Four Tips for Saving Money on Your Home-Based Small Business
Whether you are a freelance writer or make wedding cakes in your kitchen, having a home-based small business can be a great way to support yourself. However, the costs associated with it can eat into your profit quite a bit. Here are some strategies for saving money on business costs with a home-based venture.
Consider Buying in Bulk
Bulk purchases don’t necessarily need to be in enormous quantities in order to save you a ton of money. If at all possible, ferret out bulk deals for all your supplies and save a bundle. Warehouse stores such as Costco and Sam’s Club usually will allow you to wander around and price their wares without a membership, so be sure to check them out. Also search online for bulk deals.
Get Your Documents in Order
The last thing you need is a tax penalty for missing your quarterly filing or not getting a great deal on supplies because you lost your voucher in a mountain of paperwork. Set up and maintain a document management system that works for you. Whether it’s a simple spreadsheet or huge files of related documents, you need to be able to find everything quickly and efficiently. After all, time is money!
Cut Loose your Difficult Clients, Diplomatically
Clients who are impossible to please will likely end up costing you future business as well as hours upon hours of time you could have spent satisfying other customers. If you have a client who constantly complains, wants numerous revisions or otherwise monopolizes your time, it’s probably time to set him free. Let him know that you can no longer continue to assist him and send him on his way, nicely and with a smile. This will not only lower your stress levels but will also save you a lot of time and money.
Know When to Work for Free
If you’re given the change to showcase your work at a gallery, fundraiser or other such event, take the free advertising and goodwill that comes with doing a bit of volunteering work. Donating your time and product to a worthwhile cause not only gets your name out there to other potential clients, it may also qualify as a tax deduction.
A small home-based business can be a great way to earn your income. By utilizing these tips, you can save money and plump up your bottom line, giving you more capital to reinvest and grow your venture.
Category: Business, Work at Home
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