%
- Combine Buying Power – Create your own mini buying group so you can buy in bulk and all enjoy the savings. You will save on both the materials and the shipping costs that can really add up. Contact your business vendors such as accountant and computer consultants and buy computer paper in bulk and then divide the cartons. This type of group-buying can also work well for major equipment purchases such as fleet vehicles and specialized computer equipment.
- Trade Association Benefits – Many industry associations offer benefits to their members which can really save your business money such as group insurance and supplier discounts. My local business network offers discounts on printing, entertainment and at local restaurants. Here is a list of trade associations alphabetized by industry
- Take Your Tax Deductions – Work closely with your accountant to get all of the deductions that you can qualify for such as rent or mortgage payments, utility bills, and home maintenance. Keep careful records of your car mileage and expenses with a notebook in your glove compartment.
- Remember to Bill Clients for Expenses – Small things add up. Every time that you incur expenses on behalf of your client you reduce your profits. Set up a system to remind you to both bill and collect these charges on a regular basis.
- Get an Energy Audit from Your Utility Company – Many home-based business owners don’t realize the energy drain that computer systems put on your electric system. These energy audits are often free and can save you hundreds of dollars a year in lower electric bills.
- Ask for a Discount – If you start doing this as a habit, nicely requesting a lower price, you will be amazed how often the answer is yes! What is the worst that could happen – they say no. Be polite and smile and see how much money you can save.
- Buy Insurance Annually – Instead of automatically renewing your prior year policy shop around and see if you can get the same coverage for less money. This is a good time to do a risk assessment since your circumstances could have changed this year. Every year insurance companies offer new products, especially for the growing home-based business market.
- Trade or Barter – This age-old technique works well in today’s modern business world. Find other firms that you patronage and offer your product or services in trade. I have a standing agreement with my hair salon of which I do their internet marketing and they cut my hair. It is a win-win for both businesses.
This wonderful guest post was written by Marsha Kelly. She sold her first business for more than a million dollars. She has shared hard-won experiences as a successful serial entrepreneur on her Best4Businesses blog http://best4businesses.com. Marsha also regularly posts business tips, ideas, and suggestions as well as product reviews for business readers. As a serial entrepreneur who has done “time” in corporate America, Marsha has learned what products and services really work well in business today. You can learn from her experiences from shopping the internet for tools, supplies, and information to build your businesses and improve lives financially.