As a home-based business owner, you know that every dollar counts. Being your own boss means that you can take an afternoon off, but at the end of the day – if you don’t get paid, you don’t eat. Some people take to couponing, others opt to only shop at discount stores. But in truth, you could save a little bit of money on your business expenses! It’s an area we often forget about when considering cutbacks. But, with some planning, you can save your business hundreds or even thousands of dollars!
1. Get a new quote
Let’s start with something we know you could save on – your home-based business insurance. If you haven’t tried getting a quote from isure, you could be overpaying by hundreds of dollars! Our simple quote system will enable you learn if you’re overpaying in minutes. Simply submit the quote, and see the results that we get from some of the top certified insurers. It’s a fast, simple and cost-effective way to save!
2. Buy used furniture
Every day Kijiji and Craigslist has businesses selling furniture at a discount. These businesses, sometimes sell almost new furniture for a fraction of the price. You can find tables, chairs, electronics and more. That said, don’t buy anything sight unseen and ask to check the quality before you pay anything.
One of the best cost saving tips is to barter. In this case, you get something you need in exchange for your own product or service. This has a few added benefits for those involved. For instance, you get what you need without having ever traded cash. If you can build a barter relationship with a business you use often, your net savings will be massive in the long run.
4. Take advantage of payment terms
The time value of money means the longer that you have it, the more valuable it is to you. When you buy something for your business, pay on account and wait until the day it is due to pay. For most people, you’ll only earn interest on the money but that amount can add up.
5. Use energy-efficient products
Swap out your home lights with LEDs. Put your laptop on Energy Savings mode. Enable smart power mode on your printer. Get smart outlets that prevent plugged in devices from drawing phantom loads when turned off. Hydro costs are expensive, but products are increasingly focusing on being energy-efficient. The savings on hydro can be immediately seen when you check your bill at the end of the month.
6. Hire an accountant
While it may seem counter-intuitive, an accountant can help your business save money. Knowing tax deductions you may not have been aware of is one of the major benefits. An accountant will also do a better job at keeping your finances in order, freeing you up to focus on billable hours instead!
7. Don’t work for free
Other than bartering, one of the best cost saving tips is to cut back on free labour. Too often, we feel the need to help out by offering our services for free. Friends and family especially will ask for free labour – but they should be the first ones signing up to pay. Instead, keep everything business and insist upon charging what you’re worth.
8. Watch for sales
One of the biggest reasons we spend too much is buying something on short notice. Instead, be proactive in your expenses. If you will need ink for the printer in a month, keep an eye on them today. If they go on sale, buy them proactively. Use a tool like Keepa or the Camelizer to watch for important deals on Amazon. Or download an app like Flipp to browse flyers by search.
9. Ask for a discount
If you’re looking for cost saving tips – make your own! Don’t be afraid to ask other businesses, and stores for a discount. You may not always get them, but you wouldn’t have received one anyway. As such, there is no loss in asking for a discount!
10. Consider an intern
If you feel you can offer experience to a young person, consider getting an intern. While interns will generally work for no income, you will need to provide them with experience and education. Now, that said, cost of living is high (as you know) so try to reward them whenever possible. If they are helping your business grow, reward them in-kind.