5 strategies to save more money in your home business
When it comes to saving money, work at home moms (WAHMS) are particularly savvy. They need to be… since they know first-hand that the more money they save, the bigger their bottom line will be.
But often times, as we get into the daily grind of working on a business and caring for a family, we lose sight of easy money-saving opportunities.
Here are five money-saving tips for home business owners.
1) Think Repurposed or Pre-loved:
When it comes to office supplies and equipment, it’s not hard to spend a ton of money. Even the most basic desk chair can cost a couple hundred dollars and the same applies to desks, files, and bookcases.
However, a used desk chair or a repurposed one can cost far less than that. Even desk accessories and office basics like scissors can be found second-hand thus saving money.
And don’t forget to reuse items whenever possible. Use on both sides of your printer paper, or chop it up into notepaper.(I actually give it to my kids to use for their ‘artwork'. Empty paper cases boxes or shipping boxes make great storage boxes for supplies and old files.
Take a look at the items you have around you. What can you reduce, reuse, and recycle to save money?
2) Chop Up Your Plastic:
If you don’t pay off your balance on your business credit card every month, you're paying interest. This is money you could be using to grow your business instead of helping a bank grow theirs.
Switch your credit card to a debit card ASAP. Debit cards offer all the same advantages a credit card does and makes online purchasing a snap. The added bonus would be that you won’t have to pay interest or monthly fees – and you'll be growing your business within your means.
I've done this since my business' inception in 2002. I'll admit, it was hard to start off this way. I've realized that having debt in business makes it less of a success.
3) Take A Hard Look At Your Accounts:
You may be paying to much for the things you already have.
Look at the various accounts you have and assess if there are ways to save money. Some accounts have ways of leaching money from you in a bunch of little ways.
For example, when you started your business you may have opened a merchant account to be able to accept credit cards. At the same time, you may have also opened a PayPal account. can you close your merchant account and open a merchant account with PayPal? By consolidating your accounts you may be able to save money on fees and charges each month.
Also take a look at your existing bank account statements and take note of what fees you are paying each month. If you’re paying out too much in fees it might be worth switching to a bank that offers free checking and savings accounts for businesses. (Believe me,t here are a lot of business-friendly banks who are more than happy to have your account with them!)
4) Review Your Outsourcing Process:
If you are outsourcing work, analyze whether your outsourcing plan is as streamlined as it can be.
For example, you may have one contractor managing transcription and another contractor managing your affiliates. Would it be cheaper to hire one person to manage both tasks?
You may also want to pay per project versus per hour. That way you don't incur a outsourcing bill that exceeds your budget.
Look at your current outsourcing practices and make sure they make financial and business sense.
5) Analyze Your Apps:
Technology can be a great asset for a work at home business owner. But it only makes sense to use it if it is relevant for your business needs AND budget.
Marcy, a home business owner, has the newest-latest-and-greatest Smartphone on the market. She loves her Smartphone and all of the wonderful tools and applications it offers. Her Smartphone costs her $60 a month, not including her $60 unlimited data fee.
However, as someone who works from home, Marcy is never more than thirty seconds away from her laptop. Her laptop already has all the email, planning, and organizing tools that she paid to get on her new wonder phone. The bottom line is, Marcy's Smartphone is essentially nothing more than an expensive toy. She could get a $20 a month pay as you go phone and save herself $1200 annually.
This is a common tale. How important is it to have the latest and greatest even if it isn't essential for business success? Analyze the amount you're spending on technology and other ‘perks'. Are you using it? Is it essential to the success of your business? If not, get rid of it.
Saving money is usually a simple process of taking a look at your expenses and deciding on what can you improve or eliminate.
Remember, the more you save, the more you make!
– Shannon Cherry
Find out more about how to create a life you love when you have your own business at https://mommy-inc.com. And don’t forget to grab the free e-course while you’re there!